RES 18-999 - Laserfiche WebLink

costs of the various design and construction components each of the each of the JDEDZ Street Improvements and Stoneridge Drive and 1-680 Project. The City Engineer shall approve or disapprove the Final Cost Estimate within thirty(30) days of receipt. If the Final Cost Estimate exceeds the original cost estimate for the Project Improvements and either Party determines that the amount that the Final Cost Estimate exceeds the original cost estimate is too great, the Parties shall meet and confer to seek a resolution to the excessive cost estimate. If the parties cannot find a solution to the excessive cost estimate, either Party may terminate this Agreement in accordance with Section 5.2. If the City Engineer disapproves an item or aspect of the Final Cost Estimate other than the estimated cost, the Parties shall meet and confer to resolve any contested or questioned line items or aspects. If the Parties cannot resolve a dispute over an item or aspect of the Final Cost Estimate other than the cost, either party may cause the dispute to be presented to the Auditor for resolution. Section 3.3 Improvement Agreement and Construction of the Project Improvements. After approval of the improvement plans and specifications for the Project Improvements by the City Engineer as provided in Section 3.1, Costco and the City will enter into the Improvement Agreement. Costco shall use diligent and good faith efforts to obtain approval of all required permits and entitlements necessary to construct each of the Project Improvements and to construct such improvements in a timely fashion and in accordance with the Improvement Agreement. Provided, however, if the other public agencies involved in the approval and construction of the Project Improvements request or require that the City take the lead in the permitting process, the City will do so and will continue to work diligently and cooperatively with Costco to facilitate the approval of required permits and entitlements, as well the construction of the improvements. All Project Improvements will be dedicated to the City or State,as applicable, upon acceptance of the work by the City or the State. Section 3.4 Payment for Design and Constniction Costs. All payments for the actual third-party costs related to the final design and construction of the Project Improvements will be advanced by Costco. Costco shall be reimbursed for Costco Construction Costs in accordance with Article 4. Section 3.5 Payment of JDEDZ Street Improvement Cost Overruns. The City and Costco will each be responsible to pay fifty percent (50%)of the Cost Overruns. Costco will not receive any reimbursement for the payment of its portion of Cost Overruns. Section 3.6 Cost Overruns for Stoneridge Drive and 1-680 Project. The City shall reimburse Costco for any approved costs related to the Stoneridge Drive and 1-680 Project that are in excess of Seven Million One Hundred Ten Thousand Dollars($7,110,000) upon acceptance of the completed Stoneridge Drive and 1-680 Project by the City or the State, as applicable. Section 3.7 Costco to Dedicate Costco Site Right of Way. The Costco Right of Way is currently a portion of the Costco Site. Costco will dedicate the Costco Right of Way to the City at no cost to the City. 7 1310 01'2218870.K 2/7/2018