2008-020 - Laserfiche WebLink

Home Browse Search

4: The construction of the PROJECT is estimated to be completed in January, 2011. The PARTICIPANT'S advanced funding for this PROJECT is in the amount of THIRTY FOUR MILLION SIX HUNDRED SIXTY NINE THOUSAND SIX HUNDRED ONE DOLLARS ($34,669,601.00). The PARTICIPANT will submit the advance funding for the project in three payments. The PARTICIPANT agrees that it will, within thirty (30) days of execution of this Agreement, furnish the DEPARTMENT with a check for the first payment which is 10% of the PROJECT estimate in the amount of THREE MILLION FOUR HUNDRED SIXTY SIX THOUSAND NINE HUNDRED SIXTY DOLLARS AND TEN CENTS ($3,466,960.10). The second payment, which is 40% of the PROJECT estimate, is THIRTEEN MILLION EIGHT HUNDRED SIXTY SEVEN THOUSAND EIGHT HUNDRED FORTY DOLLARS AND FORTY CENTS ($13,867,840.40) and will be due no later than the date of letting, currently scheduled for March 26, 2008. The third and final payment, which is 50% of the PROJECT estimate, is in the amount of SEVENTEEN MILLION THREE HUNDRED THIRTY FOUR THOUSAND EIGHT HUNDRED DOLLARS AND FIFTY CENTS ($17,334,800.50) and is due seven days prior to the execution of the construction contract by the DEPARTMENT. Currently, the construction contract is scheduled to be executed on May 9, 2008. The DEPARTMENT agrees to reimburse the PARTICIPANT for their participation in accordance with Section 339.12(4)(c), Florida Statutes. The PARTICIPANT acknowledges and agrees that it will not invoice the DEPARTMENT for any portion of the THIRTY FOUR MILLION SIX HUNDRED SIXTY NINE THOUSAND SIX HUNDRED ONE DOLLARS ($34,669,601.00) prior to July 1, 2009, the fiscal year the PROJECT is scheduled in the Department's Work program. After a receipt of a properly documented invoice, the payments will be made to the PARTICIPANT in seven (7) equal quarterly payments of FOUR MILLION THREE HUNDRED THIRTY THREE THOUSAND SEVEN HUNDRED DOLLARS AND TWELVE CENTS ($4,333,700.12) and the eighth (8th) quarterly payment of FOUR MILLION THREE HUNDRED THIRTY THREE THOUSAND SEVEN HUNDRED DOLLARS AND SIXTEEN CENTS ($4,333,700.16) , which equals THIRTY FOUR MILLION SIX HUNDRED SIXTY NINE THOUSAND SIX HUNDRED ONE DOLLARS ($34,669,601.00). Remittance shall be made payable to the Department of Financial Services, Revenue Processing. Payment shall be clearly marked to indicate that it is to be applied to FM Project No. 228627-1-32-02, 228627-1-52-01, & 228627-1-62-01. The DEPARTMENT shall utilize this deposit for payment of the cost of Projects No. 228627-1-32-02, 28627-1-52-01, & 228627-1- 62-01. Payment shall be mailed to: Florida Department of Transportation Professional Services Unit - 3400 W. Commercial Boulevard Fort Lauderdale, Florida 33309-3421 Attention: Leos A. Kennedy, Jr. 2 of 7 0