01-12-09 Common Council Meeting Agenda & Packet

Home Browse Search

vi. The Mayor or the Controller for the City of South Bend shall be authorized to execute this Agreement on behalf of the City of South Bend, Indiana. c. Duties of Mishawaka. Mishawaka hereby agrees as follows: i. Mishawaka shall pay its pro-rata share of the Project Cost to the Controller for the City of South Bend with said monies to be used in accordance with this Agreement. Such pro-rate share -shall include the following: Direct contribution of funds for constriction of 300 ft of $175,000.00 roadway located in Mishawaka Direct contribution of % cost of conduit for Metronet $75,000.00 located in Mishawaka and connecting Mishawaka from unincorporated areas Loan of funds from Grape Road TIF to Douglas Road TIF $1,150,000.00 Mishawaka Total Pro-Rata Share $1,400,000.00 ii. As condition of the loan of funds from the Grape Road .TIF, • Mishawaka agrees to accept repayment over a teen not to exceed twenty (20) years at an annual interest rate of 5% ("TIF Loan"). The TIF Loan shall be paid as first priority and there shall be no pre- payment penalty. The intent of this provision is that once South Bend makes its annual payment to Mishawaka, and such payment is current, South Bend is not barred from using funds for other purposes permitted by law. III. ADMINSTRATION This Agreement shall be administered by the Board of Public Works for the City of South Bend. Contract modification or adjustments that modify the construction cost on the project shall be subject to the approval of all parties to the Agreement via facsimile or email. Upon completion of the construction project, a final audit shall be performed by the City of South Bend. All costs in excess of the stated Project Cost shall be shared by all parties on a pro-rata basis. Changes within one jurisdiction for the primary benefit of that jurisdiction shall be paid for by the applicable jurisdiction and shall not be subject to cost sharing. South Bend shall advise all parties to the agreement of any contract modifications or change orders that modify the final construction cost of the Project via e-mail or facsimile. Upon completion of construction of the Project, a final audit shall be preformed by South Bend and presented to Mishawaka for review and approval. Any approved costs in excess of the stated Project Cost shall be shared on a pro-rata basis by the Parties. Changes within one jurisdiction for the primary benefit of that jurisdiction 4 F:\.*.\Projects\BPW1Dou~ins Road_lnterlocal Agreemen[_sB Mishawaka _V2_031229.doc