HomeMy WebLinkAbout87-0422 Old Main Payout otk as
RESOLUTION
APPROVING PAYOUT FROM THE OLD MAIN RESTORATION ESCROW ACCOUNT
WHEREAS, the City of Elgin is the owner of certain real property upon which is a
structure commonly known as Old Main; and
WHEREAS, the City of Elgin and the Elgin Area Historical Society have entered
into an agreement wherein Old Main is to be renovated and occupied by the Historical
Society as a historical museum; and
WHEREAS, pursuant to said agreement the plans and contract documents of such
renovation are subject to the prior approval of the City of Elgin; and
WHEREAS, on January 13, 1986 the City Council of the City of Elgin approved
certain plans and contract documents prepared by Burnidge, Cassell and Associates dated
December 27, 1985 entitled "Phase I of the Museum Interior Restoration for Old Main"
subject to certain conditions including the condition that a fully funded escrow account
be established to pay for such renovation costs; and
WHEREAS, on April 15, 1986 the City of Elgin, the Elgin Area Historical Society
and the First National Bank of Elgin (escrowee) entered into an escrow agreement which
established the Old Main Restoration Account and authorized the escrowee to make
payments from said account on the written direction of the City of Elgin and the
Historical Society; and
WHEREAS, renovation work has been continuing and application has now been made
for the final payment of $10,560.30 from the escrow account; and
WHEREAS, the project architect has reviewed said application for payment and has
found it to be complete and the construction to be in compliance with the construction
documents.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ELGIN, ILLINOIS, that the First National Bank of Elgin is authorized and directed to
make payment from the Old Main Restoration Account in the amount of $10,560.30 to
the general contractor P.B. Verdico, Inc. per its application dated April 7, 1987, a copy
of which is attached hereto and made a part hereof by reference.
s/ George Van De Voorde
George VanDeVoorde, Mayor
Presented: April 22, 1987
Adopted: April 22 , 1987
Vote: Yeas 5 Nays 0 Present 1
Recorded:
Attest:
s/ Marie Yearman
Marie Yearman, City Clerk
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APPLICATION AND CERTIFICATE FOR PAYMENT AIA DOCUMENT G702 (Instructions on reverse side) PAGE ONE OF PAGES
TO (OWNER):Elgin Area Historical Society PROJECT: "Old Main Museum" Restoration APPLICATION NO: 8—FINAL Distribution to:
P.O. Box 1027 ❑ OWNER
Elgin, Illinois 60120 PERIOD TO: ❑ARCHITECT
❑ CONTRACTOR
FROM (CONTRACTOR): P. B. Verdico, Inc. VIA (ARCHITECT): Burnidge, Cassell & Assoc. ARCHITECT'S ❑
236 E. Irving Park Rd. 1750 Grandstand PROJECT NO: 8435A ❑
Wood Dale, Illinois Elgin, Illinois
CONTRACT FOR: General Work CONTRACT DATE: April 7, 1986
ApplicatCONTRACTOR'S APPLICATION FOR PAYMENT Continuation Shet,fAIA Document G703,or Payment, as ,iss atttachebelow, ind connection with the Contract.
. CHANGE ORDER SUMMARY 1. ORIGINAL CONTRACT SUM $ 213,463.00
Change Orders approved in ADDITIONS DEDUCTIONS 2. Net change by Change Orders $ (2,257.00)
previous months by Owner 3. CONTRACT SUM TO DATE (Line 1 i-2) $ 211,206.00
TOTAL 4. TOTAL COMPLETED & STORED TO DATE $ 211,206.00
Approved this Month (Column G on G703)
Number Date Approved 5. RETAINAGE: —0—
a. % of Completed Work $
(Column D+E on G703)
b. % of Stored Material $
(Column F on G703)
Total Retainage (Line 5a+5b or
TOTALS Total in Column I of G703) $ —0—
Net change by Change Orders 6. TOTAL EARNED LESS RETAINAGE $ 211,206.00
The undersigned Contractor certifies that to the best of the Contractor's knowledge, (Line 4 less Line 5 Total)
information and belief the Work covered by this Application for Payment has been 7. LESS PREVIOUS CERTIFICATES FOR
completed in accordance with the Contract Documents, that all amounts have been PAYMENT (Line 6 from prior Certificate) $ 200,645.70
paid by the Contractor for Work for which previous Certificates for Payment were 8. CURRENT PAYMENT DUE $ 10,560.30
issued and payments received from the Owner, and that current payment shown 9. BALANCE TO FINISH, PLUS RETAINAGE $_ —0—
her••• . pow due. •
(Line 3 less Line 6)
CONTRA' OR: . B. VERDICO, INC. State of: Illinois County of: DUPAGE I.
