HomeMy WebLinkAboutItem 05 - Grapevine Main StationMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: NOVEMBER 20, 2018
SUBJECT: COURY HOSPITALITY GUARANTEED MAXIMUM PRICE FOR PHASE II
OF CONSTRUCTION OF THE GRAPEVINE MAIN STATION PROJECT
RECOMMENDATION: City Council consider a guaranteed maximum price with Coury Hospitality
for Phase II of the Grapevine Main Station Project.
FUNDING SOURCE: Funding is available in the General Facilities Capital Projects Fund (Fund
177 Grapevine Main Station Project) in an amount not to exceed
$46,859,820.
BACKGROUND: Approval of this guaranteed maximum price for Phase II will provide
authorization for Coury Hospitality to complete the construction of the
Grapevine Main Station, observation tower, and plaza. The City Council
approved the project budget on November 16, 2017 and approved Phase I
of the project on December 5, 2017. Phase I had a guaranteed maximum
price not to exceed of $30,185,180. Phase II has a guaranteed maximum
price not to exceed of $46,859,820 for a total project guaranteed maximum
price not to exceed of $77,045,000.
Staff recommends approval.
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