AWARD OF CONTRACT 8074Q – ON-CALL ELEVATOR CONTRACTOR

Based on historical expenditures for the work under this contract, it is estimated that the total value of the proposed contract over a three-year tenn will be approximately $326,154.00, plus contingency as summarized below in Table 2. A contingency has been applied to account for continued cost escalation of materials and parts, unplanned emergency repairs related to the City's ageing infrastructure and to allow for future additional buildings that may fall under the City's responsibility. Table 2: Total Three-Year Term Cost Year 2023 Year 2024 Year 2025 Subtotal Contingency Total (3 Years) $108,718.00 $108,718.00 $108,718.00 $326,154.00 $81,846.00 $408.000.00 The City has the option to extend the proposed contract for two additional one-year terms. The estimated cost associated with this extension are summarized below in Table 3. Table 3: Contract Extension Cost Year 2026 Year 2027 Subtotal Contingency Total (2 Years) $114,408.00 $119,573.00 $233,981.00 $59,019.00 $293.000.00 The total amount for the maximum five-year term is $701,000.00. The decision to extend the contract by an additional two years would be based on the Company's individual performance over the initial tenn.

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