Courthouse Square Agreements (compiled notebook)

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'~~EP.18.Iyy~ 1~=~~F+M N0.012 P.1~i19 proposed final Additional Project Cost Budget, or any amendments or modifications ~ thereto as provided herein, the same shall not be modified or ame ~yithout the approval of ehe Review Cornmittee. nded ihereafter (iv) Change Orders. Th~ Review Committee shall review and approve ar~y change to the General Construction Coatrscc, wl~ich standing alone, results in a.n increase of ~2,500 or more in any line item contained in the finaI General Construction Budget or the final Addirianal Project Cos[ 8udget. The Project Manager shall be required to submit change orders to the Review Committee together with a written explanation of the amount, if any, by which such change orders will affect (increase or decrease) the Projeet 8udget (including, if appiicable, the extent co which such chsnge order will affect the Guaranteed M~ximum Price), Within five (5) business dsys of submittal, the Review Committee shall approve or disapprove in Writing change orders and any change (increase or decrease) in Guaranteed Mazimum Price resulting from such change orders. If the Review Committee determines that any change in the Guaranteod Maximum Price resulting from an approved ch~nnge ord~r is not appropnately charged (in the case of an increas~) or credited (in the case of a decrease) to a Pacty in $ccordance with its Respective Shares, then such change shall be charged or ezec-ited to the Patcy or Parties the Review Committee determin~s should appropriately be charged or credited therewith, The Review Coinmittee shall provide that the amount of such change shall be chazged or credited to the appropriate Party ar Parties in one of the following ways: (A) by causing the amonnt of such change (in the case of an increase) to be directly billed to svch p~ty or Parties in coanection wir1~ a demand for funding of the Disbursement Account; (B) by causing the amaunt of such chang~ (in the case of a decrease) to be credited against such Pany's or Parties' obIigation co fund th~ Disbursement Account toged~er with a corresponding increase in the ather Party's or Parties' obligation to fund the Disbursement ficcovnt; or (C) in such other manner as is ~ detennined co be appropriate by the Review Comtziittee. The Review Coirunittee shall notify all Parties in writing of any action taken pursuanc to this paragraph. (v) Disburscment Accoun~ The revicw Committee shall establish and hold for administration a disbursement account ("Disbursement Account"), The Disbursement Account shall be established with the Marion County Treasurer. The Disbursement Accour~t shsll be escablished so that checks drawn against such account and any other withdrawals must be approvad in writing by the Authorized Disbursement Of~ficers, The Project M~ager shal] present to the Review Committee a Frogress Payment Request detailing svch Project Costs and other amounts as may be due and owing for services, work, materials or labor in' connection with the Project. TUe Project Manager shall present requests for Manager's Compensation s~parately from other Progr~ss Payment Requests, The Review Committee shall zeview and approve or disapprove each Progress Payment Request wid~in tcn (10} business days from the receipt chereof. If the Review Committee disappraves of a Progress Paymant Request or any item included th~rein, ic shali nocify the Projeet Manager in writing of such disapproval, specifying the reasons therefor, To the ext~nt ehe Revi~w Committee approves a Progress '~. Payment Request or any items included therein, it shall prepflre snd deliver w tlie County and the TYansit District a Disbursement Account Funding Request. V~ithin two (Z) business days from the date of each Disbursement Account Funding Request, the County and the TYansit Discrict shall each deposit, or cause to be deposited, into the Disbursement Account immediately available funds in the respective fimounts specified in such Disbursement t~ccount Funding Request. Upan r~ceipt of such funds in the Disbursement Account, the Review Committee shall disburse the same to the person(s) to whom such Project' Costs and other amounts as may be due and ow~g for servic.es, work, materials or labor in Connection with the Project, The Project Manager will be responsible for obtaining all affidavifs, releases and waivers of lien from che General Contractor and all subcontraetors in connection with the Coucthous~ Square Development Agreement PaCe - 12