Res 1997-143 - Laserfiche WebLink

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84 Office of the City Manager June 10, 1997 Stanley K. Tanger Tanger Properties Limited Partnership 1400 W. Norwood Greensboro, NC 27408 Dear Mr. Tanger: This letter, upon your countersignature, will serve as an agreement between the City of San. Marcos (the City) and Tanger Properties Limited Partnership (Tanger) for funding by Tanger of a ramp reconfiguration (the Proj ect) at the IH 35 northbound entrance and. exit ramps between Centerpoint Road. and Posey Road in San Marcos, Texas. As you know, the Project is to be executed under the auspices of the Texas Department of Transportation 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 fòr receipt of construction bids, and a true-up for the actual Project cost will be done upon completion of the Project. The City is also required to provide the engineering design services for the Project. In consideration for the City's agreement to execute the Advance Funding Agreement for the Proj ect with the State of Texas (the State), Tanger 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 proj ect. 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 Proj ect 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. Tanger will have the right to terminate this agreement in the event the low responsible bid for the Project exceeds $320,000. The City agrees to execute the Advance Funding Agreement, to make payments to the State as pass- throughs of payments made by Tanger to the City, and to coordinate the construction of the Proj ect with the. State. The City also agrees to refund to Tanger any amount refunded by the State to the City as a result of the true~up of Project costs within 10 days of the City's receipt of the refund from the State. 630 East Hopkins. San. Marcos, Texas 78666 . 512/393-8100 . FAX 512/396-4656