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a <br /> 1 <br /> AGREEMENT <br /> FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which <br /> are hereby acknowledged, the parties agree to the following. <br /> 1. Project Description. The Port and the City, pursuant to the responsibilities as` <br /> described and allocated in this Agreement intend to cooperate and undertake the <br /> construction of the following project: <br /> 41st Street to W.Marine View Drive Freight Corridor Improvements: The project constructs <br /> improvements to three major Everett intersections: W.Marine View Dr. &Pacific Ave.,Pacific <br /> Ave. &Rucker Ave., and Rucker Ave. &41st St.The project will redirect truck traffic from the <br /> Port of Everett out of the downtown core to Rucker Avenue and south to the 41st Street single <br /> point urban interchange at Interstate 5.The work will include signal improvements,expanded <br /> turn lanes with improved radii at key intersections, and sidewalk improvements to match the new <br /> street sections. <br /> 2.' Project Funding. Funding for the construction of the Project shall be provided from <br /> the following sources: <br /> Construction: <br /> • Surface Transportation Program Grant $1,207,113 <br /> Freight Mobility Strategic Investment Board $400,000 <br /> City of Everett funding. $788,394 <br /> Port of Everett funding $430.000 <br /> Total $2,825,507 <br /> In the event that expenditures for the construction of the Project exceed funding committed <br /> from the various funding sources, the Port and the City shall agree to discuss alternative <br /> additional funding sources to complete the Project. Absent a subsequent agreement between <br /> the Port and the City as to alternative additional funding sources to fully fund the Project, the <br /> City shall be responsible for any and all construction expenditures for which the Port did not <br /> expressly agree to pay in excess of the$430,000 funding amount specified for the Port. The City <br /> shall not be liable or responsible to the Port in the event any other agency fails to grant funds <br /> in whole or in part. The costs of the City's engineering, construction inspection, and other <br /> services provided by the City's Engineering and Construction Management Divisions on the <br /> Project are eligible to be paid from Project Funding. To the extent such costs exceed <br /> reimbursement from Project Funding, they shall be a City responsibility unless agreed <br /> otherwise by the City and the Port. <br /> 7 <br /> 3 <br />