2021.09.28 CC Packet - Laserfiche WebLink

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Metropolitan Council No. 20I008 VII. Cost Participation and Payment 1. The City will reimburse the Council for the costs shown in Exhibit B as specified under this Article VII. The City will reimburse the Council for the actual cost of construction for the City Project, actual costs of construction for portions of the Combined Project as identified in Exhibit B, actual land acquisition costs as shown below, plus seven percent of the City Project construction cost. The additional seven percent is for the following: a. surveying, inspection, and testing for the City Project; and b. other costs associated with the City or Combined Project including land acquisition and contract administration, and other administrative expenses associated with the City or Combined Project. 2. The Council, at its sole expense will acquire in its name all permanent and temporary permits, easements, and property interests necessary for the Council Project. 3. The parties further agree that the City Project costs are an estimate. The final City Project construction costs will be based on the unit prices in the Council's construction contract, the final quantities, and any amendments or change orders. 4. After the Council awards the Combined Project Construction Contract,the Council will prepare a revised Exhibit B and give it to the City. The revised Exhibit B will update the City Project costs for construction, land acquisition, and administration based 7% of the City Project portion of the construction cost. The parties will substitute the revised Exhibit B for the Exhibit B attached to this Agreement without any amendment to this Agreement. 5. The Council will pay its contractor for the contractor's work on the City Project. The City will then pay the Council under this section. During construction,the Council will submit monthly invoices to the City. The Council's monthly invoices will include a progress report. The City will pay the Council within 30 days after it receives the invoice. If the City disputes any portion of an invoice it will give the Council notice of the dispute within 14 days after the City receives the invoice. If the City disputes any portion of an invoice,the City will pay the undisputed portion of the invoice within 30 days after receives the invoice, and it will pay the remainder of any amount due within 30 days after the dispute is resolved. 6. When the work on the Combined Project is substantially complete,the Council will give the City an updated cost participation breakdown. This cost participation breakdown will show actual construction costs based on the contract unit prices and the units of work the contractor performed. The updated cost participation breakdown will also contain the updated administrative and other costs to be paid to the Council by City. 7. If after subtracting the City's payments from the updated cost participation breakdown the City owes the Council money, the Council will invoice the City for that amount. Page 6 of 14