2025-020 - Approve cost sharing agreement between the City and Fikes Wholesale for Street Improvements to a portion of 7th Street Southwest

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"Project" shall mean a full depth replacement with concrete overlay of an approximately 558 ft. portio * n of 7th St. SW running from Loop 286 to the north and ending at the south end of the South Entrance. "Property" shall mean the property owned by Fikes located at 2900 Church St., Paris, Texas, and operated by Fikes as CEFCO #1100. "Repair Area" shall mean an approximately 558 ft. portion of 7th St. SW running from Loop 286 to the north and ending at the south end of the South Entrance of the Property. The Repair Area is shown on the Map attached hereto as Exhibit A. "South Entrance" shall mean the southern vehicular entrance to the Property from 7th SW St. including the entire width of the entrance and extending to its southernmost edge. "Total Cost" shall mean the sum of the final amounts owed under the following: 1.) the Construction Contract, including any change orders or amendments thereto; 2.) the Geotechnical Contract, including any change or amendments thereto; and 3.) the Compacting Contract, including any change orders or amendments thereto. IV. Term and Effective Date 4.1 The effective date of this Agreement shall be April 28, 2025. 4.2 The term of this Agreement shall be from its effective date until the date of Final Settlement. V. Consideration 5.1 In exchange for the City's undertaking the Project, which is of benefit to Fikes in that it will provide a much improved road service for both general and heavy truck traffic to access its Property, Fikes agrees to pay to the City an amount equaling fifty percent (50%) of the Total Cost of the Project. V11. Cost Sharing and Fundin Provisions 6.1 Prior to the commencement of construction, Fikes will remit to City an Initial Payment in the amount of 50% of the Bid Cost. Fikes' obligation to make such payment will be triggered by City's sending Fikes 1.) copies of the Construction Contract, the Geotechnical Contract, and the Compacting Contract; and 2) an invoice for 50% of the amount of the Bid Cost (currently estimated to be approximately $145,447.00 = 50% of the Estimated Cost). Fikes shall remit a check or other bank draft made out to the City of Paris, Texas for the invoiced amount within 15 days of the date of the invoice. Upon receipt of payment by Fikes to the City, the City shall proceed with awarding a contract to the successful bidder for construction. 6.2 Upon completion of construction and all inspections, City will provide a Final Accounting of the Total Cost to Fikes. Should the Total Cost be either greater than or less than the Bid Cost, the parties will determine Fikes' share of the Total Cost. Should the