2023-41 - Authorize agreement with Cleveland for Lakewood Heights Blvd

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DocuSign Envelope ID: 8DCB8AEC-F51 F-457F-AEB4-56.12600EA2B0 Lakewood for deposit any additional moneys needed beyond the initial deposit into the appropriate construction fund or funds created or to be created by Lakewood for the payment of costs of the Improvements, and for no other purpose whatsoever, an amount equal to Cleveland's portion of the cost of the Improvements based on the revised estimate of cost (construction, contingency and construction administration). The balance due will be paid by Cleveland within 30 days of receipt. Investment earnings derived from the investment by Lakewood of money in the construction fund or funds for the Improvements shall be divided between and credited or paid to Lakewood and Cleveland in proportion to the respective amounts paid by them into such fund or funds. In the event Cleveland's portion of the final cost of the Improvements shall be in excess of the revised estimate, Lakewood shall give Cleveland a detailed statement of that final cost, and Cleveland shall within 45 days after that notice pay to Lakewood any additional portion of the cost allocated to Cleveland in accordance with this Agreement. In the event Cleveland's portion of the local share of the final cost of the Improvements shall be less than the estimated Cleveland share based on the revised estimate of cost, Lakewood shall promptly refund Cleveland the excess amount paid by Cleveland under this Section together with a detailed statement of such final cost and Cleveland's share. Any amount in excess of the estimate must be approved in writing prior to Cleveland incurring an obligation for such. Section 4. Permission for Use of Right -of -Way. Cleveland will by appropriate legislation grant to Lakewood and to its contractors, officers, employees and agents the right to enter upon, occupy, excavate, and restore streets in located in Cleveland as shall be necessary for the construction of the 2024 Lakewood CDBG Streets Improvement Program undertaken pursuant to this Agreement; provided that Lakewood shall restore or replace, or cause to be restored or replaced, any public improvements damaged in the construction of those Improvements and the cost of that restoration or improvement shall be a cost of the Improvements. Section 5. Lead Partv's Authority. Both parties recognize that it is necessary to have a lead party to work directly with the contractor(s). Lakewood (lead party) shall not incur and/or approve any additional expenses on behalf of Cleveland without Cleveland's prior written approval. Lakewood shall not approve and/or accept any work performed in Cleveland without the prior written approval of Cleveland. Cleveland shall act in good faith and timely in approving expenses and/or acceptances of the quality of the work. Section 6. Nature of Duties. All the agreements, covenants and duties of Lakewood and Cleveland under this Agreement are hereby established as duties specifically enjoined by law or resulting from an office, trust or station upon Lakewood and Cleveland within the meaning of Section 2731.01, Ohio Revised Code. Section 7. Notices. Any and all notices required or permitted hereunder shall be deemed sufficiently given if made in writing either delivered in person or deposited, postage prepaid, in the United States first class mail, addressed as follows: 3 of 5