2002-10-01 - Laserfiche WebLink

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L 6 .0 Compensation - In consideration of (a the City ' s ownership " of White River Lock and Dam No. 1 , (b the rights of the County to use the City' s FERC license or be the transferee of said license, and (c) the City ' s a forts to pursue the development of Project 1, the County ill compensate the City as follows: 6. 1 Cost Reimbursement - The County ill, within sixty (60) days after the closing of t e sale of bonds or the final planning, design, equi ment procurement and construction of Project 1 , m ke reimbursement- directly to- the White River Heritage Cent r Board (Board) for expenses incurred by the Board f r past costs of evaluation, licensing and other expenses for Project 1 , however, said payment to the Board shall not e Geed $50 , 000. The County will also assume all costs pursu nt to Sections 2 . 1 and 2 . 2 of this Agreement. 6 . 2 Bond Issuance and Peri ting s - The County will assume • all costs for the efforts necess ry for the issuance of tax-exempt bonds for the Project and for any additional permitting and licensing costs f r the Project, such payment to be in addition to the payment for costs set forth in Section 6 . 1 . 6 . 3 Review Costs Reimbursement - The County agrees to reimburse the City ' s costs for review and mment on the County 's plans for development of the Pr ct as described in Section 4 , not to exceed an amou of $50 , 000. Payment for such City costs will be on a eimbursement basis for documented incurred costs . The ming for such reimburse- ment will be based on a mutually pproved schedule between the County and the City. 6 . 4 Project Operation_moment - Upon ommencement of commercial operation of Project 1 , and unti final repayment and retire- ment of all bonds issued for fin cing of the Projects such Oterm,expected to expire approxim ly thirty years after commencement of commercial opera on, the County will make a payment to the City equal to t (10) percent of the flet Revenue received from the sale o ower from all three of the Projects. Following repayme and retirement of all bonds for the Projects, the Coun will make a payment to the City equal to twelve (12) pe nt of the Net Revenue received by the County from all ee Projects. Net Revenue will be defined as the amount of mpensation received by the County in addition to the An 1 Costs of the three projects combined.,, with Annual C s as defined herein. Contracts for the sale of power m the Projects are proposed to provide for all costs f the Projects to be -4-