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Authority awards $441.9 million contract for Reservoir 3, approves $2.5 million mitigation credits
Summary
The Peace River Manasota Regional Water Supply Authority voted unanimously to award a $441.9 million construction contract for Reservoir Number 3 to Phillips Heavy Inc. and to authorize $2,505,600 for mitigation bank credits, following staff presentations on bidding, market conditions and mitigation options.
The Peace River Manasota Regional Water Supply Authority on Dec. 3 awarded a $441,935,462.29 contract to Phillips Heavy Inc. for construction of Reservoir Number 3 and authorized a $2,505,600 purchase of mitigation bank credits to offset wetland impacts.
Mike Knowles, authority staff, summarized the procurement process and bid results, saying Phillips’ composite bid for the reservoir plus on‑site mitigation and contingency totaled about $441.9 million. "We received competitive bids in a very active market; Phillips' total bid included the…
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