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CABARRUS COUNTY <br /> Post Office Box 707 <br /> CONCORD, NORTH CAROLINA 28026 <br /> <br />January 9, 1990 <br /> <br />M E M O <br /> <br />TO: Board of Commissioners <br /> <br />FROM: Blair Bennett, Finance Director~ , <br /> <br />SUBJECT: Governmental Center Retainage <br /> <br />The contracts for the Cabarrus County Governmental Center <br />all require a 10% retainage withheld from monthly progress <br />payments. The State of North Carolina requires 5% retainage <br />on their contracts, further reduced to 2 1/2% as contracts <br />near completion. According to the architect for Cabarrus <br />County Schools, the new Mt. Pleasant School contracts retain <br />10% until 50% completed with option to reduce to 5% if <br />construction proceeds as scheduled. The Cabarrus County <br />Governmental Center is nearly 80% completed and on schedule <br />according to the architect, therefore I am requesting that <br />all prime contracts be reduced to a 5% retainage for the <br />remaining completion of the project. <br /> <br /> <br />