Agenda - Economic Development Authority - 02/11/2021

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Authorized and fully capable of inspecting, overseeing and documenting the work in progress. Capable of reading and thoroughly understanding the plans, specification and all other pertinent documentation. Authorized to receive instructions from the Engineer. Should the County feel, at any time, that these requirements are not being met, the County shall have the right to request replacement of the inspection personnel. 9. DISBURSEMENT OF FUNDS The County shall pay to the City the County's portion of the actual construction costs of each project in the form. of an annual payment. The first payment amount is $266,070.76 based on an interest rate of 4.5 percent interest per year and a principal of $4,334,000 for 30 years, the payment thereafter will be $338,510.26 based on the balance of $4,262,959.05 after the first payment, at 4.5 percent interest per year over 19 years. In addition the County will obtain the $247,500 in Federal funds and apply it to the BNSF crossing improvement on Sunfish Lake Blvd. (CSAH 57). All funds disbursed by the County or City pursuant to this Agreement shall be disbursed by each entity pursuant to the method provided by law. This payment shall be made each year for twenty years on January 31 of each year. The first payment will be due on January 31, 2006. The County shall be the lead agency on the Sunfish Lake Blvd. (CSAH 57) project. The City shall pay to the County the City's share of the actual construction cost of the work within forty- five days of the receipt of a claim voucher, containing such information as the City may reasonably require, representing that payments have been made for right of way, or on a contract or contracts for the projects outlined in this agreement. 10. CONTRACTS AND PURCHASES All contracts let and purchases made pursuant to this Agreement shall be made by the City in conformance to the State laws. 10