June 06, 2006
Status: Pending
Approve the recommendation to reduce the retainage now being held on the project from the Contractor, McTeague Construction Company, Inc., from $434,656 to $256,669.
In accordance with School Board Policy 7005, the Facilities and Construction Management Division is recommending that the retainage be reduced from $434,656 to $256,669.
Construction of the project has reached Substantial Completion. The amount of $256,669 is being withheld at this time pending final completion of the project.
Subsequent to final completion, this project will be brought back to the Board for Final Acceptance and Release of Retainage.
The funds being released totaling $177,987 are included in the Adopted District Educational Facilities Plan, Fiscal Years 2005-06 to 2009-10, page 75.
Requested Action
Approve the recommendation to reduce the retainage now being held on the project from the Contractor, McTeague Construction Company, Inc., from $434,656 to $256,669.
Summary
In accordance with School Board Policy 7005, the Facilities and Construction Management Division is recommending that the retainage be reduced from $434,656 to $256,669.
Construction of the project has reached Substantial Completion. The amount of $256,669 is being withheld at this time pending final completion of the project.
Subsequent to final completion, this project will be brought back to the Board for Final Acceptance and Release of Retainage.
School Board Goals
| Goal 2 - All schools will have equitable resources. |
Financial Impact
The funds being released totaling $177,987 are included in the Adopted District Educational Facilities Plan, Fiscal Years 2005-06 to 2009-10, page 75.
Source of Additional Information
Angel L. Garcia 754 321-1621
Associated File Attachments
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Document 01770e (Files) | |
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Consent of Surety 5/8/06 (Files) | |
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Contractor's Reduction Cert. (Files) | |
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Collaboration Form (Files) | |
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ExecutedARF (Files) |