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Item No. 16 <br />TO: Mayor & City Council <br />John Godwin, City Manager <br />FROM: Carla. Easton, City Engineer <br />SUBJECT: 2017 STREET BOND — CONSTRUCTION CONTRACT CLOSEOUT: E <br />CHERRY, E 3R', NW 7Th' & Ste' 7T11 STREET IMPROVEMENTS <br />DATE: June 12, 2018 <br />BACKGROUND: In May 2017, voters authorized the sale of $9.5 Million in. bonds to improve <br />city streets. The first project completed with the 2017 Street Bond Fund was the resurfacing of E <br />Cherry Street from NE 20" to NE 25", E 3d Street from Shennan to Provine, NW 7`" Street from <br />Graham to Center, and SW 7"' from Washington to Grand. City Staff prepared the contract <br />documents, and Richard Drake Construction (RDC) was awarded a contract in the amount of <br />$880,328.44. <br />STATUS OF ISSUE: RDC has completed all work under this contract and requests final <br />acceptance and release of retainage upon acceptance by the City Council. The original contract <br />amount was $880,328.44, and the final billing for all work completed under this contract is <br />$805,758.04. Progress payments have been made in accordance with the contract documents, <br />and the only remaining payment is for the retained amount of $40,287,90. <br />BUDGET: Funding is available in the 2017 Street Bond Fund. <br />RECOMMENDATION: Approve of the final payment and contract, closeout for Richard Drake <br />Construction on the 2017 Street Bond Improvements to E Cherry, E 3", NW 7'1',, and SW 7t" <br />Streets. <br />