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<br />Jul-03-1001 11:47 <br /> <br />From-PETERSON FRAM BERGMAN <br /> <br />6511181753 <br /> <br />T-161 P 009/016 F-795 <br /> <br />. <br /> <br />discharge of the duties hereby imposed on the City including, but not limited <br />to, engineering, legal, and planning consultants; and administrativc time and <br />cxpenses incWTed by the City; and whcre decmed appropriate by the City <br />Council, travel incWTed by City Officials occasioncd by attending meetings <br />with third parties at Developer's request (all hercin "Reimbursable <br />Expenses"). The City's estimated budget for reimbursable expenses and <br />billing rates is attached as Exhibit C. Changes to estimated budgets shall be <br />approved by the Developer and the City Administrator. <br /> <br />I. Restricted Account. Upon execution of this Interim Agreement, <br />Developer shall deposit $100,000 with City which shall be placed in <br />a restricted account and may only be used by City for reimbursable <br />expenses. Prior to making a draw on a restricted account, City shall <br />notifY Developer. The notice shall include a documentation of costs <br />incWTed. Each time the balance in the restricted account drops below <br />$50,000, Developer sh'lll deposit an additional $50,000. <br /> <br />2. <br /> <br />Avoidance of Duplication. City agrees to keep Developer apprised <br />of the reimbursable expenses which are being incurred so that each <br />party can attempt to avoid a duplication of services and expenses; <br />provided that, the City, in its sole discretion, may determine which <br />reimburs'lble costs are necessary for the City to incur in order to satisfy <br />its obligations pursuant to the terms of this Interim Agreement. <br /> <br />. <br /> <br />F. Limitations. This Interim Agreement does not constitute a disposition of <br />property or any waiver of the exercise of control by the City. Execution of <br />this Interim Agreement by the City is merely an agreement to enter into a <br />period of exclusive negotiations according to the terms hereof, reserving final <br />discretion approval by the City as to any Disposition and Development <br />Agreement and all proceedings and decisions in connection therewith. The <br />City and Developer understand that the property in question is currently <br />owned by the United States Government and that the purpose ofrhis Interim <br />Agreement is to assist in negotiations with said Government to have the site <br />conveyed to the City on terms and conditions favorable to the City and for the <br />purposes outlined in this Interim Agreement or as may be described in a final <br />Disposition and Development Agreement. <br /> <br />G. Term of Al!reement. This Interim Agreement shall become effective upon <br />execution by City and Developer ("Commencement Date") and shall <br /> <br />7 <br /> <br />. <br />