Resolution 2022-30 - Laserfiche WebLink

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NOW THEREFORE, in consideration of the foregoing and the following terms and conditions, the Parties agree as follows: 1. Construction of Project. The 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 any separate agreements with the City pertaining to the Project or Project Improvements. 2. LRC Financial Assistance and Financial Guarantee. a. Prior to building permit issuance for the Project and Project Improvements, the LRC shall deposit with the City a financial guarantee in the amount of $1,128,053 ($980,916 multiplied by 1.15), which sum shall be kept by the City in a separate account ("Financial Guarantee"). b. The LRC shall reimburse Developer an amount not to exceed $1,178,053 ("Maximum Reimbursement Amount") for Project Improvements completed under this Agreement. Notwithstanding anything in this Agreement to the contrary, the Developer shall not be entitled to any payment, and may not submit an invoice for reimbursement, until Project Improvements are completed by the Developer and inspected and conditionally accepted by the City as set forth in subsection (e) 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 Maximum Reimbursement Amount. C. Upon the City's conditional acceptance of the Project Improvements, the Developer shall submit an invoice to the LRC for actual costs incurred in construction of the Project Improvements. The invoice shall document (1) the Project Improvements that have been completed by the Developer and inspected and conditionally accepted by the City in accordance with subsection (e) below, (2) any changes (increases or decreases) in the Developer's actual construction costs from the estimated costs set forth in Exhibit A up to the Maximum Reimbursement Amount, and (3) such other information as may be required by the LRC. The Developer shall provide such additional backup documentation as may be required by the LRC. The LRC shall pay the invoice within thirty (30) days of receipt unless the accompanying documentation is unsatisfactory. The City shall release the Financial Guarantee to the LRC upon the City's conditional acceptance of the Project Improvements; except that, the City shall retain 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 (f) has expired, at which time the City shall release the remainder of the Financial Guarantee to the LRC, less any amounts drawn on by the City in accordance with Section 3, below. d. 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