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File #: 45140    Version: 1 Name: Approving Amendment No. 1 to the Contract for the Construction of Public Improvements that Will be Accepted by the City for The Meadowlands - Phase 6, Contract No. 2355.
Type: Resolution Status: Passed
File created: 11/14/2016 In control: BOARD OF PUBLIC WORKS
On agenda: 12/6/2016 Final action: 12/6/2016
Enactment date: 12/9/2016 Enactment #: RES-16-00918
Title: Approving Amendment No. 1 to the Contract for the Construction of Public Improvements that Will be Accepted by the City for The Meadowlands - Phase 6, Contract No. 2355. (3rd AD)
Sponsors: BOARD OF PUBLIC WORKS
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
12/6/20161 COMMON COUNCIL Adopt Under Suspension of Rules 2.04, 2.05, 2.24, and 2.25Pass Action details Meeting details Not available
11/16/20161 BOARD OF PUBLIC WORKS RECOMMEND TO COUNCIL TO ADOPT UNDER SUSPENSION OF RULES 2.04, 2.05, 2.24, & 2.25 - REPORT OF OFFICER  Action details Meeting details Not available
11/14/20161 Engineering Division Refer  Action details Meeting details Not available
Fiscal Note
Private Contract, No Funds Required.
Title
Approving Amendment No. 1 to the Contract for the Construction of Public Improvements that Will be Accepted by the City for The Meadowlands - Phase 6, Contract No. 2355. (3rd AD)
Body
WHEREAS, on September 24, 2013, the developer, Veridian Homes AB, LLC of Madison, Wisconsin, had entered into a Contract for the Construction of Public Improvements that Will be Accepted by the City with the City of Madison (the “Contract”), and;

WHEREAS, the Contract authorized an escrow agreement in lieu of a surety bond or letter of credit to guarantee the installation of the public improvements to serve this development, and;

WHEREAS, the City and Developer have since mutually agreed to amend the surety for this project, and;

WHEREAS, the Developer shall provide the City a surety bond in the amount of $10,000 to fund the warranty period of the public street improvements, and;

WHEREAS, upon the payment by the Developer to the City of a surety bond for $10,000, the City shall release the Construction Escrow Agreement for this Contract.

NOW, THEREFORE, BE IT RESOLVED: that the Mayor and City Clerk are hereby authorized and directed to execute an amendment to the Contract with Veridian Homes AB, LLC on the following terms:

SECTION I, P. Surety is amended to read:

1. The Developer agrees to enter into a Construction Escrow Agreement to provide surety in the amount of $324,000.00, which shall be integral with this contract. The Construction Escrow Agreement shall detail the terms and condition of the surety requirement and shall be for the amount estimated by the City, which shall cover the entire cost of the public infrastructure improvements with a minimum of 10% retainage added. The Construction Escrow Agreement shall detail the release of surety under this contract. furnish the City with a corporate surety bond in the amount of $10,000.00 to secure the warranty period of this contract.

ARTICLE II, I. is created...

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