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pf_03157
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pf_03157
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Last modified
7/17/2007 12:48:05 PM
Creation date
12/8/2004 3:55:36 PM
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<br />The City will pay seventy-five percent (75%) of the <br />construction costs of the service drive and Meredith will pay <br />twenty-five percent (25%) of the cost of construction of the <br />service drive. <br />If Meredith chooses not to pay its initial share of <br />the construction costs immediately when such payments are due <br />to the contractor, the City will pay one hundred percent (100%) <br />of such costs and Meredith will reimburse the City over a three <br />(3) year period with an interest rate of seven percent (7%) per <br />annum, in equal annual installments, or such other installments <br />as are agreeable to the parties. <br />In the event Meredith chooses to spread its payments <br />over a three (3) year period, it will provide security to the <br />City in a manner agreeable to the parties. <br />Items requested by Meredith outside the cost of the <br />parking lot and service drive will be the responsibility of <br />Meredith. <br /> <br />The School District will not be responsible for any <br />costs. In the event any of these costs are spread by special <br />assessments against the real property, and in the event said <br />assessments are not paid by Meredith, they shall be the <br />responsibility of the City. <br /> <br />3. Use. Meredith will have exclusive use of the parking <br />lot between 6:00 a.m. and 5:00 p.m. on weekdays. The City will <br />have exclusive use of the thirty (30) parking stalls described <br />in Exhibit D between 5:00 p.m. and 6:00 a.m. on weekdays, all <br />day on legal holidays, and weekends. Both parties may use the <br />remaining forty (40) stalls jointly between 5:00 p.m. and 6:00 <br />a.m. weekdays, all day on legal holidays, and weekends. <br /> <br />4. Maintenance. Snowplowing, maintenance and repair of <br />the parking lot and service drive will be the sole <br />responsibility of Meredith. <br /> <br />3 <br />
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