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acceptance of the completed work. Until the final punch list is <br />completed, City shall not be responsible for final payment for <br />the City Facility. <br />10. The estimated cost of design and construction <br />of the City facility is $2,600,000. City shall pay School <br />District for all actual costs of design and construction of the <br />City Facility, constructed pursuant to the City approved plans <br />and specifications, in an amount not to exceed $2,600,000. Costs <br />in excess of ten percent of $2,600,000 (i.e. $260,000), which <br />costs result from changes required by the Office of the State <br />Architect, shall be borne equally by the City and the School <br />District. School District shall invoice the City for progress <br />payments for work completed and City shall within thirty (30) <br />days pay the progress payment amount to the School District. <br />(City has indicated its initial commitment to participate in the <br />construction of the two Gymnasium Facilities in a total amount of <br />$5,100,000, with $2,600,000 committed to construct the first <br />Facility. School District understands that the City must take <br />further action to approve in the future the remaining $2,500,000. <br />The second City Facility requires additional City Council <br />approvals subject to certain conditions including, but not <br />limited to, adequate parking on site, availability of funding, <br />review of construction plans and specifications, and <br />architectural review.) <br />- 5 - <br />