Revitalization Commission Agenda and Packet 2021 01 13

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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 Warran a. Following execution of this Agreement, the LRC shall deposit with the City one hundred and fifteen percent (115%) of the total contract amount [($134,758 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 unsatisfactory. The City shall retain the remaining fifteen percent (15%) of the Financial Guarantee to secure the Developer's continued performance under the Agreement until the warranty period set forth in subsection (e) has expired, and upon expiration of such period shall refund the remainder of the Financial Guarantee to the LRC. C. The Parties shall each keep, or cause to be kept, proper and current books and accounts in which complete and accurate entries shall be made for costs associated with the Project and Project Improvements, and payments made by and received from the City under this Agreement. Agenda Packet P. 27