HomeMy WebLinkAboutR-88-02094 40
J-88-215
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 II FROM 10% TO 7.5%.
WHEREAS, there exists a contract dated January 24, 1986,
between the City of Miami and PNM Corporation, in the amount of
$7,601,528, for the construction of Bayfront Park Redevelopment
Phase II; and
WHEREAS, the retainage currently being held by the City
contains payment for work funded by Florida Recreation
Development Assistance Program (FRDAP), Land and Water
Conservation Fund (LWCF), and U.S. Department of Housing and
Urban Development (UDAG) grants used to partially 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:
;;1TY COMMISSION I
MEETING OF
1 MAR 10 19888
R'S."MI0N No. 88- - R
`. MARKS,
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4 ,Q,
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 II from 10% to 7.5%.
PASSED AND ADOPTED THIS loth day of March , 1988.
PREPARED AND APPROVED BY:
,eO4,e �;7 I--
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CHIEF DEPUTY CITY ATTORNEY
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UAKUIA
DIREC ROOF FINANCE DEPARTMENT
DIR 0 PLANNING DEPARTMENT
ATO FORM AND CORRECTNESS:
TOR
Y MANAGEMENT AND BU ET DEPARTMENT
W2W SS209:
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City OF MIAMI, FLOIRIOA
INTEROFFICE MEMORANDUM
TO Honorable Mayor and DATE MAR - 1 Igoe "LE B-3205-E
Members of the City Commission
SUSJECr Resolution to Reduce Retai nage
Bayfront Park Redevelopment
Phase II
FROM REFERENCES
Cesar H. Odi
City Manager ENCLOSURES Resolution
RECOMMENDATION:
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%.
BAC ROUND:
The Director of Public Works agrees that the reduction 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 II 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 (FROAP), Land and Water
Conservation Fund (LWCF), and U.S. Department of Housing and
Urban Development (UDAG) 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.