Finance committee agrees to return money to Zook
After much discussion the Aledo City Council agreed to return $21,492.50 to Craig Zenk Excavating at the council's finance committee meeting Dec. 15.
The money is a partial reimbursement of the performance bond requirement for the NE 3rd Avenue Water Line Relocation project. In lieu of a typical Performance Bond Zenk Excavating provided a cashier's check in the amount of $68,383 as security for performance of the contract and the payment of all labor/materials. The actual cost of the project was $46,890.50. The city will retain the money from the cost of the project as security during the guarantee period.
The committee discussed potential uses of the sale proceeds from the sale of lots one and two in Progress Park. Possible uses for the proceeds included starting work on the Main Street extension project; work on the multi-purpose path and keeping the money for a rainy day.
The committee also agreed to deliver $5,000 to the Mercer/Muscatine revolving loan fund. Money from the fund will be loaned to Shirt Tales for business expansion.