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MTC/City of San Leandro <br />San Leandro LINKS Shuttle <br />LIFT Funding Agreement /Page 2 <br />3. FUNDING AND METHOD OF PAYMENT <br />A. Compensation. MTC agrees to provide RECIPIENT, on a cost reimbursement basis <br />up to thirty-five percent (35%) of its project costs, or up to two hundred sixty-six thousand six <br />hundred sixty-six dollars ($266,666) in LIFT funds for the purpose of funding the Project <br />described in Attachment A. RECIPIENT will provide the remaining project costs, and all staff <br />support necessary to complete the Project, as set forth in Attachment B, Project Budget. <br />RECIPIENT estimates that the Project will cost seven hundred sixty-four thousand dollars <br />($764,000) to complete. <br />B. Quarterly Payments. MTC agrees to make payments to RECIlIENT on a <br />quarterly basis in arrears of operations. RECIPIENT shall submit each invoice to MTC within <br />thirty (30) days after the end of each quarter for which payment is sought covering costs for the <br />project activities accomplished through the end of such quarter, not covered by previously <br />submitted invoices. Subject to Subarticle 3.C below, MTC will reimburse RECIPIENT thirty- <br />fivepercent (35%) of the project costs incurred over the quarter. <br />Each quarterly invoice for these payments shall be supported by the following <br />information: (i) A brief narrative progress report of the program, (ii) the total costs expended <br />for the Project during the preceding quarter; (iii) the dollar amount requested for reimbursement; <br />(iv) total costs expended for the Project activities to date; (v) the required supporting quarterly <br />reporting data as described in Attachment C, Quarterly Pro ess ReRorting Requirements and <br />(vi) any additional supporting date in a form and detail required by MTC. <br />Payment shall be made within thirty (30) days after receipt by MTC of an acceptable <br />invoice, which shall be subject to the review and approval of MTC's Project Manager. <br />RECIPIENT should deliver or mail invoices to MTC, as follows: <br />Accounting Department <br />Metropolitan Transportation Commission <br />101 - 8th Street <br />Oakland, California 94607-4700 <br />C. Maximum Payment. Subject only to duly executed amendments, it is expressly <br />understood and agreed that in no event will the total compensation to be paid under this <br />