SJN Construction Services Receives Metro’s Second Issued Bond
On Friday, June 7, Metro’s Contractor Development and Bonding Program (CDBP) was successful in completing its second bond transaction to assist a Metro Certified Small Business Enterprise (SBE) construction firm in obtaining Payment and Performance bonds for a Metro project. After learning about the CDBP, SJN Construction Services, approached the Program to obtain bonding assistance for a $5 Million subcontract they had recently received from Icon-West Inc. to perform work on the Willowbrook / Rosa Parks Station Improvements Package A&C, Blue Line Station Improvements & New Plaza.
At the time that SJN Construction Services approached the Program, their current financial situation left them with insufficient surety credit for the new Metro work with Icon-West. In order to get the surety to extend additional credit, Metro’s CDBP program provided $250,000 in Program collateral support and other program risk mitigation services, which enabled the surety for SJN Construction Services to approve the Payment and Performance bond needed for the new Metro project. Thank you to Keith Compton and Michael Luna of DEOD, CDBP team for their work on behalf of Metro to support our small business communities and ensure they get fair opportunities to work on Metro projects.
G&F Concrete Demolition for Rosa Parks Station
Small woman owned business, G&F Concrete, demolishes old structures to make way for new Rosa Parks Station facility.
On Tuesday, July 31, 2018, Metro was successful in completing its first bond transaction to assist a certified DBE / SBE minority woman owned construction firm obtain bonds for a Metro concrete cutting project. We are pleased to congratulate G&F Concrete Cutting Inc. who is the first recipient of Metro’s bonding program, and who has been awarded a 1.1 million dollar concrete cutting contract on the Willowbrook/Rosa Parks Station Improvement Package, Blue Line Station Improvements & New Plaza project.
At the time that G&F approached the Program, their outstanding work in progress had caused G&F to exhaust their current bonding capacity leaving them insufficient surety credit for the new Metro concrete work. In order to get the surety to extend additional credit, Metro’s CDBP program provided $250,000 in Program collateral support and other program risk mitigation services, which enabled G&F’s surety to approve the Payment and Performance bond needed for the new Metro project. With the additional capacity supported by Metro’s Program, G&F will not only be able to perform the additional Metro work, but will establish itself at a new capacity level supporting their ability to grow and take on larger projects in the future.