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provide a mechanism for assisting in the financing of Project Improvements that benefit the City of Louisville (the "City") and its residents. G. The Plan allows the LRC to fund public infrastructure improvements necessitated by or associated with private developments by means of advance and reimbursement funding agreements in accordance with the Act. H. The LRC is authorized to enter into this Agreement pursuant to the Act, including without limitation C.R.S. Section 31-25-105(1)(b), which authorizes an urban renewal authority to enter into agreements to carry out the purposes of the Act. AGREEMENT NOW THEREFORE, in consideration of the foregoing and the following terms and conditions, the Parties agree as follows: 1. Construction of Project. In conjunction with the development of the Project, Developer will finance, design and construct the Project and Project Improvements with its own funds. Developer shall not commence construction of the Project or Project Improvements unless and until the developer has obtained necessary City of Louisville approvals and permits. Developer shall comply with the terms of separate agreements with the City pertaining to the Project or Project Improvements. 2. LRC Financial Assistance and Developer Warranty. a. Following execution of this Agreement, the LRC shall deposit with the City one hundred and fifteen percent (115%) of the total contract amount ($275,000 multiplied by 1.15), which sum shall be kept in a separate account ("Financial Guarantee"). The City shall reimburse Developer an amount not to exceed the amounts set forth in Exhibit A for Project Improvements completed under this Agreement ("total contract amount"). Developer shall not be entitled to payment until Project Improvements are completed by the Developer and inspected and conditionally accepted by the City. Developer may not submit an invoice for any Project Improvements that have not been completed and construction is inspected and accepted by the City as set forth in subsection (d) below. No City employee or LRC member or employee has the authority to bind the City or LRC with regard to any payment which exceeds the amount payable under the terms of this Agreement. b. Upon the City's conditional acceptance of the Project Improvements, the Developer shall submit an invoice to the City for actual costs incurred in construction of the Project Improvements, not to exceed the amounts set forth in Exhibit A. The Developer invoice shall document the Project Improvements that have been completed by the Developer and inspected and conditionally accepted by the City, and such other information as may be required by the City. The Developer shall provide such additional backup documentation as may be required by the City. The City shall pay the invoice within thirty (30) days of receipt unless the accompanying documentation is