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5 <br /> THE CITY OF <br /> CITY COUNCIL AGENDA REPORT <br /> PLEASANTON. <br /> March 21 , 2023 <br /> Community Development <br /> Traffic Engineering <br /> TITLE: ACCEPT PUBLIC IMPROVEMENTS PERFORMED BY RAY'S ELECTRIC <br /> FOR THE BERNAL AVENUE AND NEVADA STREET TRAFFIC SIGNAL <br /> INSTALLATION PROJECT, CIP NO. 17532 <br /> SUMMARY <br /> This project constructed a traffic signal at the intersection of Bernal Avenue and Nevada <br /> Street. The City Council awarded the construction contract to Ray's Electric on May 4, <br /> 2021 . Construction of the project is now complete and ready for the City Council's <br /> acceptance. <br /> RECOMMENDATION <br /> 1 . Accept the project as complete and authorize the City Clerk to file a Notice of <br /> Completion. <br /> 2. Authorize the release of retention in the amount of $35,427 to Ray's Electric 30 days <br /> after the recordation of the Notice of Completion. <br /> 3. Authorize the transfer of the remaining funding of $57,286 in CIP No. 17532 back to <br /> the Traffic Impact Fee Fund. <br /> FINANCIAL STATEMENT <br /> Total funding for CIP No. 17532 was $831,679 of Traffic Impact Fee and Gas Tax <br /> funds. The total project expenditures were $774,393, leaving a balance of $57,286 in <br /> the project fund. Staff recommends the remaining balance be returned to the Traffic <br /> Impact Fee Fund. <br />