The actions before the council are the approval of the final Change Order, the acceptance of the Certificate of Completion, passage of a Resolution accepting the public improvements, and approval of the final and retainage payments along with the remainder of retainage payment to Sternquist Construction on the NW 18th Street Extension - NW Weigel Drive to NW Spruce Drive project.
The NW 18th Street Extension - NW Weigel Drive to NW Spruce Drive project is now complete. A series of actions are needed in order to close out this construction project:
a) Approval of the Final Change Order #8 decreasing the contract amount by $60,132.85.
b) Engineer's Certificate of Completion: The attached Certificate of Completion from the project engineer states that the work performed was in substantial conformance with the plans and specifications, and that the final contract amount is $4,457,559.90.
c) Resolution accepting the Public Improvements: This Resolution approves and adopts the Engineer's Certificate of Completion on the NW 18th Street Extension - NW Weigel Drive to NW Spruce Drive project and establishes the final contract amount to be $4,457,559.90.
d) Final Payment: Sternquist Construction = $0.00.
Retainage Payment: Sternquist Construction = $92,563.85.
e. Remainder of Retainage Payment: Sternquist Construction = $71,045.30.
It is recommended that the retainage payment be approved for payment 30 days from the date of acceptance of the project, in accordance with the terms of the contract.
The separate remainder of retainage payment is due to a sub-contractor having filed a claim against Sternquist Construction. Pursuant to Iowa Code Chapter 573, Section 573.14, the City is required to withhold twice the amount of the sub-contractor's claim against the prime contractor. The amount of the claim is $35,522.65; therefore, the separate remainder of retainage payment is $71,045.30. The remainder of retainage payment will be made once the claim has been settled.
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