BACKGROUND:
Staff is requesting that the City Council accept and approve the Pavement Striping, Markings and Markers on City Arterial and Collector Streets Project (Project).
City Council acceptance is required to approve the Project’s final contract amount and release retention funds. Retention funds are monies earned by the Contractor that are withheld from progress payments pending satisfactory completion and final acceptance of the Project. The Project was completed according to the contract terms.
City Council acceptance of the Project requires that a Notice of Completion (NOC) be filed with the Riverside County Recorder’s office. The NOC is a written notice issued by the owner of a project, or his/her agent, to notify concerned parties that all work on the project has been completed. This notice also sets the period, which is 30 days from the date the NOC is filed, within which concerned parties may exercise their lien rights against one another. Once the thirty-day period has expired, and provided no claims or liens are received, the City can release retention funds.
DISCUSSION:
The City of Cathedral City executed a contract with Superior Pavement Markings, Inc. for the Project on October 27, 2021, for the contract bid amount of $228,382 with a 15% contingency of $34,257 for unforeseen construction circumstances, inspection and other technical services related to the Project, thereby making a total budget of $262,639 for the Project.
Superior Pavement Markings, Inc. was issued the notice to proceed on December 20, 2021, and completed all the work required for the Project on March 15, 2022. The Project is now ready for acceptance by the City Council.
FISCAL IMPACT:
The total due to Superior Pavement Markings, Inc. for this Project, is $218,618.50.
Council
Authorization
Project
Budget
Actual
Charges Unspent
Original Contract $228,382.00 $218,618.50 $9,763.50
Contingency $34,257.00 $0.00 $34,257.00
Change Orders $0.00 $0.00 $0.00
Retention Withheld $(10,930.93) $0.00
Total $262,639.00 $207,687.57 $44,020.50
The current retainage to be paid to Superior Pavement Markings, Inc. is $10,930.93, which will be released 30 days from the date that the NOC is filed should there be no claims or discrepancies in the work completed.