The Fulton Town Council, at its special meeting Tuesday, June 23, approved the Guaranteed Maximum Price (GMP) Proposal and Basis of Price for the Fulton Fishing Pier replacement as submitted by Construction Manager G2 Contractors, LLC.
The GMP is $1,902,059.37, broken down as follows:
• Marine construction contract - $1,495,500
• Electrical construction contract - $71,837
•All-risk insurance with named storm ($250 deductible) - $24,162
• Construction manager general conditions - $143,059.35
• CM insurance (GL, Auto, UM, WC, etc.) - $21,994.49
• Owner contingency - $25,000
• Construction manager fee per contract - $97,985.43
• Bonding - $22,520.60
The Texas Parks and Wildlife Foundation (TPWF) is managing the project (previously estimated at $1.9 million), and the town secured the majority of funding from FEMA. YETI has pledged $184,000 toward the 10 percent match required for FEMA funding, and the TPWF raised additional dollars from the Sid W. Richardson Foundation for engineering and design of the new pier.