DATE: January 26, 2017
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Paul Holzen, Director of Engineering
Jonathan Marston, Assistant Director of Engineering
William Banks, Staff Engineer
SUBJECT:
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Consideration of Resolution 2016-68, a Resolution Authorizing the City Administrator, Director of Engineering, and Assistant Director of Engineering to Review and Approve the Spending of a Project Contingency for the Hillsboro Road Improvements Project Phase 2, Independence Square to Mack Hatcher Parkway, in an Amount Not-to-Exceed $500,000.00
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the consideration of Resolution 2016-68, a resolution authorizing the City Administrator, Director of Engineering, and Assistant Director of Engineering to review and approve the spending of a project contingency for the Hillsboro Road Improvements Project Phase 2, Independence Square to Mack Hatcher Parkway, in an amount not-to-exceed $500,000.00.
Background
On March 8, 2016, The Board of Mayor and Aldermen awarded the construction contract (COF Contract No. 2015-0002) to Eutaw Construction Company, Inc. for the Hillsboro Road Improvements Project Phase 2 in the amount $11,995,005.13.
An additional $500,000.00 project contingency is now requested by City staff to allow for the timely payment for unforeseen or changed project conditions, quantities or cost overruns on the Hillsboro Road Improvements Project Phase 2.
Financial Impact
It is anticipated that this $500,000.00 would be paid from the Capital Projects Fund.
Recommendation
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Staff recommends approval of Resolution 2016-68.