Payment of the Infrastructure Payment. Within thirty (30) days after the Infrastructure Improvements Completion Date, the City will pay RCP the Infrastructure Payment which is estimated not to exceed Twelve Million Two Hundred Sixty-FiveOne Thousand OneFour Hundred Sixty- EightTwenty-Six and 65/100 Dollars ($12,265,168261,426.65), calculated as follows: Twenty-Four Million Five Hundred Thousand Dollars ($24,500,000) (as such amount may be reduced, dollar for dollar, by any portion of the anticipated donation referred to in Section 12.02(b) that the City does not receive by the thirtieth (30th) day after the Infrastructure Improvements Completion Date), minus the sum of (i) the Recreation Center Construction Contract amount, (ii) the amount of all Recreation Center Construction Contract change orders pursuant to the Recreation Center Construction Contract, (iii) the Recreation Center Architect’s Fee up to Nine Hundred Twenty-five Thousand Dollars ($925,000), and (iv) the Purchase Price. The Parties acknowledge that the Infrastructure Payment could equal zero, but will not be a negative number. The Infrastructure Payment shall not exceed the sum of (a) all of the hard costs and soft out of pocket costs incurred by Bliss Sports II in connection with development and construction of the Infrastructure Improvements, (including without limitation the costs of obtaining the bond required by KSA 60-1111), plus (b) a construction management fee of two and one-half percent (2.5%) on all of such hard costs and soft out of pocket costs, all as estimated on Exhibit I (the “Infrastructure Improvements Cost”); provided that the construction management fee will not be paid on the following items of soft costs as shown on Exhibit I: Legal Fees per Development Agreement, Loan origination fees for project financing and loan interest for project financing. Bliss Sports II shall be responsible for its costs and those of its Contractors of completing the Infrastructure Improvements regardless of whether they exceed the Infrastructure Payment or not.
Payment of the Infrastructure Payment. If the City has acquired title to the Recreation Center Site in accordance with the Purchase Agreement, then within thirty (30) days after the Infrastructure Improvements Completion Date, the City will pay RCP the Infrastructure Payment which shall equal: (a) Twenty-Five Million Dollars ($25,000,000) minus (b) the sum of (i) the Recreation Center Construction Contract amount, (ii) the amount of all Recreation Center Construction Contract change orders pursuant to Section 3.05, (iii) the Recreation Center Architect’s Fee and (iv) the Purchase Price. The Parties acknowledge that the Infrastructure Payment could equal zero. The Infrastructure Payment shall not exceed the sum of (a) all of the hard costs and soft out of pocket costs incurred by Bliss Sports II in connection with development and construction of the Infrastructure Improvements plus (b) ten percent (10%) of the amount described in (a) as overhead and construction management fee (the “Infrastructure Improvements Cost”). Bliss Sports II shall be responsible for its costs and those of its Contractors of completing the Infrastructure Improvements regardless of whether they exceed the Infrastructure Payment or not.
