New Search
SECTION 4. Deposit, Expenditure and Allocation of Project Funds. <br /> (a) Deposit of Funds. City shall keep all Project funds until such fitnds are either <br /> disbursed to pay Project costs or returned to Lane County or Developer, as provided <br /> herein. City shall have sole discretion as to whether Project funds will be invested <br /> pending their disbursement for Project costs. <br /> ' (b) Disbursement of Funds. All Project funds may be commingled and disbursed in <br /> any order deemed expedient by City. <br /> {c) Allocation of Disbursements. To the extent permitted by the Grant Agreement all <br /> expenditures for construction within the ODOT right of way shall be allocated to <br /> the Grant before allocations of expenditures shall be made to funds provided by the <br /> Developer. <br /> (d) Final Disbursement. When City is satisfied that all requirements of the Grant <br /> Agreement have been satisfied and that all Project costs have been paid, City will <br /> <br /> j disburse any money remaining in the Project account, including interest earned, if <br /> any, to the order of Developer. <br /> (e) Cost Accounting. Developer will be entitled to review, upon reasonable notice and <br /> dtuing City's normal business hours, City's records concerning Project costs. City <br /> will provide Developer with a copy of City's final accounting for Project Costs at <br /> the time of its final Project disbursement. <br /> SECTION 5. Assignment of Security Deposit. City acknowledges that the Security Deposit <br /> will be assigned by Blazer to Developer pursuant to that certain Assignment, a copy of which is <br /> attached hereto as Exhibit D: Upon completion of both the Project described in Recital #1 and <br /> the Brackenfern Drive improvements and. acceptance thereof by the City, and upon delivery to <br /> the City of a signed copy of Exhibit D, the Security Deposit shall be released to Developer. <br /> SECTION 6. Contract Representative. Each party designates the following as its contract <br /> representative of purposes. of administering this Agreement: <br /> Developer <br /> Gregory W. Daniels, Manager of <br /> Vib-Lan, L.L.C., a Member of <br /> East Ridge Development, LLC <br /> c/o 1111 Main Street, Suite 700 <br /> Vancouver, WA 98660 <br /> FAX: 360.695.1201 <br /> Email: gdaniels@realvestcorp.com <br /> Developer Agreement -East Ridge Village PUD -Interchange Improvements -Page 5 <br /> <br />