Res 1997-180 - Laserfiche WebLink

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County: Hays Highway: IH 35 in San Marcos Payment Provisions The Outside Entity has requested and will provide the funding for a ramp reversal in San Marcos at the IH 35 Northbound entrance and exit ramps between Center Point Road and Posey Road. Estimated quantities for the improvements are described in Exhibit 1 to Attachment A. The design phase will be completed in metric units. The funding breakdown is described below: Bid Items $264,054.64 Estimated TxDOT Review Costs $ 1,500.00 Estimated Letting Costs $ 2,000.00 Construction Phase Engineering & Contingencies (11 %) $ 29.046.01 Sub- Total $296,600.65 Indirect Costs (7.16%) = $ 21.236.61 Total = $317,837.26 Outside Entity Share = $317,837.26 Amount due with execution of Agreement $ 1,500.00 Amount due sixty (60) days prior to Bid Letting $316,337.26 The Outside Entity's cost for the work will be based on an estimated amount of $317,837.26 including construction engineering, design review, bid letting costs and indirect costs at the rate in effect for the year in which the work will be performed. The Outside Entity will remit to the Texas Department of Transportation, upon execution of the Advance Funding Agreement, a check made payable to the Texas Department of Transportation in the total amount of $1,500.00. This amount will be used towards design coordination and review of documents. Sixty (60) days prior to the date set for receipt of the construction bids, the State will notify the Outside Entity that the balance of its financial share for the Project is due. The Outside Entity shall remit a check or warrant in the amount established by the State within. thirty (30) days from the receipt of the State's written notification to the address provided within. If the project costs less than the estimated amount, a refund will be made by the State to the Outside Entity after a final audit of all work completed is made and at the final completion of the project. Page 9 of 10