8/4/1992 - Laserfiche WebLink

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`3 'i'll 2 INDIAN RIVER BOULEVARD - PHASE III MOK The Board reviewed the following memo dated 7/28/92: TO: James E. Chandler, County Administrator THROUGH: James W. Davis, P.E.; Public Works Director() FROM: Terry B. Thompson, P.E , Capital Projects Manager SUBJECT: Indian River Boulevard Phase III - Reduction of Retainage from 10% -to 5% DATE: July 28, 1992 FILE: retain.agn DESCRIPTION AND CONDITIONS' The contractor for Indian River Boulevard Phase III, Sheltra & Son Construction Co. Inc., has requested a reduction in retainage from 10% to 5%. As shown on the attached coversheet for Application for Payment No. 12, 5% retainage equates to $149,170.75. The only work that remains to be completed is the pavement markings and signs. The cost of this remaining work is $16,973.47. At the County's request, the Contractor is waiting for the asphalt to cure before placing pavement markings so that the asphalt cement doesn't bleed through the thermoplastic. Attached is a letter from Boyle Engineering recommending that the retainage be reduced to 5%. A consent from the Contractor's surety to reduce the retainage to 5% is also attached. Indian River Boulevard from Royal Palm to 37th Street is scheduled to open Saturday, August 22nd following ribbon cutting ceremonies and a walk/run that is being organized by the Recreation Department. RECOMMENDATIONS AND FUNDING Staff recommends the following actions be taken: 1. Approve reduction of retainage from 10% to 5%. 2. Approve the release of final payment and remaining 5% retainage upon completion of all contract items and obligations to the satisfaction of the County and Boyle Engineering. The final application for payment will be accompanied by releases or waivers of all liens and all documentation called for in the Contract Documents. Funding from Account No. 309-214-541-066.51, Indian River Boulevard Phase III- Construction in Progress. 24 M