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FUNDING AGREEMENT <br />This Funding Agreement ("Agreement") is made by and between the City of Tukwila <br />("City") and Water District 125 ("District"), a political subdivision of the State of <br />Washington, a franchise utility district within Tukwila limits. These entities may be referred <br />to individually as "Party" or collectively as the "Parties." <br />RECITALS <br />A. The City is performing a grind and overlay on 51st Ave S continuing to Macadam Rd <br />S from Klickitat Dr to 43rd Ave S. This is part of the City's Annual Overlay Project. <br />B. In the summer of 2024, Water District 125 completed upgrades to its watermain <br />infrastructure along Macadam Rd S. The City agreed to allow the District to leave the <br />Macadam Rd S with a permanent trench patching, rather than require the District to <br />undertake full re -paving in exchange for the District providing funding in the amount <br />of $102,124.00 to be allocated to the City of Tukwila for their Annual Overlay <br />Project. <br />C. The purpose of this Agreement is to set forth the terms and conditions by which the <br />City permitted a temporary patch instead of a permanent repair, in exchange for <br />receiving $102,124.00 dollars for the purposes of the Annual Overlay Project. <br />NOW, THEREFORE, in consideration of the mutual promises and other <br />undertakings by and between the Parties and set forth in this Agreement, the sufficiency of <br />which is hereby acknowledged, the Parties agree as follows: <br />AGREEMENT <br />1. Term <br />This Agreement shall take effect once executed by the Parties ("Effective Date") and <br />shall remain in effect until December 31, 2026. In addition, this Agreement also applies <br />to costs incurred and actions taken prior to the "Effective Date" that specifically fall <br />within the terms of this Agreement. <br />2. Res onsibilities <br />2.1. District Responsibilities. <br />Within thirty (30) days of the Effective Date of this Agreement, The <br />District 125 shall pay a one-time lump sum payment of one hundred <br />two thousand one hundred twenty-four dollars ($102,124.00) <br />("Lump Sum Payment") to the City of Tukwila for the purchase and <br />installation of hot mix asphalt, as further described in Attachment A. <br />ii. In addition to the Lump Sum Payment, the District will hold in <br />reserve a contingency payment of $10,212.40 ("Contingency <br />Payment"), to be made available to the City within thirty (30) days <br />M. <br />