Loading...
HomeMy WebLinkAboutexhibit 2- terms-condExhibit H Terms and Conditions of Financing 1. Pursuant to the FDEP Agreement Amendment executed as of _August 11, 2003, the time to complete the project and submit all reimbursement information is August 11, 2006. 2. The funds are being made available from the FDEP Agreement are subject to the terms and conditions that are contained in the FDEP Agreement, and any amendment thereto. Project Costs must be incurred and work performed within the Project period (as defined in the FDEP Agreement), which is August 11, 2006, unless the period is extended by FDEP. 3. The City shall pay DOSP on a reimbursement basis only, and only for those authorized Project Costs, as identified in approved pursuant to the FDEP. In order for the City to be eligible for reimbursement under the FDEP Grant Agreement. such Project Costs must be necessary and reasonable for the effective and efficient accomplishment of the Project and must be directly allocable thereto. 4. REIMBURSEMENT PROCEDURES: DOSP shall submit its expenditures to the Department of Economic Development on a form created by that department. DOSP will further submit a payment requisition signed and approved by the contractor. the Architect and DOSP to the City for payment. Payment requisitions shall comply with all requirements for disbursement as contained in the FDEP Grant Agreement and as may be required by the City. Such requirements include. but are not limited to. a statement of the following: total project cost to date, change orders to date. the schedule of values contained within the construction budget. change orders to date, the amount of the payment request. the schedule of values contained in the construction budget, allocation of the work covered by the requisition among the schedule of values, and balance to complete the construction of the Baywalk and Restroom facilities and all related support facilities. The requisition for payment shall be accompanied by (i) lien waivers or releases from any party with a right to file a lien against the improvements to the extent the claim was covered by a previous requisition. together with such other lien waivers, releases. or evidence of payment as the City may require; and (ii) written certification from the Architect that the information contained in the requisition for payment is accurate, and that the work covered by the requisition was completed in accordance with the approved plans; and (iii) such other documentation as may be reasonably required by the City. Upon approval of the requisition by the City, the City shall remit the funds to DOSP and thereafter seek reimbursement from FDEP. 5. NONCOMPLIANCE — The City shall have the right to reimbursement. either in whole or part as it, as it may determine, of the funds provided hereunder for noncompliance by City or DOSP with any of the terms of the FDEP Grant Agreement. Upon notification from the City, DOSP shall reimburse such funds directly to the City. The provisions of this paragraph shall survive completion of construction of the Parking Facilities. 6. DOSP's LIAISON — DOSP shall appoint a Liaison, whose name and title shall be submitted to the City upon execution of the Amendment, to act on behalf of DOSP relative to the provisions of this Agreement. 7. STATUS REPORTS — DOSP's Liaison shall submit to the City Proiect status reports during the construction of the Baywalk, Restroom facilities and all other related supported facilities ten (10) days prior to the date that the City is required to submit the reports pursuant to the FDEP Grant Agreement. The reports are to be on the forms provided by the City's Department of Economic Development, Project design drawings, engineering drawings, and a copy of the Project bid award construction item cost list will be submitted as available. Photographs shall be submitted when appropriate to reflect the work accomplished. Non-compliance by DOSP with the reporting requirements may result in termination of this Agreement. 8. The City shall have the right to withhold any payment hereunder, either in whole or part, for non-compliance with the terms of this Agreement. 9. Payment shall be made within sixty (60) days after the City's Department of Economic Development receipt of DOSP's invoice, which shall be accompanied by sufficient supporting documentation and contain sufficient detail, to allow a proper audit of expenditures, should City require one to be performed.