Meeting_Body
CONSTRUCTION COMMITTEE
APRIL 21, 2022
Subject
SUBJECT: METRO SMALL BUSINESS BONDING ASSISTANCE PROGRAM
Action
ACTION: APPROVE CONTRACT MODIFICATIONS
Heading
RECOMMENDATION
Title
CONSIDER:
A. AUTHORIZING the Chief Executive Officer to execute Modifications to Contract No. PS137313000 with Merriwether and Williams Insurance Services, Inc. to continue to provide Small Business Bonding Assistance Program services and Contractor Finance Assistance Program (CFAP) administration in the amount of $450,000, increasing the total contract price from $2,197,870 to $2,647,870, and extend the period of performance from June 1, 2022, through November 30, 2022;
This Contract Modification also includes an as-needed option to extend the contract period of performance up to an additional six (6) months or through May 31, 2023, and increase the total contract price up to an additional $450,000, for a total not-to-exceed contract price of $3,097,870.
B. AUTHORIZING the Chief Executive Officer to approve budget for the Contractor Finance Assistance Program (CFAP) loan fee which provides financial relief for certified small businesses performing on a Metro contract for an amount not to exceed $300,000; and
C. ADOPTING a resolution, Attachment A, authorizing the Chief Executive Officer and other Authorized Officers to continue the $4,000,000 line of credit with Bank of America for six months at a cost of $8,000 with the option to extend for an additional six months at a cost of $8,000, and to execute as needed, individual standby letters of credit at a cost of $2,000 each or 2% of the value of each letter of credit executed, whichever is greater, for a six-month period in the amount of $37,500 with an option for an additional six-month period for $37,500 for a not-to-exceed amount of $71,000 if the option is exercised.
(REQUIRES SEPARATE, SIMPLE MAJORITY VOTE OF THE FULL BOARD)
Issue
ISSUE
Metro identified the need to provide bonding assistance to cer...
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