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AGENDA ITEM 7H <br />STAFF ORIGINATOR: James E. Studenski, City Engineer <br />COUNCIL MEETING DATE: April 28, 2003 <br />TOPIC: Resolution No 03 -55, Approving Final Payment for 2001 Sealcoat <br />Project <br />VOTE REQUIRED: 3/5 Vote Required <br />BACKGROUND :. <br />The contractor for the 2001 Sealcoat Project, Pearson Brothers, Inc. is <br />requesting City approval of Final Payment in the amount of $87,930.79. A copy <br />of the final payment is attached. The contractor has completed all work and has <br />provided all necessary documentation. <br />The original contract amount was $97,559.00 and the final contract amount is <br />$89,930.79. The under run of $9,628.21 was from Tess material used than what <br />was in the contract amount. The total for the project was $2,505.79 above the <br />Engineer's estimate of $87,425.00. <br />Approval of the final payment will begin the one -year warranty period. <br />OPTIONS: <br />1. Return to staff for further review. <br />2. Approve Resolution 03 -55 Approving Final Payment for the 2001 Sealcoat <br />Project. <br />RECOMMENDATION: <br />Option No. 2 - Staff recommends that Resolution 03 -55 be approved. <br />