Award of Contract 8307P - Provision of Parking Meter Equipment

The anticipated lifespan of parking meters is 10 to 15 years. After the initial five-year term, the City will, subject to future budget approval and satisfactory contractor performance, have the option to extend the contract for an additional five years under the same terms and conditions. Pricing beyond the initial term will be adjusted according to the Consumer Price Index (CPI). The estimated costs associated with the extension is summarized in Table 4. Table 4 - Total Extension Five-Year Term Cost Ongoing System Maintenance Fees $ 271,988.12 Ongoing Parking Management Software License $ 252,560.40 Subtotal $ 524,548.52 Contingency ( 10%) $ 52,454.85 Estimated Total Years 6-10 $ 577,003.37 The maximum contract value over a 10-year contract term is estimated at $1,618,059.87 including contingency.

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