R98-111 AUTHORIZING AGREEMENT - Laserfiche WebLink

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.,, , AGREEMENT AGREEMENT, by and between the City of Decatur, Illinois ("City"), a municipal corporation, and Illinova Energy Partners Inc., ("Illinova"), a Delaware Corporation. Whereas, Illinova has proposed to install, own, operate and maintain a street lighting system in and around the area of Millikin University, in the City of Decatur; and, Whereas, such lighting system shall improve the aesthetic quality and appeal of such area, as well as improve the lighting of the public streets and sidewalks therein, and is in the public interest and the interest of the residents of said area; and Whereas, the lighting system will be installed on City property adjacent to real estate owned by private owners (individually "Property Owner" or collectively "Property Owners") who shall be paying a portion of the cost of the lighti.ng system; and Whereas, the City agrees that some portion of the cost of said lighting system should be borne by the public. NOW T'HEREFORE, for and in consideration of the promises and obligations contained herein, the City and Illinova agree as follows: 1. Illinova shall construct and install a street lighting system in the area generally bounded by Wood Street, Fairview Avenue, Eldorado Street and Haworth Avenue, in the City of Decatur, according to plans and specifications approved by the City's Department of Public Works, which approval is a condition precedent to any duties or obligations of the City set out , herein. I 2. Prior to undertaking any work on public right-of-way as provided in section 1 hereof, Illinova, or its contractor, must apply for any applicable licenses or permits as required by City Code or ordinance, and no such work may be commenced until such pernuts aze issued. Nothing herein shall be construed as waiving any requirements for the issuance of any such licenses or permits. 3. Illinova, or its contractor, shall provide such insurance, and proof thereof, regarding such work as are required generally for contractors working in City right-of-way, and the same shall be approved by the City's Risk Manager prior to the issuance of any licenses or permits. ' 4. As full and com lete consideration for the construction and installarion of the street P lighting system described herein (except for those payments described in secrion 6 hereo fl, the City shall pay Illinova the sum of Two Hundred and Fifly Thousand ($250,000.00) Dollars. Ninety-five percent of such payment shall be paid after the City's review and approval of a Certificate of substantial completion which shall be submitted by Illinova in such form and detail as the City may require. The remaining five percent of such payment shall be paid upon