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ANALYSIS <br />The original agreement (see attached) was in the amount of <br />$39,590.00. The actual construction and engineering cost breakdown <br />is attached as Exhibit A. This breakdown totals a project cost of <br />$69,183.39 and represents the final project cost. We are now <br />requesting approval from the Board of County Commissioners for this <br />cost increase to allow the project to be finaled out and to make <br />final payment to General Equities upon project completion. The <br />existing agreement allows payment over the estimated cost based on <br />the actual construction cost. However, we felt a cost increase of <br />this magnitude should be brought to the Board for approval. <br />The staff of the Department of Utility Services recommend that the <br />Board of County Commissioners approve the price adjustment of this <br />developer's agreement to $69,183.39 as presented. <br />ON MOTION by Commissioner Adams, SECONDED by <br />Commissioner Bird, the Board unanimously approved <br />the price adjustment of the developer's agreement <br />with General Equities, Inc., to $69,183.39 for <br />construction of utilities on SR -60, as recommended <br />by staff. <br />NORTH COUNTY REVERSE OSMOSIS PLANT, PHASE I, REDUCTION OF RETAINAGE <br />The Board reviewed memo from Utility Services Director Terry <br />Pinto dated January 20, 1994: <br />DATE: JANUARY 20, 1994 <br />TO: JAMES E. CHANDLER <br />COUNTY ADMINISTRATO <br />FROM: TERRANCE G. PINTO, <br />DIRECTOR OF UTIL1ITY SERVICES <br />.--1 <br />PREPARED W McCAIN <br />AND STAFFED ROJECTS ENGINEER <br />BY:. DEPAR OF UTILITY SERVICES <br />SUBJECT: NORTH COUNTY R.O. PLANT, PHASE I <br />REDUCTION OF RETAINAGE <br />INDIAN RIVER COUNTY PROJECT NO. UW -90 -12 -WC <br />BACKGROUND AND ANALYSIS <br />On March 10, 1992, the Board of County Commissioners approved a <br />contract with WPC, Inc., in the amount of $3,095,132.00. We are now <br />at 98% completion on this project, which has proceeded well and on <br />schedule. The contractor has requested a reduction of retainage <br />from 10% to 5%; this corresponds to a reduction of the total amount <br />of retainage from $309,513.20 to $154,756.60. Both the engineer and <br />the County concur with this reduction and request that the Board of <br />County Commissioners approve this reduction and thus approve the <br />payment of the attached pay request. <br />25 <br />L_ FEB -11994 BOOK 91 PAGE 664 <br />