RECOMMENDATION(S):
APPROVE the 2008 Byron Highway Overlay project contingency fund increase of $48,000.00 for a new contingency fund amount of $166,957.60 effective March 31, 2009, and APPROVE and AUTHORIZE the Public Works Director, or designee, to execute Contract Change Order No.5 with Teichert Construction, effective March 31, 2009, in an amount not to exceed $69,500.00 , to a new payment limit of $1,453,755.74 for increased cost of base failure repair, traffic control, and asphalt concrete price index fluctuation, Byron area. (88% State Surface Treatment Program, 12% Local Road Funds)
FISCAL IMPACT:
The project contingency funds are currently insufficient to cover the increased cost. The increase in contingency funds will be funded by 88% State Surface Treatment Program and 12% Local Road Funds.
BACKGROUND:
Additional funding is required to increase the contract contingency amount to pay the contractor for additional costs incurred for base failure repair, traffic control, and asphalt concrete price index fluctuation.
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