From
max
Title
Revision to fully exercised price agreement total for the Reynolds Asphalt & Construction, Co. for pavement resurfacing service from $12,098,670 to $14,878,844 (Ref: 8/5/14 Council Agenda Item 14-3852)
Presenter
Ron McCuller, Director of Public Works
Recommended Action
Approve
Analysis
On August 5, 2014, City Council approved a price agreement renewal #3 for pavement resurfacing services, with Reynolds Asphalt & Construction Co., at an estimated annual cost of $3,269,104 for a total of $12,098,670 ($2,780,213*2 +$3,269,104*2) if all renewal options were exercised and authorized the City Manager to execute any additional renewal options with aggregate price fluctuations of the lesser of up to $50,000 or 25% of the original maximum price so long as sufficient funding is appropriated by the City Council to safisfy the City's obligation during the renewal term(s).
A original price agreement for pavement resurfacing services was awarded to Reynolds Asphalt & Construction Co. on September 6, 2011. The agreement was for one year with the option to renew for four additional one year periods.
The August 5, 2014 council agenda item total amount of the fully exercised price agreement was stated incorrectly. The corrected total will be $14,878,844 ($2,780,212*3 + $3,269,104*2).
Financial Consideration
Staff is requesting that Council approve the correction of the fully exercised price agreement amount as $14,878,844.
Funds are available in FY 2013/2014 budget 251210-68030 for Streets, Road and Highway Maintenance and will be charged accordingly on orders through the end of the current fiscal year. Funding for future fiscal years will be paid from that year's approved budgets.