Treasury's Mint Awards $3.1M for VAULT D Renovation Under Full and Open Competition
Contract Overview
Contract Amount: $3,116,306 ($3.1M)
Contractor: THE Riff Group, LLC
Awarding Agency: Department of the Treasury
Start Date: 2023-09-27
End Date: 2028-09-14
Contract Duration: 1,814 days
Daily Burn Rate: $1.7K/day
Competition Type: FULL AND OPEN COMPETITION
Pricing Type: FIRM FIXED PRICE
Sector: Construction
Official Description: TASK ORDER2031JG23D00020-2031JG23F00373 VAULT D (B48) RM240 RENOVATION
Place of Performance
Location: PHOENIXVILLE, MONTGOMERY County, PENNSYLVANIA, 19460
Plain-Language Summary
Department of the Treasury obligated $3.1 million to THE RIFF GROUP, LLC for work described as: TASK ORDER2031JG23D00020-2031JG23F00373 VAULT D (B48) RM240 RENOVATION Key points: 1. Contract awarded for industrial building construction services. 2. The contract is a firm-fixed-price delivery order. 3. Competition was full and open, suggesting a competitive bidding process. 4. The project duration is approximately 5 years.
Value Assessment
Rating: fair
The contract value of $3.1M for a 5-year renovation project appears reasonable given the scope. Benchmarking against similar industrial building construction contracts would provide a more definitive assessment of value.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
Full and open competition was utilized, indicating that multiple vendors had the opportunity to bid. This method generally promotes price discovery and competitive pricing.
Taxpayer Impact: The use of full and open competition is positive for taxpayers as it aims to secure the best value through market forces.
Public Impact
Renovation of critical infrastructure (VAULT D) at the US Mint ensures operational continuity. The project supports the construction sector and associated supply chains. Long-term investment in facility upgrades can enhance security and efficiency.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Project duration of 5 years may lead to cost overruns if not managed tightly.
- Lack of small business participation noted.
Positive Signals
- Full and open competition utilized.
- Firm-fixed-price contract type limits cost uncertainty.
Sector Analysis
This contract falls under industrial building construction, a sector critical for national infrastructure and security. Spending benchmarks vary widely based on project complexity and location.
Small Business Impact
The data indicates no small business participation in this contract. Further analysis is needed to understand if opportunities were missed or if the project scope inherently excluded small businesses.
Oversight & Accountability
The contract is a delivery order under a larger award, suggesting it may be part of a broader framework agreement. Oversight will be crucial to ensure adherence to the firm-fixed-price terms and project milestones.
Related Government Programs
- Industrial Building Construction
- Department of the Treasury Contracting
- United States Mint Programs
Risk Flags
- Long project duration (5 years).
- No small business participation.
- Potential for scope creep in renovation projects.
- Dependence on a single contractor for an extended period.
Tags
industrial-building-construction, department-of-the-treasury, pa, delivery-order, 1m-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of the Treasury awarded $3.1 million to THE RIFF GROUP, LLC. TASK ORDER2031JG23D00020-2031JG23F00373 VAULT D (B48) RM240 RENOVATION
Who is the contractor on this award?
The obligated recipient is THE RIFF GROUP, LLC.
Which agency awarded this contract?
Awarding agency: Department of the Treasury (United States Mint).
What is the total obligated amount?
The obligated amount is $3.1 million.
What is the period of performance?
Start: 2023-09-27. End: 2028-09-14.
What specific renovation activities are included in the VAULT D project, and how do they align with the $3.1M budget?
The provided data does not detail the specific renovation activities. A comprehensive review of the Statement of Work (SOW) is necessary to understand the scope, including structural upgrades, security enhancements, or system installations. Comparing the estimated costs for these specific tasks against industry averages for similar renovation projects would be key to assessing value.
What are the potential risks associated with a 5-year renovation timeline for a critical facility like VAULT D?
A 5-year timeline for renovating a critical facility like VAULT D presents risks such as potential delays due to unforeseen site conditions, material shortages, or changes in regulatory requirements. There's also a risk of scope creep and escalating costs if not managed meticulously. Ensuring robust project management, contingency planning, and clear communication channels are vital to mitigate these risks.
How effective was the full and open competition in achieving the best possible price for this renovation project?
The utilization of full and open competition is generally effective in driving competitive pricing by allowing multiple qualified vendors to submit bids. However, the ultimate effectiveness depends on the clarity of the solicitation, the number and quality of bids received, and the government's negotiation strategy. A thorough post-award analysis comparing the winning bid to independent cost estimates would further clarify the price effectiveness.
Industry Classification
NAICS: Construction › Nonresidential Building Construction › Industrial Building Construction
Product/Service Code: MAINT, REPAIR, ALTER REAL PROPERTY › MAINT, ALTER, REPAIR NONBUILDINGS
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION
Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 100 SCHELL LN, PHOENIXVILLE, PA, 19460
Business Categories: Category Business, Economically Disadvantaged Women Owned Small Business, Limited Liability Corporation, Not Designated a Small Business, Partnership or Limited Liability Partnership, Small Business, Special Designations, U.S.-Owned Business, Woman Owned Business, Women Owned Small Business
Financial Breakdown
Contract Ceiling: $3,116,306
Exercised Options: $3,116,306
Current Obligation: $3,116,306
Actual Outlays: $146,978
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES PROCEDURES NOT USED
Cost or Pricing Data: NO
Parent Contract
Parent Award PIID: 2031JG23D00020
IDV Type: IDC
Timeline
Start Date: 2023-09-27
Current End Date: 2028-09-14
Potential End Date: 2028-09-14 00:00:00
Last Modified: 2026-03-13
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