RES 01105 - Laserfiche WebLink

difference between the agreed upon Eight Million Five-Hundred Thousand Dollar ($8,500.000) Neal Elementary. cost (or other amount as agreed upon by District and the Cooperative Fee Developers pursuant to Section 3.1 of the Amended Cooperative Fee Agreement) and the State Funds actually received by District for the construction, of Neal Elementary, if those State Funds are less than Eight Million Five-Hundred Thousand Dollar ($8,500.000) or other amount as agreed upon by District and the Cooperative Fee Developers pursuant to Section 3.1 of this Amended Cooperative Fee Agreement. In no event shall the amount paid to the Cooperative Fee Developers pursuant to Section 3.3 of this Amended Cooperative Fee Agreement exceed the actual, verified cost incurred by the Cooperative Fee Developers as of the date of repayment. The Cooperative Fee Developers shall be repaid the amount applicable under this section no later than December 31, 2005, in the event that State funding is apportioned to District by that date for Neal Elementary. If no State funding is apportioned to District by December 31, 2005, for Neal Elementary, the Cooperative Fee Developers shall be repaid the amount applicable under this section no later than December 31, 2007. Repayment to the Cooperative Fee Developers pursuant to this section will have prioriw over all other repa.vments other than those current obligations of the School District and repayment to homebuilders funding or undertaking work on Neal Elementary's off-site infrastructure for their contribution to the District's off-site infrastructure obligations. Section 3.3.2 State Funding for Neal Elementary. All State funding actually received by District specifically in relation to the building of Neal Elementary, including for off- site infrastructure, whether under the existing school facilities program or otherwise, shall be used to reimburse the Cooperative Fee Developers as well as those other homebuilders that are funding or undertaking work on Neal Elementary's off-site infrastructure. Such funding shall be divided between homebuilders funding or undertaking work on Neal Elementary's off-site infrastructure, on the one hand. and the Cooperative Fee Developers. on the other hand, on a 50/50 basis, until such time as the homebuilders that are funding or undertaking work on Neal Elementary's off-site infrastructure are fully repaid by District for any cost of such off-site infrastructure work that is owing by District to such other homebuilders. In no event shall the State Funds paid to the Cooperative Fee Developers or me homebuilders that are undertaking work on Neal Elementary's off-site infrastructure pursuant to this section exceed the actual, verified cost incurred by the Cooperative Fee Developers or by the homebuilders that are undertaking work on Neal Elementary's off-site infrastructure as of the date of repayment. Section 3.3.3 State Funds for Other School Facility Projects. State Funds actually received by District for any other project than Neal Elementary and its off-site infrastructure shall not be used for reimbursement. To the extent that receipt of such State Funds for other projects identified on Exhibit "B" results in a determination by District that adequate funds are available to fund the reimbursement without creating a projected funding shortfall for those projects identified on Exhibit "B" of this Amended Cooperative Fee Agreement that are not already completed as of the date of this Amended Cooperative Fee Agreement, District shall then, to the extent allowed by law, use school impact fees that otherwise would have been used to fund the other projects identified in Exhibit "B" for which State Funds are received to provide reimbursement consistent with this Amended Cooperative Fee Agreement in an amount proportionate to the amount of State Funds received for such other projects. June 1, 2001