The City Manager is authorized to place and maintain traffic-control devices on any street or highway under his jurisdiction as are necessary to effectuate the provisions of this traffic code, or to regulate, warn, or guide traffic, and such other traffic-control devices as he shall deem necessary for the proper control of traffic. The City Manager shall determine the location, timing, and coordination of such traffic-control devices on the basis of an applicable engineering or traffic investigation and shall consider the following:
(A) The maximum safety and protection of vehicular and pedestrian traffic from physical injury or property damage;
(B) The existing and potential traffic movement, volume, and conditions;
(C) The location and frequency of accidents, including studies of remedial measures;
(D) The recommendations of the Police and Fire Chiefs;
(E) The acceleration of transportation of persons and property by vehicles so as to expedite travel and promote public safety;
(F) The convenience and welfare of the general public in parking, standing, loading and unloading, and the use of the streets as affecting business concerns and places of assembly; and
(G) Economy in the expenditure of money.