6090-86 Escrow agreement for Bunts Rd Resurface

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Cuyahoga County - °'ty of Lakewood ' Bunts Road Federal Aid Project No. MR-1685(2) Contract - Page 2 WHEREAS, The Clerk has reported to this legislative authority that a certified copy of such Resolution has been duly transmitted to said Direttor of Transportation and WHEREAS, This legislative authority assumes and agrees to pay as its share of the cost and expense of construction of said highway improvement the sum of money hereinbefore set forth, which moneys are now available for the purpose and as to which the fiscal officer has filed with said legislative authority a certificate that such moneys are in fund, all as required by statute, a duplicate of which certificate has been filed with the Director of Transportation and WHEREAS, In said legislation proposing cooperation, said legislative authority proposes to cooperate with the Director of Transportation in the improvement of Bunts Road, by assuming and contributing the entire cost and expense of the improvement less the amount of Federal Funds set aside by the Director of Transportation and the Northeast Ohio Areawide Coordinating Agency for the financing of this improvement from funds allocated by the Federal Highway Administration; and further, the City agrees to assume and bear the entire cost and expense of the preliminary engineering and right-of-way for the improvement. The Director of Transportation notwithstanding the percentage basis of contribution may allocate the money contributed in whatever manner he may deem necessary in financing the cost of construction, rights-of-way, engineering and incidental expenses. The total share of the cost for the City of Lakewood, is now estimated in the amount of Two Hundred Forty Two Thousand Six Hundred Twenty - - - - - - - - - - - -00/100 Dollars, ($242,620.00), but said estimated amount is to be adjusted in order that the City's ultimate share of the cost of said improvement shall correspond with said percentages of actual cost when said actual costs are determined and WHEREAS, Said legislative authority agrees that upon completion of the •y said improvement it will, thereafter, keep said highway open to traffic at all times; and (a) Maintain the improvement in accordance with the provisions of the statutes relating thereto, and make ample financial and other provisions for such maintenance; and (b) Maintain the right-of-way and keep it free of obstructions in a manner satisfactory to the State of Ohio and hold said right-of-way inviolate for public highway purposes and permit no signs, posters, billboards, roadside stands or other private installations within the right-of- way limits; and (c) Will place and maintain all traffic control devices conforming to the Ohio Manual of Uniform Traffic Control Devices on the improvement in compliance with the provisions of Section 4511.11 and related sections of the Ohio Revised Code; and (d) Regulate parking in the following manner: Prohibit parking during peak hours within the limits of the improvement and