Title
Acceptance of completion and release of retainage to Hoggatt, LP for the Gateway Monument Repair Project.
Body
Summary:
On August 9, 2016, a semi-trailer truck, while making an illegal turn from Railroad Street into oncoming traffic on Center Street, ran over the curb and struck one of the Gateway Monuments. This caused substantial damage to the Monument.
City Staff notified our insurance provider (TML Intergovernmental Risk Pool) and the architect that designed the Gateway.
At the October 3, 2016 council meeting, the City, following the recommendation of the architect, awarded the contract for the work of repairing these damages to Hoggatt, LP with their total bid proposal amount of $46,965.
As per contract agreement, the City withheld a retainage amount of $4,696.00 to be released when the work reached completion. The work has now been completed and staff is requesting that council approve the release of retainage to the contractor.
Fiscal/Budgetary Impact:
Funds will be drawn from Contingency Funds- Account No. 10-105-4510. The City has received insurance proceeds from TML Intergovernmental Risk Pool for the majority of the cost and anticipates additional insurance proceeds resulting from TMLIRP’s subrogation efforts.
Recommended action
Staff is requesting that council accept completion of the project and approve release of retainage to the contractor.