Committee authorizes $735,014 advance deposit for Amtrak bridge construction

The Finance Administration Committee on July 17 authorized an advance deposit of $735,014 to begin Amtrak bridge construction, representing 10% of the project's construction phase cost estimate. Committee members were told the payment follows an execution agreement signed last year and that a notice to proceed was issued the day before the meeting.

Maggie Dobbs, the borough manager and treasurer, told the committee the deposit is reimbursable under the contract and that staff will submit the payment to Amtrak by wire transfer after authorization. Committee members voted to authorize the payment so the construction phase can proceed on schedule.

Committee members did not discuss additional financing details at length during the meeting; staff said the payment was an anticipated step outlined in the previously executed contract documents.