2011-175B - Laserfiche WebLink

Home Browse Search

Developer may approve change orders up to a combined amount equal to the rehab/construction contingency budget line item . Developer is responsible for all construction costs exceeding the contingency budget amount, unless Grantee at its sole discretion approves a revised construction budget and Project Budget and reviews and approves a change order for additional scope of work and costs in excess of the total construction budget . J . Final Inspection and Final Draw Upon completion of rehab activities, all applicable paperwork, and approval of all required inspections by County; Developer will submit a final draw request as specified in Section VII . H . above . i he final draw will include the payment of any remaining eligible construction costs, construction retainage, applicable soft costs and the portion of the developer fee payable upon completion of construction . VIII , Funding of Construction Work and Soft Costs NPS funds are available for funding the construction work and soft costs that are indicated in the Project Budget, up to the NSP3 funding amounts stated in the Project Budget . Developer is responsible for obtaining other funding indicated in the Project Budget and any additional funding required in the event that costs exceed the total amount of the " Project Budget . Developer will follow these procedures with draws of NSP3 funds : A . Fees and Interest Payments Fees and interest payments for lines of credit and construction loans are not eligible costs for reimbursement by Grantee with NSP3 funds and will not be counted toward the total cost basis of the redevelopment of the property . Grantee ' s intent is to pay for these costs indirectly through payment of the developer fee . Be Construction Costs Construction costs will be funded by Grantee as follows . i 1 . If all construction work is carried out by a general contractor or multiple contractors, contractor ( s ) will prepare a draw request or invoice which indicates a 10% retainage . The aggregate retainage amount for a contractor will be included in contractor' s final draw request or invoice , which will be presented to Grantee after final completion of the project ; 2 . If Developer is also acting as general contractor, Developer will follow any special requirements in the NSP3 Agreement for charging general contractor fees and non - subcontracted construction costs, as well as processing draws . In addition , there will be a 10% retainage for all general contractor and subcontractor costs for each draw, including a retainage on any general contractor fee . The aggregate retainage amount for the general contractor and subcontractors will be included in contractor' s final draw 12