2012-031 Council Resolution - Laserfiche WebLink

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faith projections of the costs, which will be incurred for this project. Actual costs will vary and those • will be the costs for which the relevant parties will be responsible. • • The estimated construction cost of the intersection project is $762,891 and the estimated construction cost for the County Crack and Seat on CSAH 23 is $180,017 and the Marketplace crosswalk improvements is $19,332. The parties agree that the cost of the intersection project shall be split 50% of the construction cost to the City and 50% of the construction cost to the County, similar to the standard County cost share for a new traffic signal. The total estimated construction cost to the City is $381,445 for the intersection project. The total estimated construction cost to the County is $381,445 for the intersection project, $180,017 for the CSAH 23 Crack and Seat, and $19,332 for the Marketplace crosswalk improvements, for a total of $580,794. The County shall be performing the construction inspections and administration for this construction project. Upon award of the contract, the County shall pay to the City, upon written demand by the City, ninety five percent (95 %) of its portion of the cost of the project estimated at $551,754. Prior to billing, this estimate will be updated by the City to reflect the actual bid prices as awarded. An updated cost estimate shall be provided to the County at the time of billing. The City share of the cost of the project shall also include all roadway design costs for the intersection project; and the County share of the cost of the project shall also include all roadway design costs for the Crack and Seat and for the Marketplace crosswalk improvements. Upon final completion of the project, the County's share of the construction cost will be based upon actual construction costs. If necessary, adjustments to the initial ninety five percent (95 %) charged will be made in the form of credit or additional charges to the County's share. Also, the remaining five percent (5 %) of the County's portion of the construction costs shall be paid. IV. TERM This Agreement shall continue until terminated as provided hereinafter. V. DISBURSEMENT OF FUNDS All funds disbursed by the County or City pursuant to this Agreement shall be disbursed by each entity pursuant to the method provided by law. VI. CONTRACTS AND PURCHASES All contracts let and purchases made pursuant to this Agreement shall be made by the County in conformance to the State laws. VII. STRICT ACCOUNTABILITY A strict accounting shall be made of all funds and report of all receipts and shall be made upon 4