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Council approves $57,585 payout to Cobalt Bank for water tank work
Summary
Council approved payment of $57,585 to Cobalt Bank related to the water tank project and noted prior retained amounts; council discussed retainage and implementation before voting to approve.
Councilors approved an invoice and payout of $57,585 to Cobalt Bank related to the water tank project. "A motion that we approve the payout for $57,585 to Cobalt Bank," a council member said during the motion; the motion was seconded and passed on a voice vote. Council members discussed that prior retained amounts (5% retainage) and earlier retainage sums would cover outstanding items.
The approval authorizes payment while the consultant and staff continue final closeout checks, including a final walk-through in early 2025 before full final payout to the contractor. The council indicated this payment aligns with prior retainage management for the tank implementation.
