Laserfiche WebLink
Construction on the Eldorado Street Enhancement Project began in 2009 and was substantially <br /> completed in late 2010 with Otto Baum Company, Inc. as the prime contractor. IDOT has finalized <br /> the project with the final project cost being $2,559,733.87, of which the City owes $337,858.74, <br /> which is $29,578.74 over the $308,280 that was originally authorized. <br /> As part of the project, the State reimbursed the City$72,734 for project inspection. This sum was <br /> received from the State and deposited in the City's General Capital Improvements fund. The <br /> State's payment to the City caused the project to exceed the State's maximum amount authorized <br /> for construction by$48,142.90. The State charged the City the amount of the overage which, in <br /> turn, increased the City's final construction cost to $337,858.74. The maximum amount of City <br /> General Capital Improvement funds authorized by Council for the project is $308,280. To make <br /> final payment to IDOT a supplemental authorization of$29,578.74 is needed. The net result of the <br /> various transfers is that the City ends up $24,591.10 ahead. <br /> POTENTIAL OBJECTION: There are no known objections to this resolution. <br /> INPUT FROM OTHER SOURCES: Illinois Deparhnent of Transportation <br /> STAFF REFERENCE: Richard Marley, Public Works Director and Matt Newell, City Engineer. <br /> Richard Marley will be in attendance at the City Council meeting to answer any questions of the <br /> Council on this item. <br /> BUDGET/TIME IMPLICATIONS: <br /> Budget Impact: The additional $29,578.74 is available in the General Capital Improvement Fund. <br /> The final total City expenditure for the Eldorado Streetscape Project is $337,858.74. <br /> Staffing Impact: Staff time is negligible for managing the final closeout of this project. <br /> This Memorandum was prepared by Matthew C. Newell, P.E., City Engineer. <br /> Attach: 1 <br /> Page � 2 <br />