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Resolution of the Mayor and Council of Princeton Authorizing a Final Change Order in the Amount of -$370,735.79 and Authorizing a Final Payment of $37,735.38, Resulting in a Final Contract Amount of $1,344,829.21, and the Release of the Performance Bond for the Improvements to Alexander Street, Dickinson Street, and University Place project to Lucas Brothers Inc. and Acceptance of a Maintenance Bond in the Amount of $201,724.38
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WHEREAS, pursuant to duly advertised Notice to Bidders in accordance with the New Jersey Public Contracts Law, N.J.S.A. 40A:11-1 et seq., three (3) bids were received, and a construction contract awarded to Lucas Brothers Inc. for the Improvements to Alexander Street, Dickinson Street, and University Place project in Princeton, New Jersey for a contract amount of one million seven hundred fifteen thousand five hundred sixty-five dollars. ($1,715,565.00); and
WHEREAS, the quantity of various bid items were reduced based on the field conditions, resulting in a reduction in the overall contract price; and
WHEREAS, the Engineering Department advises that the construction project is complete and recommends the approval of a final change order amount of -$370,735.79, which results in a final contract amount of one million three hundred forty-four thousand eight hundred twenty-nine dollars and twenty-one cents ($1,344,829.21); and
WHEREAS, the Engineering Department recommends final payment in the amount of $37,735.38, and the release of the performance bond to Lucas Brothers Inc.; and
WHEREAS, Lucas Brothers Inc. has submitted an acceptable two-year Maintenance Bond in the amount of $201,724.38.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and Council of Princeton hereby approve the final payment in the amount $37,735.38 and the release of the performance bond to Lucas Brothers Inc. for the Improvements to Alexander Street, Dickinson Street, and University Place project in Princeton, New Jersey. The final revised contract amount shall be one million three hundred forty-four thousand eight hundred twenty-nine dollars and twenty-one cents ($1,344,829.21).