R2000-250 AUTHORIZING AGREEMENT - Laserfiche WebLink

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3. It is mutually agreed by and between the parties hereto that the estimated cost and cost proration for this improvement is as follows: STATE COST CITY COST Federal Reimsursable State Ci T e of Work Cost % Cost % Cost % Total Traffic signals at the $104,000 80 $13,000 10 $13,000 10 $130,000 intersection of IL Route 48 with Rock S rin Drive Sub Total $104,000 $13,000 $13,000 $130,000 P & C En r. 15% NA $17,550 $ 1,950 $ 19,500 Total $104,000 $30,550 $14,950 $149,500 Participation and reimbursement shall be predicated by the percentages shown above for the specified work. Cost shall be determined by multiplying the final quantities times contract unit prices plus 15% for construction and preliminary engineering. Participation toward the traffic signals shown above shall not exceed $18,687.50, which represents 125% of their estimated construction and engineering cost. 4. 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 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 this obligation incurred under this AGREEMENT, and will pay to the said DEPARTMENT the remainder of the obligation (including any non-participating costs of FA Projects) in a lump sum, upon completion of the project based upon final costs. The CITY further agrees to pass a supplemental resolution to provide necessary funds for its share of the cost of this improvement if the amount appropriated in "Exhibit A" proves to be insufficient, to cover said cost. -2-