CC WORKSESSION 05042015 - Laserfiche WebLink

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order which results in an increase in the contract amount for the Project, the City of Columbia Heights hereby agrees to remit within thirty (30) days of notification by the City of Saint Anthony of said change an amount equal to ninety five (95) percent of the estimated City of Columbia Heights share as documented in the supplemental agreement or change order. 12. The remainder of the City of Columbia Heights's share in the contract construction and engineering costs of the Project, including additional costs resulting from supplemental agreements and change orders, will be due to the City of Saint Anthony upon the completion of the Project and submittal of the City of Saint Anthony Engineer's final estimate for the Project to the City of Columbia Heights. 13. Upon final payment to the Project contractor by the City of Saint Anthony, any amount remaining as a balance in the deposit account will be returned to the City of Columbia Heights, within thirty (30) days, on a proportionate basis based on the City of Columbia Heights's initial deposit amount and the City of Columbia Heights's final proportionate share of the Project costs. Likewise, any amount due the City of Columbia Heights as its final payment for the construction costs of the Project within thirty (30) days of receipt of an invoice from the City of Saint Anthony. 14. All City of Columbia Heights funds deposited with the City of Saint Anthony shall bear interest equal to the 4M Fund rate until paid to the contractor or returned to the City of Columbia Heights. Saint Anthony shall provide Columbia Heights a listing of all transactions including deposits, progress payments, interest earned, and balances on a monthly basis or upon request of the Columbia Heights City Manager. [The remainder of this page is intentionally blank.] M