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BLDC approves builder's-risk insurance for Boscov's renovation; staff say ARPA funds on track and elevators to be upgraded
Summary
The board approved a builder's-risk policy for the Boscov's renovation (not to exceed $8,000). Staff reported ARPA funding is on track for full spend by year-end, that escalators will be decommissioned if not removed in this phase and that all three elevators will be upgraded; freight elevator work is already complete.
BLDC members authorized a builder's-risk insurance policy to cover construction risk for the renovation at 11-13 Court Street, a component of the larger Boscov's project. The resolution (26-23) permits the president to execute a policy through Mirabito Grusham Insurance and Bonds Agency LLC for an amount not to exceed $8,000.
Staff added context about the renovation: ARPA dollars remain on-track to be spent by the end of the year, much of the project cost is committed and staff are still negotiating final contractor and engineering figures. On-site operational improvements have eased store conditions this summer; staff said escalators are likely to be decommissioned and walled off if full removal is not in scope for the current phase, and that "all 3" elevators will be upgraded while the freight elevator has already been completed. The board approved the builder's-risk policy by voice vote.
Staff said the builder's-risk policy avoids vendors charging the project for separate builder's-risk coverage and is meant to reduce aggregated contractor insurance overhead during construction.
