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Board approves New Tech retainage release and $1.224M runway progress invoice under AIP 42
Summary
The board authorized release of retainage to New Tech ($105,494.53) to close the project and approved AIP 42 invoices including a $1,224,200.21 progress payment to Millstone Contractors; staff said FAA reimbursement will cover about 95% of eligible costs.
Staff recommended and the board approved the final retainage release to New Tech in the amount of $105,494.53, stating the punch list is complete and a one-year warranty and performance bond are in place to cover defects. "This is the final, retainage release to New Tech," the project presenter said, explaining the closure steps.
The board also reviewed and approved AIP 42 invoices tied to the Runway 1836 rehabilitation, including a Millstone Contractors progress invoice of $1,224,200.21. The presenter explained the invoices are part of the reimbursable FAA grant and estimated about 95% ($1,191,979) would be reimbursed by federal funds with local and state matches noted in the project accounting.
