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Page 2 1997 Contract B 4/27/98 Policy objectives: City policy requires that the following items be completed to finalize a construction contract: A project summary sheet detailing costs and schedule. Certification from the City Engineer verifying that all of the work has been completed in accordance with plans and specifications. • A resolution by the City Council accepting the contract and beginning the one-year warranty. Financial implications: The work performed on this contract was part of the 1 997 Pavement r � t + . Management Program. The cost of this contract will be financed as outlined in the feasibility g � report approved by the City Council on January 27, 1997. There were 2 change orders to this project totaling $16,073.2 1. The change orders covered costs associated with additional storm sewer work and the removal of the Central Park arboretum portion of the project. The final contract amount, 1,067,043.76 is $1 64,052.78 greater than the awarded amount of $902,990.98. This represents an overrun of approximately 18%. Of the 1 64,052.78, $58,000 is due to private work that is funded directly by property owners and $42,000 is due to additional work on the Terrace Drive mill and overlay project between County Road C and Dale Street. The additional work on Terrace Drive involved removal of the cul-de-sac near County Road C and complete removal of the'roadway surface instead of milling. This will result in a better roadway in the long nun. Construction of the berms along Highway 36 resulted in an excess cast of$45,000. Staffs intent y was to construct the beans at i cost. This was based on the fact that the berm site offered e contractor a location to lace excess material. The cast in this case would have been included the � as art of the project casts. In reviewing the contractoes bids, there was very little cast savings. p p � This ear, � pp staff has changed the approach to constructing the beans which will greatly reduce or r . eliminate the costs. For 1 997 Contract E, it is proposed to fund the cast of budding the berms with the contingency fund. Current i requires that cost overruns m excess of 5%of the original contract amount be burr policy �l approved the Council. Not including the amount financed directly by propel owners, the pp g overruns total approximately $106,000 (12%). Of the final contract amount, $77,402.75 is paid directly by property owners for private driveways and sanitary sewer service repairs, 50,7 4.3 is appropriated to sewer and water funds for sewer and watermain re p airs, and 3 5,494. is appropriated to storm utility for installation and repairs.