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Spring Lake Park <br />Summary of Costs <br />2003 Street Improvement Project <br />Item Final Project <br />Amount <br />Agreement <br />Estimate <br />Hillview Road $44,922.90 $52,650.00 <br />Lakeside Park Parking Lot $62,589.70 $56,500.00 <br />Total – Spring Lake Park $107,512.60 $109,150.00 <br />As seen in the table, although the individual amounts for Hillview Road and <br />Lakeside Park differ by a greater amount, the total actual final project amount for <br />Spring Lake Park is very close to the original estimated amount per the <br />Agreement. The final cost for Spring Lake Park is approximately 1.5% lower <br />than the original estimate. <br />A detailed letter regarding this cost breakdown has been provided from <br />Bonestroo to the Finance Director, for purposes of invoicing Spring Lake Park for <br />their final amount. Please refer to that letter if more detail regarding the cost <br />allocation is desired. <br />Recommendation: <br />Resolution 7417, accepting the project and authorizing final payment to the <br />contractor, has been prepared and is included with this Staff Report. Staff <br />recommends that the City Council adopt the resolution and make final payment <br />for the 2003 Street Improvement Project to Hardrives Inc. in the amount of <br />$16,172.28. <br />Respectfully submitted, <br />Joseph R. Rhein, Consulting Engineer <br />Attachments: <br />- Resolution 7417 <br />- Project Summary Letter – February 18, 2009 <br />- Request for Payment No. 9 & Final