FRIENDS OF THE SANTA ANA ZOO (2)-2001

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• for all actions thereafter for construction of the Children's Zoo. B. Construction Management. The City shall manage all aspects of the construction of the Children's Zoo, and be responsible for completion of ali improvements called for in the Approved Plans. This shall be done initially through the retention of a project manager (the "Project Manager") who shall be responsible for soliciting all bids for construction, in general accordance with City regulations for public works construction. The Project Manager shall provide a guaranteed maximum price (GMP) warranty for the Children's Zoo. The selection of the Project Manager must be approved by the Friends. If the Friends do not approve the City's choice of the Project Manager, this Agreement shall be terminated. C. Funding/Progress Reports The City shall fund construction of the Children's Zoo from the Friends Funds. The balance of the costs, up to Six Hundred Thousand Dollars ($600,000) shall be provided by the City. If the GMP exceeds $2,600,000, the City may terminate this Agreement. The City shall supply the Friends with quarterly written progress reports which will include financial information in the format specified by Friends. 2, ThP FriPnrlc' T~itiPc A. Approve any modifications to the Preliminary Plans requested by the Executive Director. B. Approve the Project Manager and the GMP. C. Provide to the City and the Project Manager copies of all professional service agreements with azchitects and/or consultants who prepared the Preliminary Plans and authorize assignment of such agreements to the City and/or the Project Manager. D. Place the Friends Funds (excluding the Empowerment Zone grant) in an account mutually acceptable to the Friends and the City's Executive Director of Financial and Management Services which shall pemut the City to directly draw the Friends Funds to reimburse the City for progress payments for construction of the Children's Zoo. The account shall provide that interest earned on the funds shall remain with the Friends, but that the principal amount of $1,700,000 shall be withdrawn solely by the City. Draws shall be made to honor progress payments to the Project Manager and/or for reimbursements for the Empowerment Zone grant. The Friends Funds shall be exhausted before the City is obligated to expend any of its contribution. 3, Time fnr PPrfnrmanrP All work required pursuant to this Agreement shall commence upon the latest of: (a) Friends approval of the Approved Plans; (b) Friends and City approval of the GMP; or 2