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The PARTICIPANT will submit the advance funding for the Project in three payments . The <br /> PARTICIPANT has previously famished the DEPARTMENT with a check for the first <br /> payment which is 14 .5 % of the PROJECT estimate in the amount of THREE MILLION <br /> FOUR HUNDRED SIXTY SIX THOUSAND NINE HUNDRED SIXTY DOLLARS <br /> AND TEN CENTS ($39466,960. 10). The PARTICIPANT has furnished a second payment <br /> made to the DEPARTMENT, which is 58 .2 % of the PROJECT estimate, in the amount <br /> THIRTEEN MILLION EIGHT HUNDRED SIXTY SEVEN THOUSAND EIGHT <br /> HUNDRED FORTY DOLLARS AND FORTY CENTS ($ 1398679840.40). The third and <br /> final payment, which is 27.3 % of the PROJECT estimate, is in the amount of SIX MILLION <br /> FOUR HUNDRED NINETY EIGHT THOUSAND FIVE HUNDRD SIXTY ONE <br /> DOLLARS AND FIFTY CENTS ($694989561 .50) and is due seven days prior to the <br /> execution of the construction contract by the DEPARTMENT . Currently, the construction <br /> contract is scheduled to be executed on May 29, 2008 . <br /> The DEPARTMENT agrees to reimburse the PARTICIPANT for their participation in <br /> accordance with Section 339. I2(4)(c), Florida Statutes. The PARTICIPANT acknowledges <br /> and agrees that it will not invoice the DEPARTMENT for any portion of the TWENTY <br /> THREE MILLION EIGHT HUNDRED THIRTY THREE THOUSAND THREE <br /> HUNDRED SIXTY TWO DOLLARS ($23,8339362 . 00) prior to July 1 , 2009, the fiscal year <br /> the PROJECT is scheduled in the D y <br /> Department ' s Work program . After a receipt of a properly <br /> documented invoice, the payments will be made to the PARTICIPANT in eight (8) equal <br /> quarterly payments of TWO MILLION NINE HUNDRED SEVENTY NINE <br /> THOUSAND ONE HUNDRED SEVENTY DOLLARS AND TWENTY FIVE CENTS <br /> ($299799170.25), which equals TWENTY THREE MILLION EIGHT HUNDRED <br /> THIRTY THREE THOUSAND THREE HUNDRED SIXTY TWO DOLLARS <br /> ($2398339362 . 00) . <br /> Remittance shall be made payable to the Department of Financial Services, Revenue <br /> Processing. Payment shall be clearly marked to indicate that it is to be applied to FM Project <br /> No . 228627- 1 -32 -02 , 228627- 1 -52-01 , & 2286274 -62-01 . . The DEPARTMENT shall utilize <br /> this deposit for payment of the cost of Projects No . 2286274 -32-02, 28627- 1 -52-019 & <br /> 228627- 1 -62-016 <br /> Payment shall be mailed to : <br /> . . . . .. . . _ . .. . <br /> . . . . . . . . . . . . . . . .. <br /> Florida Department of Transportation <br /> Professional Services Unit- <br /> 3400 W. Commercial Boulevard <br /> Fort Lauderdale, Florida 33309-3421 <br /> Attention : Leos A. Kennedy, Jr. <br /> Page 2 <br />