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CDBG CAPITAL IMPROVEMENT AGREEMENT <br />PAYMENT SCHEDULE <br />City shall pay Recipient an amount not to exceed the total sum of Twenty Five <br />Thousand Nine Hundred Sixty Seven Dollars and 00/100 ($25,967.00) for improvements to be <br />constructed. Payments to Recipient shall be based upon the completion of the work items and <br />corresponding cost listed in Exhibit A. <br />Invoices shall contain the following information: <br />1. Serial identifications of progress bills, i.e., Progress Bill No. 1. <br />2. The beginning and ending dates of the billing period. <br />3. A Task Summary containing the original contract amount, the amount of prior <br />billings, the total due this period, the balance available and the percentage of <br />completion. <br />4. A brief description of the work performed, including but not limited to, <br />improvements constructed during the billing period. <br />City shall pay the last 10% of the total sum due pursuant to this Agreement within <br />forty-five (45) days after completion of the work and submittal to City, if all work due <br />pursuant to this Agreement has been satisfactorily performed. <br />The total sum stated above shall be the total which City shall reimburse the Recipient <br />for the work pursuant to this Agreement. City shall not pay any additional sum for any <br />expense or cost whatsoever incurred by Recipient in performing the work. <br />Exhibit B <br />Page 1 of 2 <br />9/26/88 Rev., 1/10/90 Rev., 2/6/90 Rev., <br />5/15/92 Rev., (CDBG Rev. 7/92 4/93) <br />