Common use of FINANCING THE PROJECT Clause in Contracts

FINANCING THE PROJECT. A. The CITY will pay all costs associated with the PROJECT directly to any consultants and to the construction contractor. B. The STATE may deny funding for any PROJECT construction costs incurred in violation of any terms or conditions of this Agreement. C. The parties will share costs for eligible PROJECT construction costs as follows. STATE will be responsible for eighty percent (80%) of eligible PROJECT construction costs, but not more than Four Hundred Fifty Thousand Dollars ($450,000), referred to as the “STATE’S SHARE.” The CITY will be responsible for the remaining twenty percent (20%) of eligible PROJECT construction costs and one hundred percent (100%) responsible for all ineligible PROJECT construction costs and all PROJECT construction costs exceeding Five Hundred Sixty-Two Thousand Five Hundred Dollars ($562,500.00), referred to in this Agreement as the “CITY’S SHARE.”

FINANCING THE PROJECT. A. The CITY will pay all costs associated with the PROJECT directly to any consultants and to the construction contractor. B. The STATE may deny funding for any PROJECT construction costs incurred in violation of any terms or conditions of this Agreement. C. The parties will share costs for eligible PROJECT construction costs as follows. STATE will be responsible for eighty percent (80%) of eligible PROJECT construction costs, but not more than Four Six Hundred Fifty Thousand Dollars ($450,000600,000), referred to as the “STATE’S SHARE.” The CITY will be responsible for the remaining twenty percent (20%) of eligible PROJECT construction costs and one hundred percent (100%) responsible for all ineligible PROJECT construction costs and all PROJECT construction costs exceeding Five Seven Hundred Sixty-Two Fifty Thousand Five Hundred Dollars ($562,500.00750,000), referred to in this Agreement as the “CITY’S SHARE.”