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30 F INANCIAL I MPACTS <br />31 The final contract amount, $2,761,927.89, is $340,303.09 (14%) more than the awarded amount of <br />32 $2,421,324.80. The cost increase was related to additional fill needed over the pipe, additional storm <br />33 sewer connections,additional erosion control and additional grading needed to work with grades on <br />34 existing sites. <br />35 Outside of the contract with MeyerContracting, Inc. this project included costs for trail engineering, <br />36 constructionstaking, construction testing, soil stockpile and other miscellaneous expenses that <br />37 totaled $226,104.61for a total project cost of $2,988,032.50. The overall budget for the project was <br />38 $3,300,000.00. <br />39 Rice Creek Watershed District (RCWD) will pay $1,033,280.05 based on a previous approved <br />40 agreement. <br />41 Funds from adjacent developments to the project in the amount of $2,000,000.00 were secured by <br />42 Community Development Staff for construction of the pathway and related improvements. <br />43 $1,634,752.46 will be applied to this phase of the project with the remainingfunds to be applied to <br />44 Phase 2 later this year. <br />45 $20,000.00in funds from the street light budget were used for the lighting replaced on Terrace <br />46 Avenue between Fairview Avenue and Lincoln Drive. <br />47 Remaining costs in the amount of $300,000.00 were paid using the storm water utility fund. <br />48 S TAFF R ECOMMENDATION <br />49 The work completed was in accordance with project plans and specifications. Staff recommends the <br />50 City Council approve a resolution accepting the work completed as the RCD 4 Storm Sewer and <br />51 Twin Lakes Trail Improvements and authorize final payment of $10,000.00. to Meyer Contracting, <br />52 Inc. <br />53 R EQUESTED C OUNCIL A CTION <br />54 Motion to adopt the resolution accepting the work completed as RCD 4 Storm Sewer and Twin <br />55 Lakes Trail Improvements, starting the one-year warranty and authorizing final payment of <br />56 $10,000.00. <br />Prepared by: Jesse Freihammer, Assistant Public Works Director/City Engineer <br />Attachments: A: Resolution <br /> B: Certification from City Engineer <br />Page 2 of 2 <br /> <br />