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F. WHEREAS, the PARTIES acknowledge the intent to move forward with the PROJECT, the <br /> Public and Local Agency funding shares required to complete the PROJECT, and the <br /> reasonable expectation of their availability. <br /> G. WHEREAS, the Public Share is defined as the percentage share of the PROJECT cost <br /> calculated as the total cost of the PROJECT minus the development share (or Local Agency <br /> share), and the Local Agency share is defined as the percentage share of the PROJECT cost <br /> assigned as the development contribution percentage as listed in the SANBAG Development <br /> Mitigation Nexus Study. <br /> H. WHEREAS, the PARTIES understand that the purpose of this MOU is to outline the steps and <br /> funds necessary to complete the PROJECT, but this MOU does not commit the PARTIES to <br /> perform work or provide funding for the PROJECT, and imposes no enforceable obligations <br /> upon the PARTIES and does not grant any rights. <br /> I. WHEREAS, the PARTIES desire to memorialize in this MOU the framework and funding <br /> necessary for completion of the PROJECT to assist the Parties in their decision-making and <br /> budgeting for the PROJECT. <br /> J. WHEREAS, the PARTIES understand that a cooperative agreement will be developed for each <br /> phase of the PROJECT that will identify the specific roles and responsibilities of SANBAG and <br /> PROJECT SPONSOR including specific funding commitments. <br /> III. SANBAG'S RESPONSIBILITIES <br /> A. SANBAG will be responsible for the Public Share of PROJECT costs in accordance with <br /> Measure 12010-2040 Valley Freeway Interchange Program Strategic Plan Policy 40005 (Policy <br /> ZD <br /> 40005) and subsequent cooperative agreements. <br /> B. SANBAG will consider the development of a Loan Agreement(s) for the Local Share of <br /> PROJECT costs, if requested by the PROJECT SPONSOR, in accordance with Policy 40005. <br /> C. SANBAG will assign a qualified member of its staff to coordinate with the PROJECT <br /> SPONSOR, as determined reasonably necessary by SANBAG to facilitate delivery of the <br /> PROJECT. <br /> D. PROJECT SPONSOR and SANBAG shall consult on a funding strategy for PROJECT <br /> completion at least six months prior to completion of the design phase. <br /> IV. PROJECT SPONSOR'S RESPONSIBILITIES <br /> A. PROJECT SPONSOR will be responsible for the Local Share of the PROJECT costs in <br /> accordance with Policy 40005 and subsequent agreements, including loan agreements. <br /> B. PROJECT SPONSOR will assign a qualified member of its staff to coordinate with SANBAG, <br /> as determined reasonably necessary by PROJECT SPONSOR to facilitate delivery of the <br /> PROJECT. <br /> C. PROJECT SPONSOR acknowledges that in accordance with Policy 40005--VFI-2, PROJECT <br /> SPONSOR is responsible for nominating the PROJECT. If freeway interchange project <br /> nominations by SANBAG sponsoring member agencies exceed the available funding, <br /> SANBAG shall allocate funds to sponsors of the nominated projects in order of project priority <br /> 16-1001326 A-2 <br />