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Project 08 -1700 <br />Request for Approval of Change Order No. 4 <br />March 17, 2014 <br />Page 2 of 3 <br />issuing a change order to the existing contract, the City can meet the bond issuance <br />commitment deadline and will benefit from low unit pricing for the residential street <br />improvements. <br />In December 2007, the City leveraged gas tax revenues as debt service for a $68 million <br />bond. The funds were restricted for the purposes of rehabilitating local streets. Over the <br />initial five years of the Residential Street Repair Bond Program project, streets were <br />rehabilitated at much lower costs. Lower unit pricing from a favorable bid climate, <br />economies of scale associated with large bid quantities, and advanced construction <br />techniques enabled the City to perform more street rehabilitation work than anticipated. <br />As a result, after each phase of construction, a balance remained unexpended. The bond <br />terms require that all proceeds be committed before the end of Fiscal Year 2013 -14. <br />Staff has identified the streets in Exhibit 1 as the next highest priority residential streets <br />eligible for using these bond funds. The recommended streets were constructed with <br />concrete pavement and have deteriorated due to weather, age, and heavy usage. In <br />response to the time constraint, staff recommended modifying the current All American <br />Asphalt, Inc., contract to maximize economies of scale and favorable unit prices received <br />in the open bid process for the procurement of the Bristol Street Improvements and <br />Widening Project, The City Council approved adding this work to the existing contract at <br />its regular meeting on 5/20/2014. <br />ACCOUNTING UNIT COST ANALYSIS <br />CCO Rem <br />Number <br />Accounting Unit <br />Accounting Unit Costs <br />Total Amount <br />05917661 - 66220 - 08170001028 <br />$412.50 <br />1 <br />03217662- 66220 - 08170002028 <br />$618.75 <br />$1,650.00 <br />03017660 - 66220 - 08170003028 <br />$618.75 <br />05917661 - 66220 - 08170001028 <br />$933.19 <br />2 <br />03217662- 66220- 08170002028 <br />$1,399.78 <br />$3,732.75 <br />03017660 - 66220- 08170003028 <br />$1,399.78 <br />3 <br />05817661- 66220 - 14682201028 <br />$725,094.00 <br />$725,094.00 <br />Total <br />1 $730,476.75 <br />