HomeMy WebLinkAboutExhibit 5 V2EXHIBIT C — COMPENSATION AND BUDGET SUMMARY
A. The CITY shall pay the PROJECT, as maximum compensation for the services required pursuant
to this Agreement, the sum of $500,000.00 for hard costs resulting from rehabilitation of the
building facades between Northwest 54th Street and Northwest 58`1' Street along Northwest 7th
Avenue, Miami, Florida (Oshun Village Project).
B. During the term hereof and for a period of five (5) years following the date of the last
payment made hereunder, the CITY shall have the right to review and audit the time records
and related records of the SUBRECIPIENT pertaining to any payments by the CITY.
C. Requests for payment should be made following the procedures stipulated in Exhibit I -
Disbursement Agreement. Payments for the PROJECT will be made directly to the
vendor/contractor related to the PROJECT not the SUB -RECIPIENT.
D. SUB -RECIPIENT'S and PROJECT' s Itemized Budgets, Cost Allocation Report for
Construction, Rehabilitation and Improvements, Budget Narratives are attached hereto and
made part of this contract. The budgets shall list in detail all the costs for the PROJECT
including but not limited to technical assistance, rehabilitation cost, architecture,
advertisement, permits and signs.
E. The SUB -RECIPIENT must submit the final request for payment to the CITY within 30
calendar days following the expiration date or termination date of this Agreement in a form
provided by the Department. If the SUB -RECIPIENT fails to comply with this requirement,
the SUB -RECIPIENT shall forfeit all rights to payment for the Project and the CITY shall
not honor any request submitted thereafter.
F. Any payment due under this Agreement may be withheld pending the receipt and approval by
the CITY of all reports due from the SUBRECIPIENT as a part of this Agreement and any
modifications thereto.
Executive Director Date