2025-020 - Approve cost sharing agreement between the City and Fikes Wholesale for Street Improvements to a portion of 7th Street Southwest

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Ill. Definitions 3.1 The following terms shall be defined as follows: "Additional Costs" shall mean costs related to geotechnical work and compaction testing for the Project. "Bid Cost" shall mean the sum of the contract price listed in the Construction Contract and the Construction Contract obtained by the City after placing them out for bids as required by Chapter 252 of the Texas Local Government Code and awarding a contract to the lowest responsible bidder plus the cost of the Geotechnical Contract previously let by the City "Compacting Contract" shall mean the contract entered into between the City and the lowest responsible bidder to perform all compaction testing work necessary to complete the Project. "Construction Contract" shall mean the contract entered into between the City and the lowest responsible bidder to perform all construction work necessary to complete the Project. The City shall obtain Fikes' approval of the Construction Contract prior to the City executing the Construction Contract. "Estimated Cost" shall mean the projected pre-bid cost to complete the Project. At the time of the execution of this Agreement, the Estimated Cost is TWO HUNDRED NINETY THOUSAND EIGHT HUNDRED NINETY-FIVE AND NO/100 DOLLARS ($290,895.00), which includes projected construction costs ($280,000.00), previously incurred geotechnical costs ($5,895.00), and compaction testing costs ($5,000.00) and is noted herein for purposes of informing the parties of the expected cost of the Project; however, the obligation of either party to remit payment to the other during Final Settlement will be based on the Total Cost. "Final Accounting" shall mean a document that City will provide to Fikes upon payment of the final invoices related to the Project showing the actual Total Cost and how such Total Cost was calculated. "Final Settlement" shall mean any payments due to either party from the other under the terms of Section 6.2 herein, and is meant to represent the true 50/50 split of the Total Cost between the parties. "Geotechnical Contract" shall mean the contract entered into between the City and the Braun Intertec Corporation ("Braun") in the total amount of $5,895.00 to perform all geotechnical work necessary to complete the Project. As of the effective date of this Agreement, Braun has completed all services required under the Geotechnical Contract. "Initial Payment" shall mean the payment referred to in Section 6.1 herein and shall be in the amount of fifty percent (50%) of the Bid Cost.