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Kokomo board signs off on $67,730 pay estimate and releases escrow for Hofer Street work
Summary
The board approved pay estimate number 4 for Hofer Street reconstruction and released $129,199.65 held in escrow to E and B Paving LLC after approving a contract modification.
The City of Kokomo Board of Public Works and Safety on May 14 approved pay estimate number 4 for the Hofer Street reconstruction project and authorized release of escrow funds to the contractor.
Darren Metz, traffic systems manager, presented quantity sheets for pay estimate number 4 for E and B Paving LLC. Metz said pay estimate number 4 covers construction quantities completed from Dec. 14, 2024, through May 2 and totals $67,730.55 with no retainage.
He also said contract modification agreement number 1 increased the original contract by $38,620.59, resulting in an adjusted contract amount of $2,651,723.59. Metz recommended approval of pay estimate number 4 and release of $129,199.65 held in escrow to E and B Paving LLC; the board approved both motions by voice vote.
Background: the project is in active construction with quantities periodically submitted by the contractor and verified by the engineering department. The release of escrow funds was part of the staff recommendation.
