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DRAFT <br />4. The City agrees to contribute sixty percent (60 %) to the remaining construction <br />cost after federal and state funds have been applied. The estimated local cost <br />(total cost less federal and state funds) of the construction is $1,435,000 as shown <br />in Exhibit A. The cost to the City is $861,000. <br />E. Participation in the cost of the construction administration & administration required for <br />the Project is as follows: <br />1. The estimated construction administration & administration costs for the Project <br />are $1,200,000 as shown in the attached Exhibit A. <br />2. The County has entered into an agreement with MnDOT for in -kind construction <br />engineering & administration services to be provided by MnDOT. <br />3. The County shall pay One Hundred percent (100 %) of the remaining construction <br />engineering & administration costs if they occur. The cost to the County is $0. <br />F. The Payment from the City to the County shall be as follows: <br />1. The total estimated cost of the City's share of the Project is $4,241,833. <br />2. The City has previously paid for the preliminary engineering & environmental <br />documentation for the Project via MnDOT Agreement No. 89335 in the amount <br />of $20,833. <br />3. The remaining costs for the City's share of the Project are estimated at <br />$4,221,000. <br />4. The County will initially bear the City's remaining share of the costs associated <br />with the Project. <br />5. The City's remaining share of its costs, plus interest and service charges accrued <br />by the County to carry the City's debt, will be due and payable by October 15, <br />2014. Estimated debt repayment costs and schedule are shown in Exhibit B. <br />6. As a credit to the City's share of the cost of the Project, and as executed under <br />separate agreements, the following items may be used to reduce the City's share <br />or to apply for the City's repayment schedule: <br />a) A $300,000 credit for the turnback of County Road 153 (Lilac Drive) <br />from the County to the City; <br />b) The appraised value of land provided by the City to the County as <br />accepted by the County for its purposes. <br />4 <br />