R2000-44 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: Federal State Cit Ty e of Work Cost % Cost % Cost % Total Traffic signals $36,000 90 $ 2,000 5 $ 2,000 5 $40,000 at the intersection of 22°d Street with Wood Street Sub Total $36,000 $ 2,000 $ 2,000 $40,000 P & C En r. 15% N/A $ 5,700 $ 300 $ 6,000 Total $36,000 $ 7,700 $ 2,300 $46,000 ' 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 $2,875, 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. 5. 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 of FA Projects) in a lump sum, upon completion of the project based upon final costs. 6. The CITY agrees to provide written approval of that portion of the plans and specifications relative to the CITY financial and maintenance obligations described I herein, prior to the STATE's advertising for the aforedescribed proposed improvement. I