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Financial Management No.439414-1-54-01 Contract No. CSFA No.55.032 <br /> STATE OF FLORIDA, DEPARTMENT OF TRANSPORTATION <br /> ECONOMIC DEVELOPMENT TRANSPORTATION <br /> PROJECT FUND AGREEMENT <br /> (OFF-SYSTEM SPECIFIC APPROPRIATIONS) <br /> This Economic Development Transportation Project Fund Agreement (Off-System Specific <br /> Appropriation)("Agreement") is entered into this day of ,between the State <br /> of Florida, Department of Transportation ("FDOT" or "Department") and the City of Sunny Isles Beach <br /> ("Agency"). FDOT and the Agency are sometimes referred to in this Agreement as a"Party"and collectively <br /> as the"Parties." <br /> RECITALS <br /> A. The Fiscal Year 2016-17 General Appropriations Act, Chapter 2016-66, Laws of Florida, <br /> provides the Agency with an appropriation of$500,000 from the amount in Specific Appropriation 1906, <br /> Economic Development Transportation Projects for North Bay Road Emergency/Pedestrian Bridge. <br /> B. This Agreement provides conditions necessary for the release of the funds appropriated to the <br /> Agency by Chapter 2016-66,Laws of Florida. The transportation project is further described in Exhibit"A", <br /> attached and incorporated in this Agreement("Project"). <br /> C. The Agency is prepared to complete the Project at an estimated total cost of$1,796,673.45. <br /> D. FDOT is prepared to provide $500,000 under Financial Project Number 439414-1-54-01 <br /> toward the total cost of the Project as set forth in Section 6.0 of the Agreement and the Schedule of Funding <br /> in Exhibit"B",which is attached and incorporated in this Agreement. <br /> E. The Agency by Resolution No. 2017-2668 dated the 16th day of February 2017 a copy of <br /> which is attached as Exhibit"C"and made a part of this Agreement,has authorized its officers to execute this <br /> Agreement on its behalf. <br /> AGREEMENT <br /> In consideration of the mutual covenants contained in this Agreement,the Parties agree as follows: <br />