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Board approves $3.43 million progress payment to PACE, places $180,485 retainage in escrow; city attorney discloses bank ties
Summary
Franklin City’s Board of Public Works and Safety approved a $3,429,218.70 progress payment to PACE Contracting for the wastewater treatment plant expansion and agreed to place $180,485.20 of retainage in an interest-bearing escrow at Mutual Savings Bank; City Attorney Lynn Gray disclosed she serves on that bank’s board.
Franklin City’s Board of Public Works and Safety voted Tuesday to approve a $3,429,218.70 progress payment to PACE Contracting LLC for work on the city’s wastewater treatment plant expansion and to place the project’s 5% retainage — $180,485.20 — into an interest-bearing escrow account.
City Attorney Lynn Gray explained the retainage process and the statutory authority that lets contractors request escrowed retainage. She told the board the project is a roughly $26,000,000 undertaking and said the current payment request totaled $3,609,703.90,…
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