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2/23/88 RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
REDUCE THE RETAINAGE IN THE CONTRACT BETWEEN
THE CITY OF MIAMI AND PNM CORPORATION FOR THE
CONSTRUCTION OF BAYFRONT PARK REDEVELOPMENT
PHASE I FROM 10% TO 7.5%.
WHEREAS, there exists a contract dated May 29, 1985,
between the City of Miami and PNM Corporation, in the amount of
$750,038, for the construction of Bayfront Park Redevelopment
Phase I; and
WHEREAS, the retainage currently being held by the Citv
contains payment for work funded by Florida Recreation
Development Assistance Program (FRDAP) and Land and Water
Conservation Fund (LWCF) grants used to fund the project; and
WHEREAS, reimbursement of the monies retained cannot be
obtained by the City from the granting agency until payment of
the retainage is made to the contractor; and
WHEREAS, the City is desirous of obtaining reimbursement
from the granting agency immediately to avoid the possibility of
losing the grants; and
WHEREAS, the Director of the Department of Public Works
agrees that the reduction of the 10% retainage to 7.5% will not
adversely affect the control and ultimate completion of the
project and recommends the reduction;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
CITY COMMISSION
MEETING OF
MAR 10 1988
0,UIIJN N0.89-20f.
MARKS
4
4
Section 1. The City Manager is hereby authorized to reduce
the retainage in the contract between the City of Miami, Florida,
and PNM Corporation for the construction of Bayfront Park
Redevelopment Phase I from 10% to 7.5%.
PASSED AND ADOPTED THIS loth day of March . 1988.
ATT
PREPARED AND APPROVED BY:
1,?w.a ;?., A�- -
CHIEF DEPUTY CITY ATTORNEY
i
DIREC OF FINANCE DEPARTMENT
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O71'01rW PLANNING DEPARTMENT
APPRO D/AS TO FORM AND CORRECTNESS:
UTA A. CTOR
ITY ATTOR EY MANAGEMENT AND BU ET DEPARTMENT
102. 1919 MMIR
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CITY OF MIAMI, FLORIDA
is
INTEROFFICE MEMORANDUM
TO Honorable Mayor and
Members of the City Commission
FROM
Cesar H. Odio
City Manager
RECOMMENDATION:
DATE MAY • 1 1988
SUBJECT Resolution to
Bayfront Park
Phase I
REFERENCES
ENCLOSURES Resolution
"LE B•3205•D
Reduce Retainage
Redevelopment
It is respectfully recommended that the City Commission adopt a
Resolution authorizing the City Manager to reduce the retainage
in the contract between the City of Miami and PNM Corporation
from 10% to 7.5%.
BACKGROUND:
The Director of Public Works agrees that the reductions of
retainage on this project will not affect the control and
ultimate completion of the project and therefore recommends the
reduction in retainage.
The City of Miami is currently holding a 10% retainage on
payments to the contractor on the Bayfront Park Phase I
construction project, in accordance with the terms of the
contract. Included in this 10% retainage is payment for work
that is funded by Florida Recreation Development Assistance
Program (FRDAP) and Land and Water Conservation Fund (LWCF)
grants.
In order for the City to receive reimbursement for work funded by
the grants, from the granting agencies, payment must first be
made by the contractor. Normally, the City would wait until all
work is completed on the project and then seek reimbursement from
the granting agency, but in this case the time limit for
reimbursement for the grants is nearly expired and a timely
application for reimbursement is required.
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