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<br />¿ /E-/ <br /> <br />REPORT <br /> <br />To the Honorable Mayor and City Council <br />From the Cit Mana er <br /> <br />October 24, 2005 <br /> <br />Subject <br />Authorization to increase the Construction Contract Change Order value from 15% to <br />20% for the Route 1 01/Ralston Avenue/Marine Parkway Interchange Reconfiguration <br />Project. <br /> <br />Recommendation <br />Extend the amount authorized to the City Manager to increase construction contract <br />value with O.C. Jones and Sons, from $14,291,030.00 (15% higher than original <br />contract value) to $14,912,380.00, which will be 20% higher than original contract <br />value. <br /> <br />Background <br />On February 28, 2005, this Council authorized the increase of the contract value of this <br />Construction Contract with O.C. Jones and Sons, from 10% to 15% of the original <br />contract value. <br /> <br />There are three major sources funding this project, none of which draw on the City's <br />General Fund. The funding sources are as follows: <br /> <br />Fundin Sources <br /> <br />Amount <br /> <br />Shores Transportation Improvement District (STID), including pre- <br />a ment from Oracle and interest earnin s. <br /> <br />$10,400,000.00 <br /> <br /> <br /> <br />7,600,000.00 <br /> <br />Development related fees collected by the City of Belmont, <br />includin interest earnin s. <br /> <br />400,000.00 <br /> <br />Total <br /> <br />$18,400,000.00 <br /> <br />This contract was awarded for $12,426,983.00, and the Engineer's Estimate was <br />$14,564,000, with the average of all five bids being $13,410,000. With the 20% <br />overage, the contract value will be $14,912,380, which is 2.4% over Engineer's <br />Estimate. There are funds available in the contingency account to cover this overage. <br />After a landscaping project, which will follow shortly after the completion of this project, <br />any remaining funds will have to be returned to the Shores Transportation Assessment <br />District, or to the State Transportation Improvement Program. <br /> <br />Page 1 of 2 <br />