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Speedway approves $2.32 million bid for 20 Fifth Street rebuild; INDOT grant covers roughly half
Summary
The Town of Speedway awarded a $2,316,369.69 contract to Midwest Paving LLC for the 20 Fifth Street reconstruction and approved a Community Crossings matching grant agreement with the Indiana Department of Transportation that will cover roughly 50% of the project cost; both measures passed 5-0.
The Speedway Town Council voted unanimously to award the 20 Fifth Street reconstruction contract to Midwest Paving LLC and to accept a matching grant from the Indiana Department of Transportation, giving the town a path to begin construction after the Indianapolis Motor Speedway race season.
Town Manager Grant Kleinhines told the council the apparent low bidder is Midwest Paving LLC and that “Their bid was in the amount of $2,316,369.69.” He asked the council to approve the bid and to authorize him to negotiate and execute the contract so the town can begin work in early to mid-June after the race.
The vote follows the town’s earlier engineer estimate. Kleinhines said the engineering estimate prepared last fall was $3,800,000 and that market conditions have shifted since the pandemic-driven construction surge: “Most of that work that they've been on ... is done and finished and not…
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