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HomeMy WebLinkAboutPlaza Donation Funding Agreement - Fairbrook, Rick (2)FUNDING AGREEMENT BETWEEN THE CITY OF YAKIMA AND Rick Fairbrook FOR THE YAKIMA DOWNTOWN PLAZA This AGREEMENT ("Agreement") is entered into effective the 18`h day of December, 2017 (the "Effective Date") by and between the City of Yakima, a Washington municipal corporation ("City"), and Rick Fairbrook ("Donor"). The City and the Donor are referred to collectively as the "Parties". PURPOSE: The purpose of this Agreement is to establish the terms and conditions by which the Donor provided funds to the City to be used exclusively for the architectural design and construction of the Yakima Downtown Plaza and the improvements to the adjacent City streets that are associated with and a part of the overall design of the Plaza (collectively identified as "the Project"), the location of which is generally described as that property presently designated as City of Yakima Parking Lot Number 2, located between South 3rd Street on the east, South 2nd Street on the west, the public alley on the north side of the parking lot and east Chestnut Street on the south. CONSIDERATION: The donors wishing to be publicly identified as supporters of this project will be recognized in a manner determined reasonable and appropriate based on the project's overall budget and available funding. The final method of donor recognition will be cooperatively determined through the plaza designer and the City in order to present the Donor's names in an attractive fashion consistent with the Plaza design. TERMS FOR DONATION PAYMENTS: The Donor agrees to provide the City with a total of Five Thousand Dollars ($5,000.00) to be applied toward the design and construction of the Project. The funds will be provided to the City in one (1) installment of Five Thousand Dollars ($5,000.00) on or before December 31, 2018. DONOR. CONDITIONS: The specific conditions by which the Donor provided the funds subject to this Agreement are as follows: 1) All funds provided by the Donor shall be applied solely to the design, engineering and construction of the Project, as defined herein, and for no other purpose, except as described under "Right of Refund", below. 2) The Project shall be completed in substantial compliance with the design specifications provided by the architectural designer and approved by the City Council. 1 RIGHT OF REFUND: In the event any one or more of the conditions of donation set forth herein are not met the Donor reserves the right to demand the City's refund of part or all of the funds Donor provided to the City to accomplish the Project construction, the refund amount being in the full discretion of the Donor and shall be requested in writing. In the event a full or partial refund is demanded, and it is established that the City failed to meet the specific conditions of funding set forth herein, the City shall remit the demanded refund to the Donor within a commercially reasonable period of time. Interest shall accrue on the total amount requested for refund at three percent (3%) per annum starting from the date the refund request is made and continuing on any unpaid balance until said balance has been fully refunded, including accrued interest. In the case that the donor does not request a refund in writing the donor reserves the right to redirect the donation to another City of Yakima public project of the donor's discretion. GENERAL CONDITIONS: ASSIGNMENT: This Agreement is binding on the heirs, successors and assigns of' the Parties hereto. This Agreement may not be assigned by the City or the Donor without prior written consent of the other, which consent will not be unreasonably withheld. It is expressly intended and agreed that no third party beneficiaries are created by this Agreement, and that the rights and remedies provided herein shall inure only to the benefit of the Parties to this Agreement. INTEGRATION: This Agreement represents the entire understanding of the City and the Donor as to those matters contained herein. No prior oral or written understanding shall be of any force or effect with respect to those matters covered herein. This Agreement may not be modified or altered except in writing signed by both parties. JURISDICTION AND VENUE: This Agreement shall be administered and interpreted under the laws of the State of Washington. Jurisdiction of any dispute or litigation arising from this Agreement shall be in Washington State. if any part of this Agreement is found to conflict with applicable laws, such part shall be inoperative, null, and void insofar as it conflicts with said laws, but the remainder of this Agreement shall be in full force and effect. Venue for all disputes arising under this Agreement shall be in a court of competent jurisdiction in Yakima County, State of Washington. DISPUTE RESOLUTION: in the event that any dispute shall arise as to the interpretation of this Agreement and if the Parties hereto cannot mutually settle such differences, then the Parties shall first pursue mediation as a means to resolve the dispute. if the afore mentioned method is unsuccessful then the dispute will be resolved through litigation. If both parties consent in writing, other available means of dispute resolution may be implemented. NOTICE: Any notice required to be given under the terms of this Agreement shall be directed to the Party at the address set forth below. Notice shall be considered issued and effective upon receipt thereof by the addressee -party, or seventy-two (72) hours after mailing by certified mail to the address set forth below, return receipt requested, whichever is earlier. Either Party may 2 change the address for notice to said Party by providing the new address, in writing, to the other Party. CITY: DONOR: City of Yakima Cliff Moore, City Manager 129 North 2"d Street Yakima, WA 98901 t Rick Fairbrook (Donor) A5 ,, 1JIcC.r�t- (9( tiJoh I 1416 Summitview Avenue Yakima, WA 98902 FORCE MAJEURE: Neither Party hereto shall have any liability for delay or non- fulfillment of any terms of this Agreement caused by any cause not within such Party's reasonable control (but excluding financial inability) such as an act of God, war, riots or civil disturbance, strikes, accident, fire, transportation conditions, labor and/or material shortages, governmental controls, regulations and permits and/or embargoes. IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their respective authorized officers or representatives as of the effective date set forth above. CITY OF YAKIMA / .0 Cliff Moore Rick Fairbrook Rick Fairbrook (DONOR) Printed Name: , t I . O Title: City Manager 3 Printed Name: TC:t/k. Zr22 Date: 11);\.?'‘ `"1 Date: l (.� �) - Attest go 1,,4,1 City Clem CITY CONTRACT NO RESOLUTION NO: ,;20/ 7 -9Y2 -- /1/4 -W 7-- h/G 4