Right-of-Way Agreement and Cost Savings - $13 Million Sample Clauses

Right-of-Way Agreement and Cost Savings - $13 Million. The Parties agree that the State needs to, and shall, acquire property interests from the City for the I-70 East Project for $25.7 million. The property interests to be acquired by the State are set forth on Exhibit C. The Parties also agree that the State will pay the City $12.7 million for said right-of- way, and the State agrees that the City’s property provides an additional $13 million contribution to the I-70 East Project. The Parties agree that the payment for and conveyance of said property interests will occur by May 31, 2016. By this Agreement, the City Council approves the conveyance of the property on Exhibit C to CDOT in recognition of CDOT’s statutory authority to acquire property, C.R.S. §§ 43-1-208, 43-1-210, and 43-3-106.
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