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Board approves $505,171.09 payment to Globe Contractors for Progress Drive sanitary relay work
Summary
The board approved the contractor’s application for payment No. 1 to Globe Contractors Inc. for the Progress Drive Sanitary Relay Project, authorizing $505,171.09 while retaining a contract retainer for completion of remaining paving and landscaping work.
The Village Board approved contractor application for payment No. 1 to Globe Contractors Inc. for the Progress Drive Sanitary Relay Project in the amount of $505,171.09. Staff said Globe installed new pipe, backfilled and compacted to specifications and is completing remaining concrete, curb and paving work.
Staff explained that the contractor’s invoice showed $525,010 in gross progress but the village retained $20,838.91 per the contract as a holdback until final completion; the net payment requested was $505,171.09. "We always keep a retainer ... until that retainer will be for landscaping materials, make sure everything is done to satisfaction," a staff member said.
The motion to approve payment No. 1 was moved and seconded and carried on the board’s voice vote; staff said remaining paving will be billed in a later application and the retained amount will be released after final acceptance and any required landscaping.
