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District says about 70–80% of Frog Pond is complete; roughly $6 million remains under contract
Summary
District staff told the board the project is about 70–80% complete and that the district has paid about 80% of the contract value; McGuff referenced a remaining figure described as "just short of $6,000,000," and said remaining payments will be controlled by Zurich.
District staff told the board the Frog Pond project is substantially complete in many trades but that some trades vary; the district has paid roughly 80 percent of the contract value and estimated overall completion at about 70–80 percent.
"Overall, we've paid out approximately 80% of the contract value," Pat McGuff said. He added the district has "approximately just short of $6,000,000 remaining, $598,200 remaining on the value of the contract," a phrasing that staff said would be handled through the bond surety. McGuff explained that future pay applications will be controlled and directed by Zurich or by the project management team Zurich brings in.
McGuff cautioned the figure is approximate and that exact payment handling will be determined by Zurich per the bond. The district said it is obligated to pay the remaining contract balance to Zurich, but it is not responsible for additional costs Zurich may incur to finish the work.
