2010-06-23 CC Packet - Laserfiche WebLink

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III. COSTS The contract costs of the work, or if the work is not contracted, the cost of all labor, materials, normal engineering costs and equipment rental required to complete the work, shall constitute the actual "construction costs" and shall be so referred to herein. "Estimated costs" are good faith projections of the costs, which will be incurred for this project. Actual costs will vary and those will be the costs for which the relevant parties will be responsible. The estimated construction cost of the total project (including County furnished materials) is $10,714,642.03. Federal funds available for the Project are capped at $10,514,150.00. The federal funds shall be split based on the ratio of eligible cost incurred by each party to the total eligible project cost. Eligible costs are the costs of items that can participate in federal funding as shown on Exhibit B. Participation in the construction cost is as follows: The total estimated cost to the City for the project is summarized below: 1 3" Bituminous Walk $ 2,750 2 Concrete Curb and Gutter B424 $ 5,432 3 Truncated Domes $ 806 4 EVP for Traffic Control Signal System A (21 Ave) $ 2,000 $2,198. Total Estimated Share of Construction Cost To The City $ 10,988 Estimated Federal Funds available to the City $ 8,790 Total Cost less Federal Funds $ 2,198 The total estimated construction cost to the City (less Federal Funds) for the project is Upon award of the contract, the City shall pay to the County, upon written demand by the County, ninety five percent (95 %) of its portion of the cost of the project estimated at $ 2,088. Prior to billing, this estimate will be updated by the County to reflect the actual bid prices as awarded. An updated cost estimate shall be provided to the City at the time of billing. The City's share of the cost of the project shall include only construction expense and does not include administrative expenses incurred by the County. Upon final completion of the project, the City's share of the construction cost will be based upon actual construction costs. If necessary, adjustments to the initial ninety five percent (95 %) charged will be made in the form of credit or additional charges to the City's share. Also, the remaining five percent (5 %) of the City's portion of the construction costs shall be paid.