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FD <br />INANCIALISCUSSION <br />28 <br />Staff received 7 bids for this project. The low bid submitted by New Look Contracting, Inc., <br />29 <br />$582,639.16, is higher than the Engineer’s construction estimate of $575,000. <br />30 <br />The following is a summary of the bids received for this project: <br />31 <br />Contractor Bid <br />$582,639.16 <br />New Look Contracting, Inc. <br />Max Steininger, Inc. $640,737.82 <br />$647,863.80 <br />Northwest Asphalt <br />$658,399.00 <br />T. A. Schifsky & Sons, Inc <br />$671,847.45 <br />Omann Brothers <br />$685,182.75 <br />Frattalone Companies <br />$830,089.17 <br />Shafer Contracting Co. <br />The cost for these public improvements will be funded by Wal-Mart Stores, Inc. A security, in <br />32 <br />the amount of $796,827 is a requirement of the Development Agreement. The security is 125% <br />33 <br />of the estimated construction, engineering and administrative costs for these public <br />34 <br />improvements. <br />35 <br />Wal-Mart is scheduled to close on the property on Friday, April 19, 2013. It is our <br />36 <br />understanding that the signed Development Agreement and associated surety will be provided at <br />37 <br />that time. The City Attorney will be at the closing. <br />38 <br />SR <br />TAFF ECOMMENDATION <br />39 <br />Staff recommends that this contract be awarded contingent on Wal-Mart providing the City with the <br />40 <br />signed the Development Agreement and the required security. <br />41 <br />RCA <br />EQUESTEDOUNCILCTION <br />42 <br />Approve resolution awarding bid for the 2013 Twin Lakes Area Street Improvement Project in the <br />43 <br />amount of $582,639.16 to New Look Contracting, Inc. of Elk River, Minnesota. <br />44 <br />45 <br />Prepared by: Debra Bloom, City Engineer <br />46 <br />Attachments: A: Resolution <br />Page 2 of 2 <br /> <br />