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<br />9. Developer shall also obtain the necessary insurance coverage and indemnify the <br />City for any actions taken in connection with the work. <br /> <br />10. Developer shall provide warranties for its work and correct any defective work <br />upon demand by the City. <br /> <br />11. There is no early completion bonus and Developer shall be required to pay <br />liquidated damages penalties in the amount of $2,500.00 <br />(two thousand five hundred dollars) per day for each day the work is delayed <br />beyond the contract deadlines. <br /> <br />12. The City is authorized to terminate the Design/Build Agreement with or without <br />cause by giving Developer seven (7) days written notice for Developer's defaults. <br /> <br />FinanciDf! For Parkin2;/Gara2;e <br /> <br />The City is able to fund the construction of the park and garage through its Capital Project <br />Budget. No additional financing is needed to construct the park and garage. <br /> <br />Cost Analvsis <br /> <br />The City paid almost $10,000,000.00 (Ten Million Dollars) to build Pelican Park on a five acre <br />site. Similarly, it is estimated that the City will pay almost $13,000,000.00 (Thirteen Million <br />Dollars) to build Heritage Park (which includes a parking garage and park at grade level). <br />Heritage Park is situated on 3.5 acres. The City is seeking to build an elevated park and parking <br />garage in symmetry with an Aquatic Center on a 3.7 acre site for $15,000,000.00 (Fifteen <br />Million Dollars). <br /> <br />Staff has worked diligently to research the costs of an elevated park and parking garage. Staff <br />has retained experts to review cost estimates provided by the Developer. Based on the analysis <br />provided by our experts, staff finds that the $15,000,000.00 (Fifteen Million Dollars) Guaranteed <br />Maximum Price to be reasonable and acceptable. Staff will pursue cost savings such as a sales <br />tax savings plan to reduce the price for the Project. <br /> <br />NEXT STEPS <br /> <br />Upon approval of the recommended action, the City Manager and City Attorney will negotiate <br />the final terms of the Ground Lease, Development Agreement, and Design-Build Agreement <br />with 4M Investors in substantially the same form as the attached Exhibits "A", "B" and "C". <br />The proposed Agreements are not final but establish the parameters to move forward with the <br />Project. <br /> <br />ATTACHMENTS: <br />. Resolution <br />. Agreement <br />