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6 <br /> THE CITY OF <br /> p So CITY COUNCIL AGENDA REPORT <br /> l <br /> April 17, 2012 <br /> Community Development <br /> Engineering Division <br /> TITLE: ACCEPT PUBLIC IMPROVEMENTS PERFORMED BY O'GRADY <br /> PAVING, INC. FOR THE RESURFACING OF VARIOUS CITY STREETS <br /> PROJECT, CIP NO. 115003 <br /> SUMMARY <br /> This project consisted of the resurfacing of approximately 1,337,000 square feet of <br /> various City streets. Construction of the subject project is complete and ready for <br /> acceptance by the City Council. <br /> RECOMMENDATION <br /> 1. Accept the project improvements and authorize the City Clerk to file a Notice of <br /> Completion. <br /> 2. Authorize payment of the project retention in the amount of $217,893.95 to <br /> O'Grady Paving, Inc. thirty days after recordation of the Notice of Completion. <br /> 3. Authorize the transfer of $24,258.12 from CIP No. 085055 and $3,741.88 from <br /> CIP No. 105055 to Project No. 115003 for speed lump installation. <br /> 4. Authorize the transfer of the CIP No. 115003 budget balance ($1,078,466) back <br /> to fund balance. <br /> FINANCIAL STATEMENT <br /> This project is part of the City's ongoing maintenance efforts to replace the deteriorated <br /> pavement surfaces of City streets. It is anticipated that ongoing maintenance and <br /> resurfacing will extend the useful life of the roadway system and reduce overall long- <br /> term replacement costs. This project was funded in the 2011-12 Capital Improvement <br /> Program budget, and augmented with funds from Bi-Annual Traffic Calming Devices <br /> projects to fund the installation of speed lumps. <br />