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D. Financial Management. The Coordinating Agency shall be responsible for payment of <br />invoices to the vendor and overseeing billing of each Agency for the agreed upon shares of the <br />total cost. <br />II.Obligations of the Agencies <br />A. Funding Commitment. To allow the Coordinating Agency to contract with a vendor to <br />conduct the analysis, by entering into this Agreement, the Agencies agree to commit the amounts <br />identified below towards fulfillment of this Agreement. The actual amount owed by each Agency <br />may be less than the amount committed, but shall not exceed the amount committed, and shall be <br />determined by Paragraph II.B. of this Agreement. <br />Funding Commitments <br />Not to Exceed <br />City of Boulder <br />City of Lafayette <br />City of Longmont <br />City of Louisville <br />Town of Erie <br />Total <br />Amounts <br />Amount <br />committed to <br />funding vendor <br />$62,615 <br />$10,169 <br />$32,899 <br />$9,560 <br />$9,757 <br />$125,000 <br />B. Financial Investment. The Agencies shall each pay an agreed upon portion of the total <br />vendor fees in accordance with the terms of this Agreement and as outlined below in the Payment <br />Schedule. The Agencies shall provide payments to the Coordinating Agency within 30 days of <br />invoicing. <br />Payment Schedule <br />Fee Percentages <br />City of Boulder <br />City of Lafayette <br />City of Longmont <br />City of Louisville <br />Town of Erie <br />Regional Minimum <br />Wage <br />Socioeconomic <br />Analysis Consultant <br />Fee Allocation <br />50.09% <br />8.13% <br />26.32% <br />7.65% <br />7.81% <br />Percentage of total <br />cost <br />C. Reporting of Findings. Upon completion of the analysis, each Agency will receive a report <br />of the findings. An Agency representative will be responsible for presenting these findings to their <br />elected bodies in a manner determined by each jurisdiction, which could include a joint <br />presentation from other Agency representatives. <br />D. Default. If any Agency fails to comply with the terms of this Agreement, said Agency will <br />be in default and will no longer be entitled to receive any reports of findings under this Agreement. <br />If one or more Agencies are in default, the non -defaulting Agencies shall meet and confer to <br />address any funding issues. <br />2 <br />