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THE CITY OF 9 <br /> CITY COUNCIL AGENDA REPORT <br /> pL£ASANTONo <br /> July 17, 2012 <br /> Community Development <br /> Engineering Division <br /> TITLE: ACCEPT PUBLIC IMPROVEMENTS PERFORMED BY VALLEY SLURRY <br /> SEAL COMPANY FOR THE ANNUAL SLURRY SEAL OF VARIOUS CITY <br /> STREETS PROJECT, CIP NO. 105004 <br /> SUMMARY <br /> This annual preventative maintenance project consisted of improving the roadway <br /> surface on various City streets by applying Type II black volcanic aggregate slurry seal <br /> coating. The project also included replacing all traffic striping, pavement markings and <br /> pavement markers. City Council awarded this construction contract to Valley Slurry <br /> Seal Company on August 16, 2011. Construction of the project is now complete and <br /> ready for City Council acceptance. <br /> RECOMMENDATION <br /> 1. Accept the project as complete. <br /> 2. Authorize the City Clerk to file a Notice of Completion for the project. <br /> 3. Authorize payment of the retention in the amount of $19,772.68 to Valley Slurry <br /> Seal Company thirty days after recordation of the Notice of Completion. <br /> 4. Authorize the transfer of $59,045 in remaining funds to the Measure B Fund <br /> Balance. <br /> FINANCIAL STATEMENT <br /> This project is part of the City's preventative maintenance program and is expected to <br /> extend the life of the streets, thereby reducing long-term operation and maintenance <br /> costs. A total of $455,800 was budgeted for this project in the Capital Improvement <br /> Program (CIP) which includes fund allocation from fiscal years 2009-10 and 2010-2011. <br /> The project was constructed for a total cost of $396,755. Staff recommends the <br /> remaining fund balance of $59,045 be transferred back into the Measure B Fund <br /> Balance. <br />