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EDC reports EDA grant closeout documents submitted; final retainage pending
Summary
Staff reported that EDA project closeout documents were submitted in January; the contractor has not issued the final retainage invoice and the board noted that designated reserves will cover overages, but took no formal action.
Ginger Watkins advised the board that all closeout documents for the EDA grant project were submitted to the Economic Development Administration in January. The minutes state that the final retainage invoice has not yet been issued by the contractor.
Board members reviewed the budget line items that are over budget and noted that Adams Avenue Contingency, Land Reserve, and The Yards Development reserves will cover remaining amounts. The board did not take formal action at the meeting on the final expenditures.
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