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d. Phase 3 Construction <br />L The Architect's estimated cost to construct the New Improvements is <br />twenty-two million and 0/100 ($22,000,000.00) dollars (the "New <br />Improvements Construction. Budget!). Each of the Counties approved the <br />New Improvements .Construction Budget as defined and required by <br />Section 4(d) of the Interlocal Agreement in November 2024 and approved <br />St. Lucie proceeding with the competitive procurement and contracting of <br />a Contractor for the New Improvements. <br />ii. Each of the Counties have budgeted and appropriated the monies needed <br />to fund the construction of the New Improvements Construction Budget <br />based on the County share calculation formula set out in Section 4a ix of <br />the 2023 Interlocal Agreement. The Counties shall provide the funds to <br />St. Lucie within thirty (30) days from receipt of invoice from St. Lucie. <br />iii. St. Lucie, for the_ benefit of the Non -Trustee Parties, shall, through a <br />publicly advertised competitive .process, in accordance with Florida Law <br />and St. Lucie's Procurement Policy 11.1, competitively procure a contractor <br />(the "Contractor") for the construction of the New Improvements in <br />accordance with the approved Phase 2.D.esign Components .(the "Work") <br />by shortlisting contractors on a qualifications .basis and then requesting <br />bids from the shortlisted contractors. The Selection Committee shall <br />review the qualifications of the contractors, and shall recommend the <br />shortlisting of the most highly qualified contractors. The final award <br />criteria shall be a hard bid selection based on the .lowest. responsive, <br />responsible bidder. St. Lucie shall then execute a Construction Contract <br />with the selected Contractor including terms that are fair, competitive, <br />and reasonable and the terms set forth below, with the selected <br />Contractor. <br />iv. In the event that the construction bids and ultimate contract award are <br />below the New Improvements Construction Budget, St. Lucie will maintain <br />the excess funds in trust for use as a contingency against change orders <br />and claims, as per the Interlocal Agreement and Section 3(d)(v) below. In <br />the event that the lowest responsive, responsible bid exceeds the New <br />Improvements Construction Budget, St. Lucie shall advise the Counties of <br />the additional contributions necessary per the sharing structure of the <br />Interlocal Agreement. If all Counties agree on the additional costs, each <br />County shall fund its pro rata share of the additional costs per Paragraph <br />4(a)(ix).of the Interlocal Agreement and amend the New Improvements <br />Construction Budget to correspond to the construction bid referenced in <br />(iii) above. If there is no unanimous agreement of the Counties on the <br />additional costs, St. Lucie will, in its sole discretion, either (1) work with <br />2 <br />