02-037 - City of Renton - South 180th Street Grade Separation

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the Project is $800,000 in funding and property. Renton has already paid $35,000 of this total to date. The remaining funding payment amount of $465,000 will be paid to Tukwila in a lump sum at the time of execution of this agreement by Tukwila and Renton. Tukwila agrees to credit to Renton the total contribution $800,000 (payment plus land value) as Renton's contribution to the Project. 6.2 Tukwila's contribution to the Project consists of an $800,000 cash payment; $160,260 for the present value costs (base year of 2002) over a 20 -year period to maintain the stormwater detention facilities, pump station, emergency generator building and generator, access road and outfall piping; and $102,362 for the present value (base year 2002) costs over a 10 -year period to monitor the wetland, including inspection, replacement of plants, etc., and reporting requirements. Renton agrees to credit to Tukwila the total contribution of $1,062,622 as Tukwila's contribution to the Project. The difference of $262,622 between Tukwila's contribution and Renton's contribution will be applied against Tukwila's contribution to the Strander Blvd. Extension Project. 6.3 Subsequent to the physical completion of the project, Tukwila and Renton will review the amount of local funding each party has applied to the project and determine final, reconciled local funding numbers. For the purpose of this contract, local funding shall mean the value of city funds, city -owned property, and present value of ongoing and future operation and maintenance costs (including staff costs) for the created wetlands and storm water facilities contributed to the project, exclusive of funds contributed by grants, project funding partners, and costs of city staff, materials, and equipment contributed to the project. Renton and Tukwila shall share these numbers, along with backup proof or substantiation of these numbers as requested by the other city. Any local funding contributed by one city in excess of the local funding contributed by the other city shall be applied as a credit toward that city's contribution to the SW 27th Street/Strander Blvd. Extension project, as established in the interlocal agreement for that project. Property values listed in paragraphs 6.1 and 6.2 shall not be adjusted for purposes of this reconciliation. Intel Agreement Page 7 of 10 Cin of Tukwila Cit. of Renton S. 180` St Grade Separation