City Council

5) CONSIDERATION TO AUTHORIZE CONSTRUCTION CONTINGENCY, ACCEPT PROJECT\nCOMPLETION AND AUTHORIZE THE RECORDATION OF THE NOTICE OF COMPLETION FOR\nPHASE 1 OF THE ANNUAL STREET RESURFACING PROJECT\nRecommend that the City Council:\na. Authorize construction contingency of $361,612 (10 percent) of the contract amount for\nuse to complete final project payments in Phase 1 of the Annual Street Resurfacing\nProject;\nb. Accept the improvements as constructed by Toro Enterprises, Inc., and consider the work\ncompleted;\nc. Authorize the issuance and filing of the “Notice of Completion” with the Los Angeles\nCounty Office of the Registrar-Recorder/County Clerk; and\nd. Authorize the release of the five percent retention amount ($118,416.60) after the\n35-day lien period from the date the Notice of Completion is recorded.