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Item Cost Cost of the Work as defined in Section 3(B) below. $15,730,000 (Includes an estimated credit to City and Agency of $750,000 for the cost of constructing the Project foundation.) Construction Contingency, as defined in Section 1,000,000 3(C) below Parking Control Equipment 250,000 Testing & Inspection 200,000 A/E Support during construction 300,000 Not-to-Exceed Parking Facility Cost $17,480,000 In calculating the Not-to-Exceed Parking Facility Cost, the parties assume that Developer, Consultants and Contractors will, from time to time, encounter delays and difficult site conditions arising from limited access to work areas, other interference or conditions at the Project Site. The Not-to-Exceed Parking Facility Cost includes all costs Developer, Consultants and Contractors will incur on account of such conditions. B. The Cost of the Work. 1. The Cost of the Work is the cost of all labor, materials, equipment, overhead, taxes, utilities, insurance, royalty and license fees, deposits and other "hard" costs of constructing the Public Parking Facility paid by Developer to or on behalf of Wentz Group, the general contractor, and its subcontractors. The Cost of the Work reflects the Clarifications and Exclusions set forth in the document Budget 10/rev 7 dated 8/4/03 and attached to this Agreement as Exhibit B. 2. City and Agency and their accountants may audit the Cost of the Work, including but not limited to the actual credit for the foundation, when the Public Parking Facility is complete or this Agreement is terminated for any reason. Developer shall require its Contractors and Consultants to make their cost records available and otherwise cooperate in this audit as provided in Section 10. All amounts paid by City and Agency under this Agreement shall be Atty/Agr/Agr.147 101403 Final L. Beck 7