HomeMy WebLinkAboutEscrow Agreement - Requesting Release of $189,038.27 of Interest Accrued from Escrow Account for Howard – 1st. Source Bank
ELIZABETH A. MARADIK GARY A. GILOT JORDAN V. GATHERS JOSEPH R. MOLNAR MURRAY L. MILLER
1316 COUNTY-CITY BUILDING
227 W. JEFFERSON BOULEVARD
SOUTH BEND, INDIANA 46601-1830
PHONE 574/ 235-9251
FAX 574/ 235-9171
CITY OF SOUTH BEND JAMES MUELLER, MAYOR
BOARD OF PUBLIC WORKS
July 13, 2021
Ken Glowacki
City of South Bend
227 W. Jefferson Blvd.
South Bend, IN 46601
kglowack@southbendin.gov
RE: Release of Escrow Agreement and Closure of Account
Dear Mr. Glowacki:
At its July 18, 2021 meeting, the Board of Public Works approved the above referenced
agreement for the release of retainage funds for the Howard Park Redevelopment Project No.
117-047 to Larson-Danielson Construction Co. Inc. in the amount of $189,038.27 plus interest
accrued. The Board has also approved closure of the escrow account with the approval of the
final pay application totaling $202,048.54.
Enclosed please find a copy of the agreement for your records.
If you have any further questions regarding this matter, please call this office at (574) 235-9251.
Sincerely,
/s/ Anne Fuchs
Anne Fuchs, Clerk
Enclosures
AF/lh
James R. Seitz
1st Source Bank
P.O. Box 1602
100 N Michigan Street
Soiuth Bend, Indiana 46634
RE: Escrow Agreement dated December 11, 2018 (the “Escrow Agreement”), by and between City of
South Bend Board of Public Works (the “Board”), Larson-Danielson Construction Co, Inc. (the
“Contractor”), and 1st Source Bank, NA (the “Bank”)
Dear Mr. Seitz:
Pursuant to section 3 of the Escrow Agreement identified above, the Board hereby instructs the Bank to
release to the Contractor the amount of One hundred eighty-nine thousand eight hundred seventy-eight
and 64/100 dollars and accrued interest from escrow account 54-0599495.
Date: July 13, 2021
CITY OF SOUTH BEND
DEPARTMENT OF PUBLIC WORKS DIVISION OF ENGINEERING
TO:
Ken Glowacki,
Project Manager
FROM: Toy Villa,
Construction Manager
SUBJECT: Howard Park/ Riverfront Trail Improvements
Project No. 117-047B
DATE: July 7, 2021
The Howard Park/ Riverfront Trail Improvements project was completed on
November 30th of 2019. We withheld retainage while going through a process of adding
solar panels to the Public Works restaurant. This issue has been resolved and are in the process of adding the solar panels to the project. This change order should not hold up the
payment on the remaining retainage since all work is completed on the Base Bid. At this
time I am requesting that the remaining retainage be released to Larson Danielson Construction Co., Inc..
If I can be of additional assistance, please do not hesitate to call me at extension 5920.
BOARD OF PUBLIC WORKS
AGENDA ITEM REVIEW REQUEST FORM
Date 7/6/21
Name Ken Glowacki Department VPA
BPW Date 7/13/21 Phone Extension 235-7675
Review and Approval Required Prior to Submittal to Board Diversity Compliance
and Inclusion Officer Officer Name BPW Attorney Attorney Name
Dept. Attorney Attorney Name Clara McDaniels
Purchasing
Check the Appropriate Item Type – Required for All Submissions
Professional Services Agreement Contract Proposal
Open Market Contract Amendment/Addendum Special Purchase, QPA
Bid Opening Bid Award Req. to Advertise Title Sheet
Quote Opening Quote Award Reject Bids/Quotes
Proposal Opening C/O & PCA No. PCA
Chg. Order, No. Traffic Control Resolution
Other: Escrow Release
Ease./Encroach
Required Information
Company or Vendor Name 1st Source Bank
New Vendor Yes If Yes, Approved by Purchasing
No
MBE/WBE Contractor MBE
WBE Completed E-Verify Form Attached Yes
No
Project Name Howard Park
Project Number
Funding Source
No Funding, this request will release the amount deposited in escrow for
Larson Danielson at 1st Source Bank
Account No.
Amount
Terms of Contract
Purpose/Description Requesting the release of $189,038.27 and interest accrued, from the escrow
account set up for the Howard Park project________________
For Change Orders Only
Amount of
Increase
Decrease
$
($ )
Previous Amount $
Current Percent of Change:
Increase
Decrease
%
( %)
New Amount $
Total Percent of Change:
Increase
Decrease
%
( %)
Time Extension Amount: