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Chilberg has requested a partial release of the retainage of $100,424.19. That would leave the <br />$29 592 remaining to cover the punch list items. Chilberg would like to receive the partial <br />release to finalize all the payments outstanding to various sub -contractors and suppliers. Since <br />the Contract provides for the ability to reduce the retainage after receiving the certification of <br />substantial completion it appears reasonable to reduce the retainage down to the amount <br />identified by the Architect as necessary to cover the work of correcting items in the punch list <br />RECOMMENDATION: <br />Based on the issuance of the Certificate of Substantial Completion, the identification of the value <br />of the list of corrections ($29,592) and certification of the request for payment by the Architect <br />(Edlund-Dritenbas) staff recommends a partial release of the ten percent retainage ($130,016.44) <br />in the amount of $100,424.19 leaving a remaining retainage of $29,592.25 The final payment <br />would be contingent upon certification of completion of all identified corrections (punch list) and <br />submittal of all required documents and lien releases. <br />JUNE 11, 2002 <br />ON MOTION by Commissioner Adams, <br />SECONDED by Commissioner Tippin, the Board <br />unanimously approved a partial release of the 10% <br />retainage ($130,016.44) in the amount of <br />$100,424.19 to Chilberg Construction, leaving a <br />remaining retainage of $29,592.25, as recommended <br />by staff. <br />