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• <br />C-1 <br />i <br />4D <br />WHEREAS, the City will reimburse the County the cost of work performed within the <br />Taft Street right-of-way. <br />NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, <br />covenants and premises hereinafter set forth and pursuant to the authority of Section 163.01 <br />Florida Statutes, the City and the County agrees as follows: <br />A. The foregoing recitals arc hereby incorporated and made a part hereof. <br />B. The City will reimburse the County for all construction costs (including material <br />and labor) for improvements constructcd in lhc'Cafl Street right-of-way. Cost <br />steal l not exceed $18,000.00. <br />C. This Agreement sliall take effect upon ratification of both the City and tlae <br />County, and shall terminate on July 31, 2000. <br />D. This agreement sbalI be executed in duplicate and each fully executed contract <br />sliail be deemed as original instrument. <br />E. A copy of this agreement and all subsequent amendments hereto shall be recorded <br />in the Public Records of Indian River County, Florida, upon its execution and <br />approval by at] parties to this agrecmcnt. <br />F. At the completion of construction, [lie County will invoice the City upon which <br />the invoice shall be paid in accord whin (lie "Florida Prompt Payment Act," <br />pursuant to the authority of Section 2111.70 Florida Statutes. <br />G. Should this agreement be terminated by either party prior to completion, the City <br />agrees to pay for that portion of work that has becrn completed. <br />Page 2 <br />