Process for City Payment to Developer Sample Clauses

Process for City Payment to Developer. Payments shall be made as follows: • Upon presentation by Developer of a written Request for Payment accompanied by an invoice for completed work and certified payroll on Project Improvements, and the City (at its option) inspects or otherwise verifies that the work has been done in accord with this Agreement and state and local codes and ordinances, and that partial or final mechanic lien waivers sufficient to cover the City’s portion of the invoiced work, City shall, within 15 days of receipt of such invoice, pay to Developer the amount contained in the invoice. • City shall be given 5 business days to review said invoices and documentation, and 10 business days within which to make the payment to Developer. • Said payments shall be made to Developer until City has paid $100,000.00 or 100% of the eligible Project costs, whichever is less. • The City shall pay its share of individual Project Improvement Costs, even if individual segments of the Project Improvements exceed individual component estimates contained in Recital B, but total City payments shall be capped at $100,000.00 or 100% of the Eligible Project Costs, whichever is less.
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