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Department Approval: <br />I <br />REQUEST FO�R I i 6 <br />MWMkM —9 <br />Reviewed: Manager Agenda VF <br />Item. Description: Agrelement with Lunda Construction on bridge project <br />retlaina e , Project, -1 <br />The city has a contract with Lunda <br />Construction m build the bridge <br />across 1-135V at, County Road B-2. It is a standard part of the contract to hold <br />back 5% o the payments due to the, contractor, tio, insure that the work is <br />comp,leteld and that all outstanding costs, tihiat the city might incur get paild'. <br />recent state law, however, provides that in lengthy contracts such as this <br />which are in large amounts , the city midst pay interest to the contractor on any <br />r{eta .na e held "he lair further provides es th.lat the contractor may at his option <br />establish either a cash bond or securities deposit which guarantees the amount <br />+equal to air, greater than the normal retain e. Since the contract is just over <br />`our, million, dollars I in, this caste the retaina a is calculated to be $201,6220 <br />y the city attarney,, an agreement speci <br />this m <br />amolunt $1201 t6221 it appears that the contractor can now be paid for the <br />rietia,inage already being ` III and in the future no, be out <br />payments <br />Motion <br />. a g . ., agreement with Lunda Construction i <br />City, Project No. 84,-116, Stia,tie Aid Project 160-1219-08 • 160-241-02 and <br />authorizilng, the mayor, and, the city manager to sign said agreement. <br />