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fMEMO TO: Mayor and City Council <br />FROM: Director of Public Works/Community Development <br />DATE: February 17, 1903 <br />SUBJECT: IMPROVEMENT PROJECT 81-3 - SILVER LAKE WOODS <br />A meeting was held on February 1, 1983, with the contractor to <br />discuss resolving of questions relating to completion of final <br />payment on the above referenced project. The current status of <br />the project is that there has been $841,193.60 paid to the con- <br />tractor with a retainage of $8,496.91. One of the questions <br />remaining to be resolved is the approval for final payment of the <br />asphalt quantities used on the project. The contractor has overran <br />the original bid estimate in the contract by $7,366.80. This <br />overrun is within the specification tolerances but has not been <br />recommended for approval to this date due to the need on the part <br />of the contractor to varify the quantities. After discussions at <br />the meeting on February 1st, the contractor offered to reduce his <br />claim by $1,500.00. This results in a net overrun on the estimated <br />quantities of $5,866.80. The above items coupled with the pre- <br />viously approved change order for $575.00 brings the total final <br />contract amount to $856,132.31. This results in a balance due to <br />the contractor of $14,938.71. <br />Staff is recommending the approval of the final payment on <br />this item. If you have any questions, please contact me. <br />JCJ/bc <br />