Subscribed ands orn to b oree this 13�- day of ftLQ i'.-> ,19 n
j • Notary Public: ii • �f�,Q,`•.m,
:• ii Date: Feb. 27, 1987 My Commission expir ; ,
•e er Ter irn. •res-i en Cam^^ss':�wE Expires y31;193fb
AMOUNT CERTIFIED $ apf:� � ��'
ARCHITECT'S CERTIFICATE FOR PAYMENT
(Attach explanation if amount certified differs from the amount applied
for.)
In accordance with the Contract Documents, based on on-site observations and the ARCHITECT:
data comprising the above application,the Architect certifies to the Owner that to the ��►
best of the Architect's knowledge,information and belief the Work has progressed as By: %'T it )LCi1NLGe* Date: /l aIle.. fiv 3/i /78J
indicated,the quality of the Work is in accordance with the Contract Documents,and This Certificate is not negotiable. The AMOUNT CERTIFIED is payable only to the
the Contractor is entitled to payment of the AMOUNT CERTIFIED. Contractor named herein. Issuance,payment and acceptance of payment are without
prejudice to any rights of the Owner or Contractor under this Contract.
AIA DOCUMENT G702•APPLICATION AND CERTIFICATE FOR PAYMENT•MAY 1983 EDITION•AIA" •'C 1981
THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE, N.W., WASHINGTON, D.C. 20006 G702-1983
April 2, 1987
MEMORANDUM
TO: Mayor and Members of the City Council
FROM: James J. Cook, City Manager
SUBJECT: Payout Authorization - Old Main Escrow
PURPOSE: The purpose of this memo is to transmit a request for payment to the general
contractor working on the Old Main Restoration Project.
BACKGROUND: As you will recall, the City Council recently approved the renovation
plans and contracts for the Old Main building prepared by Burnidge, Cassell and
Associates. Pursuant to our agreement with the Historical Society and as a condition of
the Council's approval, money to fund the renovation contracts was deposited with an
escrow agent, First National Bank of Elgin, which will release those funds only on the
joint authorization from the City and the Historical Society. The escrow account was
funded with $10,500.00 from the City and the remainder from the Historical Society.
The City's portion was based upon the cost of renovating rooms to be controlled by the
City as well as the burglar alarm. The general contractor, P.B. Verdico Inc., has
received payments of $64,121.40, $27,192.00, $35,626.40, $21,895.00, $20,355.30,
5,576.17 and $25,879.43 for work previously completed. The architect has reviewed and
approved pay request number 8 in the amount of $10,560.30 and the Historical Society
has already authorized disbursement from the escrow account. Subsequent to receiving
such approval, we have learned that a lien in the amount of $9,761.00 has been served by
a subcontractor on the project. Our legal department is in contact with the
subcontractor's attorney and we expect this lien to be released in the near future.
FINANCIAL IMPACT: Financial obligation of the City for the entire contract has
already been met by deposit of $10,500.00 in the escrow account.
RECOMMENDATION: It is recommended that the City Council authorize the
preparation of a resolution authorizing disbursement of $10,560.30 to P.B. Verdico, Inc.
from the Old Main escrow account for the April 22 meeting.contingent upon release of
the above described lien.
a
/Manager
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