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<br />Interlocal Agreement by and between the City of Sunny Isles Beach, Florida, <br />and The School Board of Miami-Dade County, Florida <br /> <br />ATTACHMENT "B" <br />TERMS AND CONDITIONS OF PROJECT FUNDING AND <br />CONTRIBUTION SCHEDULE <br /> <br />Estimated Total Project Cost: $4,000,000 <br /> <br />Project Cost Sharing Formula: $2,000,000 by City; $2,000,000 by Board, provided however <br />that any project cost overruns over and above the estimated $4 million cost shall be borne by the <br />Board. If the total project cost is less than $4 million, each of the Parties shall share equally in <br />the cost reduction. Payment of project cost may be accomplished in one of the following two <br />ways, as further detailed below under option A or B; the choice to exercise option B shall be at <br />the School Board's sole discretion. <br /> <br />Option A. By City Only: <br /> <br />Amount: $4,000,000 <br /> <br />Preliminary Schedule of Disbursements by City to Board <br /> <br />Disbursement # 1: An amount equal to four hundred thousand dollars ($400,000), <br />on April 30, 2012; <br />Disbursement # 2: An amount equal to three million dollars ($3 million) on <br />November 30,2012; and <br />Disbursement # 3: An amount equal to six hundred thousand dollars ($600,000) on <br />May 31, 2013. <br /> <br />The contribution schedule shall reflect an effective rate of 5% on amounts advanced <br />by the City on the Board's behalf. <br /> <br />If after disbursement # 1, the Board elects to opt for Option B, then the Board shall so <br />notify the City with a 60 day notice prior to the November 30, 2012 scheduled <br />disbursement date. At that point, Option B shall govern. Upon such election, the <br />contribution schedule shall be revised such that only one-half of the initial <br />disbursement shall be recognized as having been advanced by the City. <br /> <br />School Board Contribution Schedule: <br /> <br />The School Board's portion of the planned project costs is equal to the first <br />$2,000,000 disbursed, over a period of five (5) years, in sixty equal monthly <br />payments, commencing five (5) years from the business day after each disbursement <br />is acknowledged as having been received by the Board Treasurer. Such contribution <br />amounts shall reflect the financial terms described above. <br /> <br />Exhibit A to this Agreement shall constitute the Contribution Schedule that reflects <br />the terms and disbursement amounts, included herein. <br /> <br />12 <br /> <br />S\B <br />