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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Total Cost be greater than the Bid Cost, the City will provide an invoice to Fikes for 50% of the difference along with the Final Accounting. Should the Total Cost be less than the Bid Cost, the City will remit a payment for 50% of the difference to Fikes along with the Final Accounting. The intent of this provision is to ensure that the parties bear a true 50/50 split of the Total Cost of the Project, and any payments made hereunder shall act as a Final Settlement of this Agreement. Any payment owed by one Party to the other Party will be due within 15 days of the date of the invoice. 6.3 Costs for engineering the Project and for inspections shall be borne by the City and will not be included in the Total Cost V111. Conditions 7.1 The terms and conditions of this Agreement are binding upon and enforceable against and with respect to the successors and assigns of all parties hereto. 7.2 It is understood and agreed between the parties that Fikes, in performing its obligations hereunder, is acting independently; the City assumes no responsibility or liability in connection therewith to third parties. It is further understood and agreed among the parties that the City, in performing its obligations hereunder, is acting independently; Fikes assumes no responsibility or liability in connection therewith to third parties. 7.3 However, notwithstanding any other provision in this Agreement, the Parties agree that, should a third party that executes the Construction Contract, the Geotechnical Contract, or the Compacting Contract with the City fail to perform their obligations under such contract, the City shall be responsible for taking all necessary steps to ensure either: 1.) the Project is completed (whether by taking legal action against the third party or contracting with another third party to complete the Project); or 2.) the full amount of money that was paid by Fikes to the City under this Agreement is refunded to Fikes in full. Vill. Authority_!q Contract 8.1 This Agreement was authorized by resolution of the City Council at its regularly scheduled meeting on the 28th day of April, 2025, authorizing the City Manager to execute the Agreement on behalf of the City. 8.2 This Agreement was entered into by Fikes Wholesale, Inc. pursuant to the authority granted to the authorized official whose signature appears below. 8.3 This Agreement shall constitute a valid and binding Agreement between the City and Fikes when executed in accordance herewith.