CCP 04-27-1987 - Laserfiche WebLink

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. . . . 6. Arden Hills and Roseville agree to share the costs of both the e "Construction Cost" and all of the above mentioned engineering expenses. Arden Hills agrees to pay 46% of the total cost of the project, and Rosevil1e agrees to pay the remaining 54% of the total cost of the project. 7. Arden Hills agrees to pay its share of the costs based on the above referenced feasibility study estimate within 60 calendar days of the receipt of the request for said payment. Said request would follow the award of the contract by the City of Rosevi1le. In the event Arden Hills chooses to delay payment beyond the 60 day period. interest would be charged at the rate of 7.5% per annum from the date of the invoice to Arden Hills uqtil the payment is received by Roseville. Arden Hills agrees that in no event shall the payment of the full amount be delayed beyond July 1. 1988. 8. When all costs of the project including the "Construction Costs", engineering costs, and other costs are final and known, Roseville will notify Arden Hills of this amount. Based on the participation percentages by each community agreed upon in Item 6 above, Arden Hills would either be reimbursed within 60 days for the amount of over payment if said should be the case, or notified of the amount of under payment if said should be the case. Said underpayment likewise being payable to Rosevil1e within 60 days. Such a settlement based on the differential between the estimated costs and actual costs being applicable only if Arden Hills had previously submitted its share of the costs to Rosevi1le. If said prior payments had not been done by e that time, then the Arden Hills share of actual costs would be the figure used for the calculation of 7.5% annual interest payments. IN WITNESS WHEREOF, the parties have hereunto affixed their signatures. CITY OF ROSEVILLE CITY OF ARDEN HILLS Bf By !ts Its Date Date By By Its Its Date Date . ._-'-'~~~._.~."~~r.".~__.,.~.~~_....,_^..,_~,."._.._~.,_.~~.____.._.__"__~~~.~,____~.~ ---'"-_._-'-~.'~._"'-"-~_..