06-22-2017 - Laserfiche WebLink

Metro Flood Diversion Authority—May 25, 2017 3 8. FINANCE UPDATE Committee report The Finance Committee met on May 24th. Mr. Grindberg briefly discussed the financial report and said the cash outlays are in line with the budget. Also, the committee rejected bids for the Oxbow City Park relocation project, which will be re-bid with a different scope of work. MOTION, passed Mr. Peterson moved and Mr. Weyland seconded to receive and file the financial report as presented. Motion carried. Refinancing of Wells Fargo Loans Michael Montplaisir, Cass County Auditor, said Fargo and Cass County each have two $50 million loans through Wells Fargo with two loans due in 2017 and two due in 2018. Staff have been working with Wells Fargo to combine and refinance all four loans so the city and county each have one $100 million loan. The refinancing will extend the due date for the loans to 2019. He said interest rates will be less and this will allow more flexibility for other financing. MOTION, passed Mr. Vanyo moved and Mr. Grindberg seconded to endorse the plan to refinance the loans through Wells Fargo as presented and as approved by the Finance Committee. On roll call vote, the motion carried unanimously. Voucher approval The bills for the month are with Cass County Joint Water Resource District (CCJWRD) for costs associated with the Metro Flood Diversion, in-town levees, Diversion Project Assessment District, OHB levee, and Oxbow Country Club golf course construction; Dorsey & Whitney LLP for legal services; Civil Design, Inc. for professional engineering fees; Ohnstad Twichell, P.C. for legal services; and Erik R. Johnson & Associates, Ltd. for legal services. MOTION, passed Mr. Piepkorn moved and Mr. Vanyo seconded to approve the vouchers received through May 18, 2017, in the amount of $1,526,370.61. On roll call vote, the motion carried unanimously. Recommended Contracting Actions Ty Smith discussed a change order, which was approved by the Technical Advisory Committee and Finance Committee:  Industrial Builders, Inc. (Change Order 02 – 2nd Street Floodwall North of Pump Station)—asphalt paving, BNSF railroad ties, floodwall cap, traffic control, additional differing subsurface conditions and unit rate quantity adjustments in the amount of $55,605.75. MOTION, passed Mr. Grindberg moved and Mr. Brodshaug seconded to approve the outlined change order. On roll call vote, the motion carried unanimously. Recommended Contract Awards Mr. Smith discussed a construction contract, which was approved by the Technical Advisory Committee and Finance Committee: