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B. Town Contribution. The Town agrees to provide a minimum of $311,500 in either <br />cash or in kind services. Both parties acknowledge that the Town's FY 2010 -11 <br />provision of $63,000 for renovation of the Cedar Falls Park parking lot will count <br />toward the Town's required contribution. The Town shall provide evidence of <br />expenses related to their $311,500 contribution if requested by Orange County. <br />C. Financial Management. The Town shall manage the project budget and shall make <br />payments to contractors for design and construction. <br />D. Reimbursement. The Town may invoice Orange County for actual expenses incurred <br />during the design and construction phases of the project. The County shall reimburse <br />the Town for expenses directly related to the installation of artificial turf paid by the <br />Town during the life of the project, up to Orange County's stated contribution limit of <br />$623,000. The final $50,000 payment to the Town will occur after the completion of <br />the project. <br />E. Billing Schedule and Payment. The Town may invoice once per month during the life <br />of the project. Orange County will pay - within 30 days of receipt of accurate invoices. <br />F. No Additional Capital Investment. Orange County shall not be responsible for any <br />amounts in excess of $623,000 for installation of the turf as provided in section 2A. <br />In the event development is unsuccessful, damage occurs, the artificial turf surface <br />requires repair or replacement or further improvements /phases are desired, Orange <br />County is not responsible for providing funding. <br />G. Funding for Maintenance and Operations. The Town shall be responsible for all costs <br />associated with maintenance and operation of the Field. <br />H. Revenues. All revenues generated from operation of the Field shall be retained by the <br />Town. <br />3. General Conditions: <br />A. Term. This agreement shall be in effect for a period of 5 years, beginning from the <br />date of execution. <br />B. Start of Construction. The Town agrees to start construction within three years of the <br />execution of this Interlocal Agreement. <br />C. Name of Field. The Field shall retain the name "Cedar Falls Field #1 ". Any formal <br />re- naming of the artificial turf field during the term of this agreement will be in <br />accordance with a joint naming policy to be developed and approved by both the <br />Town and Orange County. <br />Page 3 of 5 <br />