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<br /> <br />• <br />MEMORANDUM <br />P•Sarch 12 , 19 81 <br />TO: Mayor and Council <br />FROM: J. R. Hudgens <br />SUBJECT: Lomax Street Bond Project <br />• <br />During the March 4, 1981, Council meeting, Council authorized <br />the execution of a contract with McKey Construction, the low bid- <br />der on the project subject to successful negotiation of contract <br />prices because of the reduced quantities of construction related <br />to available funds. In addition, Council redesignated $150,000.00 <br />from the Capital Improvement budget to the project. The redesigna- <br />tion itemized the following: <br />Matching funds for grant <br />Swimming pool in Lomax 50,000.00 <br /> <br /> <br />Parking lot and paving <br />around Lomax Park 100,000.00 <br />The second item (100,000.00) was not approved in the budget <br />(see attached). <br />In order to achieve the Council's objective, I offer the fol- <br />lowing recommendation to fund the project. <br />Balance of Bond funds available <br />for construction <br />Cost of option no. 1 - which <br />excludes West H between <br />Lomax School Road and Big <br />Island Slough (1,260,114.00) <br />Added cost of material due to <br />quantity reductions in contract (9,046.00) <br />Estimated total construction <br />of option no. 1 <br />Deficit <br />Add contribution from Capital <br />Improvement budget (swimming <br />pool) <br />Contingency available <br />$1,247,045.00 <br />(1,269,160.00) <br />(22,160.00) <br />50,000.00 <br />27,885.00 <br />