Res 1998-072 - Laserfiche WebLink

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128 April 14, 1998 W. Paul Reed Prime Retail, LP. 100 E. Pratt Street, 19th Floor Baltimore, MD 21202 Dear Mr. Reed: This letter, upon countersignature by an authorized officer of San Marcos Factory Stores, Ltd. ("SMFS"), will serve as an agreement between the City of San Marcos (the "City") and SMFS for funding by SMFS of a ramp reconfiguration (the "Project") at the IH 35 northbound entrance and exit ramps between Centerpoint Road and McCarty Lane in San Marcos, Texaso As you know, the Project is to be executed under the auspices of the Texas Department of Transportation ("TxDOT") under the attached Advance Funding Agreement that calls for the City to pay for all costs of the Project. An initial payment of $1,500 is to be made on execution of that agreement, the City is to deposit the remainder of the estimated cost of the Project with the State 30 days prior to the date set for receipt of construction bids, and a true-up for the actual Project cost will be done upön completion of the Project. The City is also required to provide the engineering design services for the Project. SMFS is currently having the engineering design services performed by Turner, Collie & Braden ("TCB") under a direct contract. The City will provide the final Project design work product of TCB to TxDOT. In consideration for the City's agreement to execute the Advance Funding Agreement for the Project with the State of Texas (the "State"), SMFS agrees to: 1. Make an initial payment of $1,500 to the City upon execution of this agreement, and provide all engineering services determined by the State to be necessary for the Project pursuant to SMFS's contract with TCB. 2. Make a payment to the City in the amount of the remaining cost to be paid by the City to the State within 10 days of receipt of a copy of the State's notice to the City of the amount of the remaining cost. 3. Make a final payment to the City in the amount of any increase in Project cost shown in the State's true-up of this cost within 10 days of receipt of a copy of the State's true-up of cost. SMFS will have the right to terminate this agreement in the event the low responsible bid for the Project exceeds $300,000 (the "Maximum Liability"). Notwithstanding anything else in this agreement to the contrary, SMFS's total liability under this letter agreement shall not exceed the Maximum Liability. City Hall. 630 East Hopkins" San Marcos, Texas 78666 .. 512/353-4444 .. FAX 512/396-4656