08/24/92 Board of Public Works Minutes

Home Browse Search

4 REGULAR MEETING AUGUST 24, 1992 Board Attorney and Member Mary H. Mueller advised that the City is lease -purchasing $156,798.00 worth of furniture, staging, curtains, etc. for Century Center over five (5) years with semi-annual payments of $18,077.97. The interest charge is 5.350% per annum. Also submitted was an Escrow Agreement for this lease -purchase. Mrs. Mueller made a motion that the revised Supplement #3 and Escrow Agreement be approved and executed. Mr. Caldwell seconded the motion which carried. APPROVE SUPPLEMENT #4 - NORWEST INVESTMENT SERVICES r. eszczyns i stated that submitted to the Board was Supplement #4 to Master Lease with Norwest Investment Services, Inc., Sixth and Marquette, Minneapolis, MN. Board Attorney and Member Mary H. Mueller noted that the City is lease -purchasing seven (7) copiers for the City in the amount of $78,379.78 over three (3) years with semi-annual payments of $14,301.31. The interest charge is 5.3% per annum. Mr. Caldwell made a motion that the Supplement be approved and executed. Mrs. Mueller seconded the motion which carried. APPROVE STATE -LOCAL PUBLIC AGENCY AGREEMENT - Mr. Carl P. Littrell, Director, Division of Engineering; submitted to the Board a State -Local Public Agency Agreement - Construction and Project Management for Federal Aid Projects, for the Edison Road widening project. Mr. Littrell noted that this Agreement is required in order for the City to receive federal funds for the project. It is noted that this project entails the reconstruction of Edison Road from State Road 23 to Crestwood. Mr. Leszczynski noted that this Agreement provides to the City twenty per cent (20%) of the construction costs. Mr. Leszczynski also noted that the engineer's estimate for this project is approximately $3,000,000.00 dollars and that the project will be bid this October. All the right-of-way required for this project has been secured. Therefore, Mr. Leszczynski made a motion that the Agreement be approved and executed. Mrs. Mueller seconded the motion which carried. APPROVE PAYMENT REQUISITION AND CERTIFICATE FOR PAYMENT Mr. Leszczynski advised that the Board -is in receipt of a South Bend Redevelopment Authority Airport Economic Development Area Public Improvement Project Construction Fund (Tax -Exempt Improvements), Payment Requisition and Certificate for Payment of the Board of Public Works. This Payment Requisition is in the amount of $29,745.81 to be paid to Rieth-Riley Construction Company, Inc., P.O. Box 1775, South Bend, Indiana, in conjunction with the construction of Mayflower Road as part of the Airport 2010 Project. Mrs. Mueller made a motion that the Payment Requisition be approved and executed. Mr. Leszczynski seconded the motion which carried. APPROVE AMENDED LETTER OF CREDIT - CROSS CREEK Mr. Leszczynski indicated that Society Bank, Indiana, P.O. Box 6, South Bend, Indiana, has submitted Amended Irrevocable Standby Letter of Credit No. S-8866 in the amount of $14,795.00 with an expiration date of August 15, 1993, for the account of Cross Creek, Inc. It is noted that the original expiration date for this Letter of Credit was August 15, 1992 and the amount was $22,183.00. Mr. Leszczynski made a motion that this Amended Irrevocable Standby Letter of Credit No. S-8866 be accepted and approved. Mr. Caldwell seconded the motion which carried.