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AGENDA ITEM #9.1.0 <br /> City of <br /> Pequot <br /> Lakes:_ - <br /> REPORT TO CITY COUNCIL <br /> Report Prepared by: Tim Houle <br /> Date: August 4, 2020 <br /> Subiect: Rasmussen Road & South Washington Avenue Improvement Project <br /> — Partial Payment Estimate <br /> Report: The Construction Contract calls for payments to the Contractor, RL <br /> Larson Excavating, on a monthly basis. This Project is a unit price job where the <br /> Contractor provided unit prices for estimated quantities for different items of work. <br /> RL Larson Excavating has submitted quantities for the work performed in this <br /> Partial Payment Estimate (PPE) Number 4, which we have verified. <br /> All PPEs, per the Contract, include 5% retainage held back by the City until <br /> Substantial Completion. At that point, the Contract calls for releasing some of the <br /> retainage based on the completion of punch list / remaining items. Accordingly, <br /> this PPE No. 4 releases some of the retainage (50%), but keeps $75,000. <br /> At the writing of this memo (July 28th), RL Larson Excavating has completed the <br /> majority of the work. But, there are several punch list and quantity line items yet to <br /> be calculated and paid for. We anticipate this will occur at your September <br /> meeting. <br /> This PPE No. 4 brings the Amount of Work to-date versus the Contract Amount to <br /> 98% — i.e. this does not always happen on unit price projects, but, still under <br /> budget. <br /> Council Action Requested: Council motion approving Partial Payment Estimate <br /> Number 4 to RL Larson Excavating Inc. in the amount of$152,309.50. <br />