Common use of BUDGET AND DISBURSEMENTS Clause in Contracts

BUDGET AND DISBURSEMENTS. Below is a summary of the total costs included in the CDBG Agreement (the “Budget”). Phase II Site Preparation and Infrastructure Budget Construction Scope of Work $3,500,000 Contingency 15% 525,000 Developer Management Fee 304,969 Civil/Construction Administration and Testing 79,196 Maintenance Bonding LOC 25,064 Section 3 Coordination 20,000 General Contractor Vertical Oversight and Coordination 5,500 Total $4,459,729 Sources Community Development Block Grant $1,700,108 Housing Bond Program Income 1,767,755 Dedicated Housing Fund, Includes Contingency 991,866 Total $4,459,729 Adjustments to the Budget up to 10% of the contract amount (including expenditure of the contingency) may be approved in writing by the Director of DCD, provided these adjustments do not extend the term of the contract or increase the total funding for contract activities. The Site Developer will submit monthly draw requests. Requests relating to Construction Scope of Work will include an approved Certificate of Payment for completed work on the site as specified in the Schedule of Values (Attachment F), a SDBE Subcontractor Report, a summary of Section 3 activity for the previous month and certified payrolls of the contractor and subcontractors. The City will fund draw requests within not more than 30 days: failure to do so will entitle Site Developer to suspend activities after ten (10) days further written notice to the City and, if applicable, to increase the Budget by damages incurred as a result of such action and/or costs required to resume work. Site Developer will submit on a timely basis all change order requests that are acceptable to Site Developer to the City for review and approval. The City will respond to such submission within one business day for change orders with a dollar amount of up to $25,000, and within two business days for change orders with a dollar amount above $25,000. Failure to respond within such periods shall constitute deemed approval of the requested change by the City. ATTACHMENT B

BUDGET AND DISBURSEMENTS. Below is a summary of the total costs included in the CDBG Agreement (the “Budget”). Phase II Site Preparation and Infrastructure Budget Construction Scope of Work $3,500,000 Contingency 15% 525,000 Developer Management Fee 304,969 Civil/Construction Administration and Testing 79,196 Maintenance Bonding LOC 25,064 Section 3 Coordination 20,000 General Contractor Vertical Oversight and Coordination 5,500 Total $4,459,729 Sources Community Development Block Grant $1,700,108 1,798.108 Housing Bond Program Income 1,767,755 1,767,754 Dedicated Housing Fund, Includes Contingency 991,866 Total $4,459,729 Adjustments to the Budget up to 10% of the contract amount (including expenditure of the contingency) may be approved in writing by the Director of DCD, provided these adjustments do not extend the term of the contract or increase the total funding for contract activities. The Acting as Agent for the City, the Site Developer will submit monthly draw requestsrequests to Community Development based on the completed activity on the Phase II site. Upon approval of the monthly draw request, the City will forward payment to MBS who in return will pay X. X. Xxxxxxx Infrastructure, LLC for their completed activities. MBS will forward a copy of the completed financial transaction to the City for its records. Requests relating to Construction Scope of Work will include an approved Certificate of Payment for completed work on the site as specified in the Schedule of Values (Attachment F), a SDBE Subcontractor Report, a summary of Section 3 activity for the previous month and certified payrolls of the contractor and subcontractors. The City will fund draw requests within not more than 30 days: failure to do so will entitle Site Developer to suspend activities after ten (10) days further written notice to the City and, if applicable, to increase the Budget by damages incurred as a result of such action and/or costs required to resume work. Site Developer will submit on a timely basis all change order requests that are acceptable to Site Developer to the City for review and approval. The City will respond to such submission within one business day for change orders with a dollar amount of up to $25,000, and within two business days for change orders with a dollar amount above $25,000. Failure to respond within such periods shall constitute deemed approval of the requested change by the City. The site preparation and infrastructure improvements will be financed with multiple funding sources. Below is a schedule of values and projected costs associated with the expenditure of CDBG funds. This is a projection of costs associated with the expenditure of CDBG funds and may change as the project begins and moves toward completion. ATTACHMENT B

BUDGET AND DISBURSEMENTS. Below is a summary of the total costs included in the CDBG Agreement (the “Budget”). Phase II Site Preparation and Infrastructure Budget Construction Scope of Work $3,500,000 Contingency 15% 525,000 Developer Management Fee 304,969 Civil/Construction Administration and Testing 79,196 Maintenance Bonding LOC 25,064 Section 3 Coordination 20,000 General Contractor Vertical Oversight and Coordination 5,500 Total $4,459,729 Sources Community Development Block Grant $1,700,108 Housing Bond Program Income 1,767,755 1,767,754 Dedicated Housing Fund, Includes Contingency 991,866 Total $4,459,729 Adjustments to the Budget up to 10% of the contract amount (including expenditure of the contingency) may be approved in writing by the Director of DCD, provided these adjustments do not extend the term of the contract or increase the total funding for contract activities. The Acting as Agent for the City, the Site Developer will submit monthly draw requestsrequests to Community Development based on the completed activity on the Phase II site. Upon approval of the monthly draw request, the City will forward payment to MBS who in return will pay X. X. Xxxxxxx Infrastructure, LLC for their completed activities. MBS will forward a copy of the completed financial transaction to the City for its records. Requests relating to Construction Scope of Work will include an approved Certificate of Payment for completed work on the site as specified in the Schedule of Values (Attachment F), a SDBE Subcontractor Report, a summary of Section 3 activity for the previous month and certified payrolls of the contractor and subcontractors. The City will fund draw requests within not more than 30 days: failure to do so will entitle Site Developer to suspend activities after ten (10) days further written notice to the City and, if applicable, to increase the Budget by damages incurred as a result of such action and/or costs required to resume work. Site Developer will submit on a timely basis all change order requests that are acceptable to Site Developer to the City for review and approval. The City will respond to such submission within one business day for change orders with a dollar amount of up to $25,000, and within two business days for change orders with a dollar amount above $25,000. Failure to respond within such periods shall constitute deemed approval of the requested change by the City. ATTACHMENT BThe site preparation and infrastructure improvements will be financed with multiple funding sources. Below is a schedule of values and projected costs associated with the expenditure of CDBG funds. This is a projection of costs associated with the expenditure of CDBG funds and may change as the project begins and moves toward completion. See Attachment E.