HomeMy WebLinkAboutRD REIMBURSMENT AGREEMENT REIMBURSEMENT AGREEMENT
THIS REIMBURSEMENT AGREEMENT ("Agreement") is effective as of the I "'day
of September, 2018 by and between the CITY OF JEFFERSONVILLE REDEVELOPMENT
COMMISSION (the "City"), BF HIGHWAY 62, LLC, an Indiana limited liability company
with its principal address located at 1717 Alliant Ave. #21, Louisville, Kentucky ("BF"), and
DENTON FLOYD REAL ESTATE GROUP,LLC,a Kentucky limited liability company,with
its principal address located at 1473 S 4th Street in Louisville, Kentucky ("DF").
RECITALS:
WHEREAS,the City has solicited and received bids for the project to build an access road
for the "Water Tower Road Project";
WHEREAS, the City believes this road will promote public safety and general welfare of
the community in that it will help alleviate traffic congestion on Utica-Sellersburg Road and
specifically, at the intersection of State Road 62;
WHEREAS, the total cost of the Water Tower Road Project is $1,898,974.00;
WHEREAS, the City has agreed to pay $1,214,189.00 towards the total cost of the Water
Tower Road Project(the "City Payment");
WHEREAS, deletions have been made to the project scope, resulting in a current revised
total project cost of$1,756,967.50;
WHEREAS, the balance of the cost of the Water Tower Road Project after the City
Payment(anticipated to be $542,778.50, as such amount may be reduced by any cost savings,the
"Developer Cost")remains to be borne equally and separately by each BF and DF,owners.of land
requiring access to a new signal at State Highway 62 (collectively BF and DF the "Developers"),
each of whom owns land benefitted by the Water Tower Road Project;
WHEREAS,pursuant to a written Agreement, attached as Exhibit"A",titled Water Tank
Road Project, Phase 1, dated January 24, 2018 with the City of Jeffersonville/Jeffersonville
Redevelopment Commission for the design/construction of a city street from Utica-Sellersburg
Road to the new signalized intersection on Highway;
WHEREAS, the City, BF, and DF desire to agree on procedures and timing for payment
of the Developer Cost;
WHEREAS,the parties acknowledge that the City does not intend to fund and/or construct
any other road to benefit the Water Tower Road Project to any other adjacent project or
development with the exception of the access road that is the subject of this agreement;
NOW THEREFORE, in consideration of the mutual covenants and promises expressed
herein, the City, BF, and DF hereby agree to as follows:
AGREEMENT
1. Payment to the City. BF and DF agree to pay the Developers Cost pursuant to the
following schedule:
(a) Upon the award of the contract for the Water Tower Road Project,
the City will request BF and DF,to each pay one-half of the Developer Cost($180,926.17)
within ten(10)days of the City's written notice request for payment of one-half to each of
the Developers share upon the City's request. In such event, each BF, and DF shall share
equally in any Developer Cost savings.
(b)BF and DF shall pay for the Developers Cost in staggered payments:
a. BF and DF shall each pay one-sixth of the Developer Cost
(anticipated to be $90,463.08 each) within ten (10) days after the initial demand
from the City;
b. Then,BF and DF shall each pay one-fourth of the remaining
Developer Cost (anticipated to be $90,463.08 each) within ten (10) days after the
Water Tower Road Project is fifty percent (50.0%) completed as verified by the
project's general contractor to the City. The City shall notify BF and DF upon 50%
completion;
c. Finally, BF and DF shall each pay half of the remaining
Developer Cost (anticipated to be $90,463.09 each) within ten (10) days after the
Water Tower Road Project is fully complete as verified by the City, BF, DF, and
the project's general contractor; and
d. Any cost savings shall be subtracted from the Developers
Cost and shared by BF and DF equally as such cost savings are realized.
2. No Third Party Beneficiaries or Rights. Nothing in this Agreement, express or implied, is
intended to or shall confer upon third parties any legal or equitable right, benefit or remedy of any
nature under or by reason of this Agreement,nor shall any provision herein excuse any third parties
from liabilities that such parties may have to one or both Developers.
3. Notices and Place for Payments:
a. To City: City of Jeffersonville
ATTN: Rob Waiz
500 Quartermaster Court
Jeffersonville, Indiana 47130
b. To BF: BF Highway 62 LLC.
ATTN: Ed Britton
1717 Alliant Ave. #21
Louisville, Kentucky 40299-6302
c. To DF: Denton Floyd Real Estate Group
ATTN: Brandon Denton
1473 S. 4th Street
Louisville, Kentucky 40208
[Signatures on following page.]
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date
and the year first above written.
THE CITY OF JEFFERSONVILLE 2
BY: �// A 1
ITS: ' /LeS,G ec.
BF HIGHWAY 62,LLC
BY: eGiru1- A �1alP)4-
Edwar Britton, Manager
ITS: Manager
DENTON FLOYD REAL ESTATE GROUP, LLC
BY: '/ /
ITS: {(44,
Water Tank Road Project, Phase 1
We,the undersigned property owners along Highway 62,Jeffersonville, Indiana commit to enter into an
agreement with the City of Jeffersonville/Jef,`erson;riiie Redevelopment Commission for the
design/construction of a city street from Utica-Setlersburg Road to the new signalized intersection o,
Highway 62.Total cost of the project is estimated at approximately 51,542,000.
The property owners,based on engineering estimates commit to.
-dedicate the property;right-of-way needed for this project,
-fund the improvements listed as;Sanitary Sewer Construction Water Line Construction, Underground
Utility/Lighting conduit on the engineering estimates for costs of approximately S481,00C-
We agfee to deposit our share of the total project costs with the City of Jeffersonville upon accepted
final bids on the project at a time and in an account that Is determined by the City of Jeffersonville
The request for funding of the Phase 1 portion of the project is the only financial assistance that will oe
requested from the Jeffersonville Redevelopment Commission on this or ary rut.,re.a sa.e this
project
A4At/ 9
BF Highway 62 LLC
Denton Floyd Real Estate Group
Clint Guthrie
Dated /- 2 V-/g