20 & 21- Pickleball Construction at Sports Complex

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"Complex" shall the City of Paris Sports Complex located at 2005 Collegiate Drive, Paris, Texas 75460. "Construction Contract" shall mean a contract between City and the Contractor for the construction of the Project. "Contractor" shall mean PRO TECH TRACH & TENNIS, INC. of Tyler, Texas. "Final Payment" shall mean a payment from PTP to the City in the approximate amount of ONE HUNDRED SIXTY-FOUR THREE HUNDRED FIFTY-ONE AND 99/100 DOLLARS ($164,351.99). "Initial Payment" shall mean a payment from PTP to the City in the amount of THREE HUNDRED EIGHTY-THREE FOUR HUNDRED EIGHTY-SEVEN AND 97/100 DOLLARS ($383,487.97). "Project" or "Improvements" shall mean the construction of eight (8) pickleball courts and associated fixtures and improvements at the Complex. "Project Account" shall mean an account created by the City within its financial records and accounts for the sole purpose of depositing funds remitted by PTP, and from which the City will make the required payments to the Contractor. "PTP" shall mean Paris Texas Pickleball, a Texas non-profit corporation. "Total Cost" shall mean the total cost of the Construction Contract in the total amount of FIVE HUNDRED FORTY-SEVEN THOUSAND EIGHT HUNDRED THIRTY- NINE AND 96/100 DOLLARS ($547,839.96). IV. Term and Effective Date 4.1 The effective date of this Agreement shall be May 13, 2024. 4.2 The term of this Agreement shall be from its effective date until the date the City accepts the Improvements and makes its last payment to Contractor. V. Consideration 5.1 In exchange for the PTP's funding the Project in the amount of FIVE HUNDRED FORTY-SEVEN THOUSAND EIGHT HUNDRED THIRTY-NINE AND 96/100 DOLLARS ($547,839.96), the City will undertake the following obligations: a. Provide land at the Complex for construction of the Improvements; b. Enter into a construction contract with Pro Tech for the construction of the Improvements; C. Oversee construction of the Project and waive permitting and inspection fees;