Agmt 2000 City of Oakland Port Commissioners (2)

Home

TDC:aaa 11121100 e) Administration of Construction . The Parties shall follow the following procedures after the Port has completed the sound study and construction specifications for the library under Section 4(b) hereof and when the is insulated.. The City shall notify the Port in writing, that the City wishes to begin the insulation process. The City's written notice shall include a legal description of the library property, adequate for the Port to secure a current preliminary title report. Within thirty (30) days after the Port receives the City's written notice, the Port shall propose a budget for construction based on the Ports noise insulation construction specifications. The Parties promptly thereafter shall meet and confer to determine a preliminary budget for construction. This budget shall be used in the preparation of bidding documents. The Port and City agree to maintain all such budgets strictly confidential until after receipt of bids or proposals, for construction of the noise insulation improvements. Within ten (10) days after the City gives to the Port written notice that the City has awarded the contract for construction, the Parties shall meet and confer to determine the final budget for the construction of the noise insulation ( "Budget "). The Budget shall not exceed the contract price for noise insulation construction work unless the parties otherwise mutually agree. Within thirty (30) days after the Parties reach final agreement on the Budget, the Port shall deposit the Budget amount into •a separate interest bearing Escrow Account established by the City for the insulation. The City shall have the right to draw down on the moneys placed in the Escrow Account to pay costs of insulation covered by the Escrow Account that have been pre- approved in the Budget. Withdrawals from the Escrow Account shall be made solely in accordance with the terms of this Agreement and the Budget. The escrow instructions shall provide that the City may withdraw funds from the Escrow Account, excluding the interest thereof, in accordance with this Agreement and the escrow instructions, to be used City of San Leandro and Port of Oakland Settlement Agreement Page 16 29848