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Item Description Estimated Cost at <br />Resolution III <br />Authorized Project Cost <br />by BCC (2/7/17) <br />Actual Project Cost at the <br />end of Project <br />Fischer Lake Island Portion $ 486,424.20 <br />$ 536,074.93 <br />$ 489,112.93 <br />Fire Protection Portion ------ <br />$ 10,028.00 <br />$ 10,028.00 <br />TOTAL $ 486,424.20 <br />$ 546,102.93 <br />$ 499,140.93 <br />Although, the final completion for the construction portion was $73,832 less than what was approved by BCC <br />March 7, 2017, it is worth noting that line item 4 (Install 8" HDPE Dir. Drill Water Main) in the Schedule of Bid items <br />exceeded the estimated quantity by 60%. <br />Furthermore, the final project cost of $489,112.93 ($462,242.93 + $26,870.00), is higher than the project cost at <br />Resolution III ($486,424.20) but far less than the 10% increase at Resolution III. Per Indian River County Code of <br />Ordinances Chapter 206.08 "...in no event shall the final special assessments exceed the amount originally <br />assessed." Thus, the same amount of Resolution III is being assessed to each resident although the actual cost <br />of project exceeds the original amount by 0.55% assessed to each benefitting parcel. <br />FUNDING: <br />To date, Timothy Rose Contracting, Inc. has been paid $431,557.38. Funds for the majority of the project will <br />be derived from the Assessment Fund. Assessment Fund revenues are generated from connection fees paid <br />by the benefitting property owners available in the Utilities assessment fund account. <br />Description <br />Account Number <br />Amount <br />Fischer Lake Island Water Assessment <br />473-169000-15525 <br />$486,424.20 <br />Fischer Lake Island Water Assessment Fund <br />Balance- County Portion (0.55%) <br />473-169000-15525 <br />$ 2,688.73 <br />Fire Protection CR 512 <br />472-169000-17515 <br />$ 10,028.00 <br />RECOMMENDATION: <br />Staff requests authorization from the Board of County Commissioners for the following: <br />a. Adopt Resolution IV, with a per parcel cost of $8,107.07. <br />b. Approve application for Payment No. 3, Final Pay, in the amount of $40,713.55, to Timothy Rose <br />Contracting, which will release any further obligations of the Contractor by the County. <br />ATTACH M E NT(s) : <br />1. As Built -Final Resolution IV <br />2. Final Pay to Timothy Rose Contracting, Inc. <br />C:\Users\legistar\AppData\Local\Temp\BCL Technologies\easyPDF 8\@BCL@7COD09DD\@BCL@7COD09DD.docx p� <br />Page 2 of 5 O <br />