HomeMy WebLinkAbout05(E) - Resolution Authorizing Final Payment to Ryan Contracting Company & Authorize Bolton Menk Extra Costs Incurred During Downtown South Reconstruction Project (CP 2020-11) ReportItem 5E
Page 12 •Provided easement exhibits for State Farm Insurance to site Xcel transformer for power
burial.
As part of this resolution, it is appropriate for the City Council to authorize the extra costs incurred
from Bolton Menk in the amount of $105,000. As shown below, with a final payment of $42,887.37
to Ryan Contracting Company, and a final payment to Bolton and Menk in the amount of
$105,000, the total final project cost is $5,426,678. This final project cost is 6.16% lower than
the original project budget of $5,783,287.
FINANCIAL IMPACT:
The Downtown South Reconstruction Project was financed by Special Assessments, Tax Levy,
State Aid, ARPA, Sewer Fund, Water Fund, and Water Quality Fund. The funding of each option
and the corresponding amounts are shown below:
Final Utility Fund
Contract Actual Transfers from F501 to
Utility Fund Noted
Tax Levy $1,294,160 $1,455,975
Assessment $806,814 $707,618
ARPA Grant Revenue $1,750,000 $1,750,000
Utility Fund -Sewer $513,153 $434,956 $78,197
Utility Fund -Water $832,290 $668,352 $163,938
Water Quality Fund $3,709 $3,709
Municipal State Aid $583,161 $292,021
MVTA $0 $112,124
Interest Earnings $0 $1,923
Total $5,783,287 $5,426,678
ALTERNATIVES:
1.Motion and second to adopt a resolution authorizing final payment to Ryan Contracting
Company and authorizing payment to Bolton & Menk for extra costs incurred for the
Downtown South Reconstruction Project (CP 2020-11 ).
ATTACHMENTS:
1.Resolution -Downtown South Reconstruction Project (CP 2020-11) -Authorize final
payment to Ryan Contracting Company & authorize Bolton Menk extra costs incurred
during the project.