Title
Authorization to reduce Tandem’s retainage from 5% to 2% for the soccer fields.
Summary
Reducing the retainage amount from 5% to 2% permits the contractor to compensate all of his subcontractors due to inclement weather and project modifications. The 2% retainage will be held until close out and completion of the project.
Fiscal/Budgetary Impact
$3,325,655.65 Total amount budgeted for project
$166,282.78 5% Retainage from total amount budgeted for project
$66,513.11 2% Retainage held until final close out and completion of project
Recommended Action
Authorize to reduce Tandem’s retainage from 5% to 2% for the soccer fields