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review, evaluation, consideration, and processing of thc Proposal and all related and supporting <br /> material, documentation, and da[a will not occur if Developer does not fund such work in <br /> advance, and that City may immediately suspend such work until adequate funds to meet <br /> processing costs are deposited with City, or Ciry may tenninate this Agreement pursuant to <br /> Section 5.03. In the event of any inconsistency between the reimbursement policy of Resolution <br /> No. 14609 and this Agreement, the provisions of this Agreement shall control. <br /> ARTICLE 4. SELECTION OF CONSULTANTS AND FUNUING OF CITY COSTS <br /> Section 4.01. Consultants <br /> (a) Upon entering into this Agreement, City will provide Developer with information <br /> re�arding the consultants, subconsultant, and/or special Icgal counsel to retained by City to <br /> provide services to the City regarding Depot Cirde including the current scope and budget for <br /> such Consultant. Developer agrees that City will charge actual stafT time and expenses <br /> attributable to the administration of Consultant Contracts entered into by City under this <br /> Agreement. Staff time and expenses shall be charged at the rates typically charged by City for <br /> such time and expenses, and which rates may be adjusted Yrom time to time by City in a manner <br /> consistent with the requirements of law. <br /> (b) On a monthly basis, City will provide to Developer � summary report on the fees <br /> incurred by the City's team of Consultants and City staff�, the percentage of the deposit that has <br /> been expended by the Ciry on its evaluation of Developer's Proposal, and the amount remaining <br /> available Yor billing. <br /> Section 4.02. Deposit <br /> (a) Upon execution of [his Agreement, Developer shall deposit wi[h the City the <br /> initial amount of ONE HUNDRED FIFTY THOUSAND DOLLARS ($ I 50,000) in the form of a <br /> cashier's check and if lleveloper's Proposal is selcctcd, lleveloper shall replenish [he Deposit on <br /> a monthly basis until termina[ion of this Agreement pursuan[ [o Section 2.02 or 5.03, whichever <br /> is applicable, or as long as expenditures made by the City relating to the evaluation of <br /> Developer's Proposal remains unreimbursed, whichever is later. Developer understands and <br /> acknowledges that the amount of the initial deposit may not be sufticient to pay for the City's <br /> costs associated with the evaluation of Developer's Propos�l. Upon incurcing ONE HUNDRED <br /> TWENTY THOUSAND DOLLARS ($120,000) in costs and expenses attributable to the review <br /> of Developer's Proposal hereunder, Ci[y shall provide to Developer a statement of costs incurred <br /> to date and a forecast of City's anticipated costs and ezpenses through comple[ion of City's <br /> evaluation of Developer's Proposal. In the event that such incurred amounts and forecast <br /> together exceed the sum of ONE HUNDRED SIXTY-FIVE THOUSAND DOLLARS <br /> ($165,000), then Developer may request a mee[ing widi City ro review such forecast and <br /> consider whether the necessary work can bc svcamlined so that City's cost will not exceed ONE <br /> HiJNDRED SIXTY-FIVE THOUSAND DOLLARS (�165,000). Upon written notice from [he <br /> City, Developer agrees that it will, within tive (5) business days of such notice, provide Ci[y with <br /> additional funds as specified by the City. The amount of any additional deposit shall be based on <br /> the City's good faith estimate of City's expenditures anticipated for the following one month. In <br /> the event, for any reason, the City's request fbr further deposit from the Developer is not fully <br /> 301692551:? j <br />