San Bernardino header
File #: 2878   
Type: Consent Status: Passed
File created: 9/8/2020 Department: Real Estate Services-Project Management Division
On agenda: 9/15/2020 Final action: 9/15/2020
Subject: Escrow Agreement with McCarthy Building Companies, Inc. for 323 Building Acquisition and Remodel Project
Attachments: 1. CON-RESD-PMD-091520-Escrow Agmt w McCarthy Building Companies, Inc.
REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION

September 15, 2020

FROM
TERRY W. THOMPSON, Director, Real Estate Services Department - Project Management

SUBJECT
Title
Escrow Agreement with McCarthy Building Companies, Inc. for 323 Building Acquisition and Remodel Project
End

RECOMMENDATION(S)
Recommendation
Approve Escrow Agreement for Security Deposits in Lieu of Retention with McCarthy Building Companies, Inc. and U.S. Bank, National Association for the 323 Building Acquisition and Remodel Project.
(Presenter: Terry W. Thompson, Director, 387-5252)
Body

COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Improve County Government Operations.
Operate in a Fiscally-Responsible and Business-Like Manner.

FINANCIAL IMPACT
Approval of this item does not require additional Discretionary General Funding (Net County Cost) as the escrow agreement does not alter or impact the financial terms of the construction contract. The 323 Building Acquisition and Remodel Project budget of $37,200,000 is comprised of the following components:

Project Acquisition
$2,302,100
Project Management, Inspection
$2,570,000
Construction
$25,700,000
Construction Contingency
$2,600,000
Add Alternate Allowance
$257,100
Honorarium
$80,000
Software/ Hardware
$1,674,800
Furniture, Fixtures and Equipment & Moving Expenses
$2,016,000
Total Project Budget
$37,200,000

BACKGROUND INFORMATION
Approval of the recommendation will authorize the Real Estate Services Department, to complete the escrow agreement with McCarthy Building Companies, Inc. (McCarthy) to deposit retention payments in an escrow account. Retention payments are a percentage (5 percent) of the amount withheld from each progress payment billed monthly for work completed, until the completion of the project, for the purpose of ensuring the contractor completes the project scope of work properly. The 323 Acquisition and Remodel Project (Project) which ...

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