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HomeMy WebLinkAboutExhibit 3Exhibit L Terms and Conditions of Financing 1. Pursuant to the DEP Agreement Amendment the time to complete the proiect and submit all reimbursement information is September 30, 2006. 2. The funds are bein made available from the DEP Agreement are subject to the terms and conditions that are contained in the DEP Agreement and any amendment. thereto. Project Costs must be incurred and work performed within the Project period (as defined in the DEP Apreement), which is September 30, 2006 unless the period is extended by DEP. 3, The City shall pay DOSP on a reimbursement basis only, and onl for those authorized Project Costs, as identified in approved pursuant to the DEP. In order for the City to be elip,ible for reimbursement under the DEP Grant Ajareernent, 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 exl2enditures to the Department of Economic Development on a form created by that department. DOSP will further submit a a meat re uisition 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 DEP Grant A reement 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, --chane orders to date the schedule of values contained within the construction budget, chane orders to date the amount of the a ment re uest the schedule of values contained in the construction bud et allocation of the work covered by the requisition among the schedule of values and balance to complete the construction of the Ba alk and Restroom facilities and all related support facilities. The requisition for payment shall be accompanied b i lien waivers or releases from any partywith a right to file a lien against the improvements to the extent the claim was covered by a previous recluisition, to ether with such other lien waivers releases or evidence of a ment as the City may re uire 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 thea rovedPlans; and(iii) such other documentation as may be reasonably required b the City, Upon approval of the requisition by the City, the City shall remit the funds to DOSP and thereafter seek reimbursement from DEP. 5. NONCOMPLIANCE -- The City shall have the right to reimbursement either in whole or art as it as it may determine of the funds provided hereunder for noncompliance b City or DOSP with any of the terms of the DEP Grant Agreement. Upon notification from the City, DOSP shall reimburse such funds directly to the Cit • The provisions of this paragra h shall survive com letion 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 A reement. 7. STATUS REPORTS — DOSP's Liaison shall submit to the City Prolect_status _reports during the construction of the Baywalk and all other related supported facilities ten (110) days prior to the date that the City is required to submit the reports pursuant to the DEP 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 hid award construction item cost Iist 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. ement. 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 Cily require one to be performed.