Agenda Packet Cc - regular meeting 1/25/1988

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Agreement No. PW 74-08-87 Engineer's Estimate referred to on Page 1 of this agreement is an estimate of the construction cost for the contract work on said project and that the unit prices set forth in the contract with the successful bidder and the final quantities as measured by the County Engineer shall govern in computing the total final contract construction cost for apportioning the cost of said project according to the provisions of this paragraph. V In addition to payment of the City's proportionate share of the contract construction cost, the City also agrees to pay to the County a sum equal to seventeen percent (17%) of the amount computed as the City's share of the said contract construction cost for roauway construction and fourteen percent (14%) of the City's share for traffic signal construction, it being understood that said additional payment by the City 1s its proportionate share of all engineering costs incurred by the County in connection with the work performed under this contract. VI Within sixty (60) days after an award by the County to the successful bidder, the City shall deposit with the Hennepin County Treasurer, ten percent (10%) of the estimated City share in the contract construction and engineering costs for the project. Said estimated City share shall be based on actual contract unit prices for estimated quantities shown in the plans. The City shall then, on a monthly basis starting May 1. 1988, reimburse the County in five payments each of sixteen percent (16%) of the estimated City share of the contract construction and engineering cost to a total of eighty percent (80%). The remaining ten percent (10%) is to be paid to the County upon the completion of the project and submittal to the City of the Courty Engineer's Final Estivate for - 4 -- �. -t—