1996 Stamko Development - EIR Deposit & Receipt-r-
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Environmental Preparation Deposit and Receipt Agreement
This Deposit and Receipt Agreement by and between the City of La Quinta ("City") and
Stamko Development ("Stamko") is dated December 31, 1996.
WHEREAS, pursuant to that certain Memorandum of Understanding ("MOU")
approved by the City on November 19, 1996, certain expenditures by the City concerning
the preparation of an EIR and the legal review of that document which must be performed
prior to the approval of the proposed development agreement are the responsibility of
Stamko; and
WHEREAS, the City requires such payment prior to authorizing the work to be
performed in the form of a deposit.
The parties hereto agree as follows:
1. Stamko hereby tenders and the City accepts as a deposit in the amount of $98,925
towards payment of the preparation of the EIR as provided in the agreement with
Impact Sciences.
2. Stamko hereby tenders and the City accepts the amount of $25,000 as a initial
deposit towards the cost of legal review of the EIR.
3. Stamko acknowledges that the amounts herein are the best estimates and that
actual costs may exceed these deposits and that Stamko shall be required to
provide additional funds at such time as these deposits are seventy-five percent
expended in the amount to be determined by the City as the current best estimate
for completion of the work.
4. The City shall hold these funds solely for the above identified purposes and in the
event it is determined by both parties that the work is no longer needed any funds
not owed to the respective consultants shall be refunded to Stamko.
5. The funds shall be invested according to the City's standard investment policy and
practice and any interest earned on the deposit amount shall be credited to the
fund.
6. The City shall provide Stamko with copy of all invoices received by the EIR
consultant (Impact Services).
7. This agreement shall not effect any terms of the MOU.
"C ity"
City Manager