R2001-46 AUTHORIZING AGREEMENT - Laserfiche WebLink

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1 �r � 3. It is mutually agreed by and between the parties hereto that the estimated cost and cost proration for this improvement is as follows: CITY STATE RESPONSIBILITY RESPONSIBILITY TOTAL FEDERAL LOCAL REIMBURSABLE STATE MATCHING PARTICIPATION T e of Work Cost % Cost % Cost % All constr. costs excluding ,, the followin $3,421,120 80 $ 855,280 20 NA NA $4,276,400 I Traffic signals �I at IL 105 (Lakeshore � Drive) and Martin Luther . I�� Kin Drive $ 37,040 80 $ 6,204 13.4 $ 3,056 6.6% $ 46,300 I Traffic signal @ U.S. 51 'I Bus. (South Shores Drive) and Southland/First Drive $ 21,840 80 $ 2,730 10 $ 2,730 10 $ 27,300 , Sub Total $3,480,000 $ 864,214 $ 5,786 $4,350,000 P&C En r. 15% NA $ 651,632 $ 868 $ 652,500 Total $3,480,000 $1,515,846 $ 6,654 $5,002,500 II Participation and reimbursement shall be predicated by the percentages shown above for the I specified work. Cost shall be determined by multiplying the final quantities times contract unit 'I prices plus 15% for construction and preliminary engineering. Participation toward the traffic �I signals shown above shall not exceed $8,318, which represen�s 125�% of their estimated � construction and engineering cost. � 5. The CITY, has passed a resolution appropriating sufficient funds to pay its share of the cost for this improvement, a copy of which is attached hereto as "Exhibit A" and made a part hereof. The CITY, further agrees that upon award of the contract for this improvement, the CITY I will pay to the DEPARTMENT OF TRANSPORTATION of the STATE OF ILLINOIS in a ! lump sum from any funds allotted to the CITY, an amount equal to 95% of its obligation 'i incurred under this AGREEMENT, and will pay to the said DEPARTMENT the remainder ' of the obligation (including any non-participating costs on FA Projects) in a lump sum, upon completion of the project based upon final costs. '� -2- �'