The provisions of any law to the contrary notwithstanding, a highway may not not [sic] be transferred from the jurisdiction of the state to a county, city or village or from a county to a city or village without the consent of both parties, except as provided by this act. The consent shall be evidenced by a written agreement entered into after approval by resolution of each highway authority that is party to the agreement. The agreement shall identify the effective date of the transfer of jurisdiction, the limits and general description of the highway involved, the extent of improvements and other terms and conditions mutually agreed to. The agreement may be amended, superseded or voided by consent of both parties. If the proposed transfer of jurisdiction is dependent on the future opening of a new, relocated highway and a definite effective date cannot be ascertained and agreed to at the time the agreement is entered into, the transfer shall be effective upon the opening of the new highway unless otherwise provided in the agreement.