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Lake Wales staff outline $1.18 million GMP for 1st Street streetscape and $433,798 funding gap
Summary
City staff presented a guaranteed maximum price of $1,183,798.73 for the 1st Street streetscape; a $750,000 HUD grant covers part of the cost and staff proposed using multimodal impact fees to cover the roughly $433,798 shortfall.
City of Lake Wales staff told the commission they have a guaranteed maximum price (GMP) of $1,183,798.73 for the 1st Street streetscape project, with Gomez Construction’s portion of preconstruction, bonds and general conditions totaling about $189,660.
"For the guaranteed maximum price for this project as a whole, it is $1,183,798.73," Dina Drumgo, assistant…
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