R2000-65 AUTHORIZING EXECUTION OF AGREEMENT

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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: Federal State Cit Ty e of Work Cost % Cost % Cost %o Total All construction $1,221,040 80 $305,260 20 N/A $1,526,300 costs excluding the following Mill & Resurface N/A $ 4,150 50 $ 4,150 50 $ 8,300 Parking lanes on the west side of U.S. 51(S.B.) from Washington St. to Eldorado St. Adjusting Frame N/A N/A $ 1,400 100 $ 1,400 and Grates adjacent to arkin lanes Sub-Total $1,221,040 $309,410 $ 5,550 $1,536,000 P & C En . 15% N/A $229,568 $ 832 $ 230,400 Total $1,221,040 $538,978 $ 6,382 $1,766,400 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%o for construction and preliminary engineering. 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 its obligation 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. 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. 3