Ord 1985-051 - Laserfiche WebLink

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of the construction contract between such contractor and the Developer. ARTICLE II Payment for Improvements Section 1: General. In consideration of the construction of the Project and the transfer of the Facilities comprising the Project to the City, all in the manner provided in Article I of this Agreement, the City hereby agrees to make payment to the Developer of the sums described below, but only from the Tax Increment Fund created for the Reinvestment Zone. Section 2: Reimbursable Expenditures. Upon completion of each construction contract for each phase of the Project and acceptance of the Facilities constructed pursuant to such contract by the Ci ty, the Developer shall prepare a report describing all reim- bursable expenditures made by the Developer in connection with such contract and incurred during the term of such contract for ongoing expenses relating to the Project or administration of the Reinvestment Zone and shall document all such expenditures by providing copies of invoices and cancelled checks. For purposes of this Agreement, the phrase "reimbursable expenditures" shall include only the following: (a) Payments to contractors pursuant to construction contracts provided to the City¡ (b) Payments to engineers for design and construction phase services pursuant to engineering contracts provided to the City¡ (c) Payments to planners for design services¡ (d) Payment for surveying and soil testing fees; (e) Payment for materials testing fees¡ (f) Payments to other outside consultants on the Project pursuant to consulting contracts provided to the City; (g) Accounting fees¡ (h) Legal fees ¡ (i) Miscellaneous expenses; and (j) Reimbursement of prior engineering, construction, planning, accounting and legal fees relating to services rendered in connection with this Project and constituting a part of this Project as detailed on the attached Exhibit C. Upon approval of said report by the City, which ap- proval shall not unreasonably be withheld, the total of all reim- bursable expenditures made by the Developer as described in the report, shall be the "Project Cost" for that Facility and the Developer shall be entitled to the trPurchase Price" for such Facility. The Purchase Price to be paid by the City for each Facility shall be, subject to the limitations described below, the sum of the Project Cost plus "Accrued Interest, " computed as described in Section 3 below. The City may, at its option employ independent auditors to review any report of reimbursable -5-