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DESCRIPTION AND COIN <br />UITTONS <br />Indian River County executed the Construction Contract for the Sebastian Canoe Launch on June <br />5, 2001. The original contract amount was $194,128.55. Two previous Change Order's have resulted <br />in net changes as follows: L The contract amount has been reduced by $38,802.20 to a final amount <br />of $155,326.35. 2_ The Contract time was extended by 30 days to a final time of 150 days. <br />The contractor has received $139,793.72 to date and is requesting the release of retainage in the <br />amount of $15,532.63. The Contractor has submitted a signed Final Payment Affidavit. A payment <br />bond is in effect for this contract. The Engineering Division of Public Works has inspected the <br />completed project and found it to be acceptable. <br />ALTERNATTVFS AND ANALYSIS <br />Alternative No. 1 - Approve the request for release of retainage in the amount of $15,532.63. <br />Alternative No. 2 - Deny the request for release of retainage. <br />RECOMMENDATIONS <br />Staff recommends the board approve Alternative No. 1. <br />FT IND <br />Funding will be from account # 133-210-572-068.25, Sebastian Canoe Launch IRC Proj #9819 <br />ATTACHMENTS <br />1. Request for Release of Retainage from Summit Construction Management, Inc. <br />3. Final Payment Affidavit <br />ON MOTION by Commissioner Macht, SECONDED BY <br />Commissioner Ginn, the Board unanimously approved the <br />release of retainage in the amount of $15,532.63 to Summit <br />Construction Management, Inc., as recommended in the <br />memorandum. <br />Commissioner Adams commended staff on the canoe launch. <br />January 8, 2002 <br />COPY OF APPLICATION FOR PAYMENT NO. FOUR IS ON FILE <br />IN THE OFFICE OF THE CLERK TO THE BOARD <br />80 <br />BK <br />6001 <br />