OPEN SESSION MAY 29, 2025 PAGE 6 OF 10
critical path without materially impacting the Phase 2 Contract negotiations and estimating. Each EWP will include a defined scope of work, schedule, and cost.
While the original RFP includes discussion of the concept of EWPs, the contract awarded on August 29, 2024, did not expressly address the implementation of EWPs. To address this, MDTA is proposing to execute KB-4903-0000 Contract Modification 1, which provides the contractual framework to assign EWPs to the KIC. EWPs are represented in three categories: long lead items, early construction activities, and miscellaneous support activities. He further explained that the MDTA is utilizing the services of an Independent Cost Estimator (ICE) firm to provide an independent opinion of the construction cost, means and methods, and schedule to be used as a comparison point for KIC’s estimate of the Phase 2 Contract services. Additionally, the ICE is providing separate and standalone estimate packages for each contemplated EWP. KIC and ICE will submit these estimates to MDTA in a blind fashion, and the estimates will then be compared, and discussions, adjustments, and revisions will be performed to economize the means, methods, and cost. Through this estimate reconciliation process, the KIC prices are either deemed reasonable, at which time the work can be agreed to, or unreasonable, at which point the MDTA reserves the right to deliver the work under a separate contract. This process applies to both the EWPs and the Phase 2 Contract. Throughout the Phase 1 Contract process, MDTA and KIC have contemplated multiple potential EWPs, some of which are still under consideration and others that were considered but not pursued. The MDTA has reviewed comparative estimates to date from KIC and ICE to determine the level of contract authority required to authorize the most time sensitive EWPs. Based off the pricing comparisons to date, we are seeking the Board’s approval for KB -4903-0000 EWPs in a not-to-exceed amount of $250,000,000.00. The authority to approve the exact scope, cost, and schedule specific to each individual EWP would be delegated to the Chief Engineer, with reports provided back to the Board to document agreed upon work. The cumulative total of EWPs shall not exceed $250,000,000.00 without Board approval. Upon motion by Member Maricela Cordova and seconded by Member Samuel D. Snead, the Members unanimously gave approval of Modification 1 for Contract No. KB-4903-0000, the Key Bridge Progressive Design-Build (PDB) contract, and a not-to-exceed amount of $250,000,000.00 to negotiate Early Work Packages (EWP).
APPROVAL
– QUARTERLY REVIEW OF INVESTMENT STRATEGY AND
BENCHMARKS
Mr. Allen Garman requested MDTA Board approval to continue with the current investment strategies and benchmarks for all accounts.
Mr. Garman explained that the chosen strategies and benchmark indices represent a reasonable and prudent compromise between long-term, multiyear return/income focus and tolerance for return volatility. Also, no changes in strategy or benchmarks are recommended.
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