Accept work for the Mill Pond Repair Project STS-18-005 and authorize final payment of $7,916.64.

The city's Capital Improvement Plan (CIP) included the Mill Pond Weir Repair Project, which consisted of repairing the Mill Pond weir structure that was damaged during a large storm event in 2014.  

Quotes were solicited and opened on January 19, 2018. On February 7, 2018, City Council awarded a contract to New Look Contracting, Inc., from Rogers, Minnesota in the amount of $99,820.  

To date, all of the improvements have been constructed in accordance with the contract documents. Attached is the Certificate of Completion showing the original contract amount of $99,820.00 and the actual final contract costs of $95,252.75. The final payment amount is $7,916.64, which includes the final contract work completed during the summer of 2018 and the remainder of the retainage.

The total final project amount is $116,759.02. This total includes the final construction cost of $95,252.75 and engineering/administration/legal costs amounting to $21,506.27. The CIP identified a project budget of $100,000 for the Mill Pond Weir Project. The final project budget is 16.8% over the original CIP budget. However, the estimated project budget was updated when the project was awarded to $134,820. This project is funded by the Storm Drainage Fund. There is adequate reserve in the Storm Drainage Fund to fund the revised budget amount.