|
3. It is mutually agreed by and befinreen the parties hereto that the estimated cost and cost
<br /> proration for this improvement is as follows:
<br /> LOCAL
<br /> STATE RESPONSIBILITY PARTICIPATION TOTAL
<br /> FEDERAL CITY
<br /> REIMBURSABLE STATE MATCHING RESPONSIBILITY
<br /> Tvpe of Work Cost % Cost % Cost %
<br /> Traffic signal modernization at
<br /> US 36 &Van Dyke Street $ 38,800 80 $ 6,450 13.3 $ 3,250 6.7 $ 48,500
<br /> Traffic signal modernization at
<br /> US 36 & Edwards Street $ 72,000 90 $ 4,000 5 $ 4,000 5 $ 80,000
<br /> Traffic signal modernization at
<br /> US 36 &Church Street $ 43,600 80 $ 5,450 10 $ 5,450 10 $ 54,500
<br /> Traffic signal modernization at
<br /> US 36 &Water Street $ 33,600 80 $ 4,200 10 $ 4,200 10 $ 42,000
<br /> Traffic signal modernization at
<br /> US 36 & Franklin Street $ 62,550 90 6,950 10 $ 0 NA $ 69,500
<br /> Traffic signal modernization at
<br /> US 36&Jackson Street $ 53,200 80 $ 6,650 10 $ 6,650 10 $ 66,500
<br /> Traffic signal modernization at
<br /> IL 105(William St.) & Brush
<br /> College Road $ 103,600 80 $ 12,950 10 $ 12,950 10 $ 129,500
<br /> Interconnect on US 36 from
<br /> W. Eldorado to Martin Luther
<br /> King, Jr. Dr. $ 35,200 80 $ 5,630 12.8 $ 3,170 7.2 $ 44,000
<br /> Interconnect on IL 105(22nd
<br /> St.)from US 36 to Eldorado
<br /> St. $ 12,000 80 $ 2,100 14 $ 900 6 $ 15,000
<br /> Interconnect on US 36 from
<br /> 23�d St. to WOOd St. $ 10,800 80 $ 1,350 10 $ 1,350 10 $ 13,500
<br /> Sub Total $ 465,350 $ 55,730 $ 41,920 $ 563,000
<br /> P&C Engr. 15% $ 0 $ 78,160 $ 6,290 $ 84,450
<br /> Total $ 465,350 $ 133,890 $ 48,210 $ 647,450
<br /> Participation and reimbursement shall be predicated by the percentages shown above for
<br /> the specified work. Cost shall be determined by multiplying the final quantities times
<br /> contract unit prices plus 15% for construction and preliminary engineering. Participation
<br /> toward the traffic signals shown above shall not exceed $60,270, which represents 125% of
<br /> the estimated construction and engineering cost.
<br /> 4. The CITY has passed a resolution appropriating sufficient funds to pay its share of the
<br /> cost for this improvement, a copy of which is attached hereto as "Exhibit A" and made a
<br /> part hereof.
<br /> The CITY further agrees that upon award of the contract for this improvement, the CITY
<br /> will pay to the DEPARTMENT OF TRANSPORTATION of the STATE OF ILLINOIS in a
<br /> lump sum from any funds allotted to the CITY, an amount equal to 95% of its obligation
<br /> incurred under this AGREEMENT, and will pay to the said DEPARTMENT the remainder
<br /> of the obligation (including any non-participating costs on FA Projects) in a lump sum,
<br /> upon completion of the project based upon final costs.
<br /> -2-
<br />
|