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costs of the various design and construction components each of the each of the JDEDZ Street <br />Improvements and Stoneridge Drive and 1-680 Project. The City Engineer shall approve or <br />disapprove the Final Cost Estimate within thirty (30) days of receipt. If the Final Cost Estimate <br />exceeds the original cost estimate for the Project Improvements and either Party determines that <br />the amount that the Final Cost Estimate exceeds the original cost estimate is too great, the Parties <br />shall meet and confer to seek a resolution to the excessive cost estimate. If the parties cannot <br />find a solution to the excessive cost estimate, either Party may terminate this Agreement in <br />accordance with Section 5.2. If the City Engineer disapproves an item or aspect of the Final <br />Cost Estimate other than the estimated cost, the Parties shall meet and confer to resolve any <br />contested or questioned line items or aspects. If the Parties cannot resolve a dispute over an item <br />or aspect of the Final Cost Estimate other than the cost, either party may cause the dispute to be <br />presented to the Auditor for resolution. <br />Section 3.3 !m rovement Agreement and Construction of the Pro ect Improvements. <br />Aftcr approval of the improvement plans and specifications for the Project Improvements by the <br />City Engineer as provided in Section 3. 1, Costco and the City will enter into the Improvement <br />Agreement. Costco shall use diligent and good faith efforts to obtain approval of all required <br />permits and entitlements necessary to construct each of the Project Improvements and to <br />constnuct such improvements in a timely fashion and in accordance with the Improvement <br />Agreement. Provided, however, if the other public agencies involved in the approval and <br />construction of the Project Improvements request or require that the City take the lead in the <br />permitting process, the City will do so and will continue to work diligently and cooperatively <br />with Costco to facilitate the approval of required permits and entitlements, as well the <br />construction of the improvements. All Project Improvements will be dedicated to the City or <br />State, as applicable, upon acceptance of the work by the City or the State. <br />Section 3.4 Payment for Design and Conslntction Costs. All payments for the actual <br />third -party costs related to the final design and construction of the Project Improvements will be <br />advanced by Costco. Costco shall be reimbursed for Costco Construction Costs in accordance <br />with Article 4. <br />Section 3.5 Payment of JDEDZ Street Improvement Cost Overruns. The City and <br />Costco will each be responsible to pay fifty percent (50%) of the Cost Overruns. Costco will not <br />receive any reimbursement for the payment of its portion of Cost Overruns. <br />Section 3.6 Cost Overruns for Stoneridge Drive and 1-680 Project. The City shall <br />reimburse Costco for any approved costs related to the Stoneridge Drive and I-680 Project that <br />are in excess of Seven Million One Hundred Ten Thousand Dollars ($7,110,000) upon <br />acceptance of the completed Stoneridge Drive and I-680 Project by the City or the State, as <br />applicable. <br />Section 3.7 Costco to Dedicate Costco Site Rikht of Way. The Costco [tight of Way <br />is currently a portion of the Costco Site. Costco will dedicate the Costco Right of Way to the <br />City at no cost to the City. <br />7 <br />131 o 0113318870.8 <br />2/V201 8 <br />