Revitalization Commission Agenda and Packet 2014 06 09

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The Construction Fund shall include the following funding: (i) Bond Proceeds from the LRC; (ii) Owner’s Funds from Property Owner; and (iii) City Drainage Line Funds from the City. Draws on the Construction Fund shall only be used for design, engineering, bidding, acquisition, permitting, construction, project management, construction management, construction inspection and testing, and other reasonable and necessary invoices and costs of the URA Public Improvements and the City Drainage Line (“Project Costs”). Any Project Costs incurred by Property Owner shall be certified in writing to the City and LRC by the Project Engineer and Property Owner representative, with a copy to the City Public Works Director. For the City design, engineering review, construction inspection and testing, and similar costs for the URA Public Improvements, the Property Owner shall pay the published City fees and charges for comparable development in the City. Invoices and payment records for Project Costs shall be subject to review and approval by the City’s reviewer prior to certification in writing to the City and the LRC, which invoice and payment records form shall be in a form mutually agreed upon by the Parties. All draws on the Construction Fund shall require the written approval of the City Manager and Director of Public Works prior to disbursement. Project Costs do not include (i) any land acquisition costs; (ii) any interest on any costs incurred prior to the date of issuance of the Bonds from which such previously incurred costs are paid; (iii) any costs for planning, legal, accounting, overhead, administrative staffing or non-engineered design (excepting only design services performed by a licensed landscape architect, whose services shall be part of and subject to the cap for the costs of the CD Plans set forth in Section 2(b), above). 9 20