CCP 08-19-2002 - Laserfiche WebLink

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, 6.0 Ce~t ReimbursementCity Costs. :fSubiect to the orovisions of Section 6.0.(C), . Developer shall reimburse the City for all costs which the City incurs during the term of this Interim Agreement in the discharge of the duties hereby imposed on the City including, but not limited to, engineering, legal, and planning consultants; and administrative time and expenses incurred by the City; and where deemed appropriate by the City Council, travel incurred by City Officials occasioned by attending meetings with third parties at Developer's request (all herein "Reimbursable Expenses"). The City's estimated budget for reimbursable expenses and billing rates is attached as Exhibit C. Changes to estimated budgets shall be approved by the Developer and the City Administrator. A. Restricted Account. Upon execution of this Interim Agreement, Developer shall deposit $100,000 with City which shall be placed in a restricted account and may only be used by City for reimbursable expenses. Prior to making a draw on a restricted account, City shall notifY Developer. The notice shall include a documentation of costs incurred. Each time the balance in the restricted account drops below $50,000, Developer shall deposit an additional $50,000. B. Avoidance of Duolication. City agrees to keep Developer apprised of the type of reimbursable expenses which are being incurred so that each party can attempt to avoid a duplication of services and expenses; provided that, the City, in its sole discretion, may determine which reimbursable costs are necessary for the City to incur in order to satisfy its obligations pursuant to the terms of this Interim Agreement. . C. Develooer Reimbursement. If this Interim A!!reement is terminated by the City oursuant to the orovisions of Section 8.0.(8)(1) and (2). and the City. within three (3) vears ofsuch termination. selects another non-!!overnmental or Drivate sector entity to olan. evaluate or develop all or a maior Dortion of the AD RedeveloDment Area. the City shall reimburse the DeveloDer for the Dlannin!! consultant costs which had been Daid to the City as Dart of the reimbursable eXDenses identified in Section 6.0. 7.0 Limitations. This Interim Agreement does not constitute a disposition of property or any waiver of the exercise of control by the City. Execution of this Interim Agreement by the City is merely an agreement to enter into a period of exclusive negotiations according to the terms hereof, reserving discretion of final approval to the City as to any Disposition and Development Agreement and all proceedings and decisions in connection therewith. The City and Developer understand that . the property in question is currently owned by the United States Government and that the purpose of this Interim Agreement is to assist in negotiations with said 8