|
I of the Northern Campus project could also be postponed. Postponing the Environment and
<br /> 2 Agricultural Center and the Parks Operations Base would defer $7.75 million in construction
<br /> 3 costs. Given the County's current debt profile, debt capacity will begin to increase in FY2023-
<br /> 4 24. See Attachment 4.
<br /> 5
<br /> 6 Using a combination of these strategies, current project costs may be reduced. The following
<br /> 7 table outlines different strategy combinations in four (4) different options.
<br /> 8
<br /> 9 NORTHERN CAMPUS PROJECT OPTIONS
<br /> 10
<br /> Current Estimated Costs
<br /> and Option 1 Option 2 Option 3 Option 4
<br /> Estimated Project Costs — $ 41,155,486
<br /> January 2019 $ 28,095,831) $ 41,155,486 $ 41,155,486 $ 41,155,486
<br /> Appropriated Budget $ (28,095,831) $ (28,095,831) $ (28,095,831)
<br /> DIFFERENCE $ (13,059,655) $ (13,059,655) $ (13,059,655) $ (13,059,655)
<br /> Cost Reduction Strategies
<br /> Repurpose Funds from Prior Jail
<br /> Project $ 719,700 $ 719,700 $ 719,700 $ 719,700
<br /> Value Engineering $ 875,000 $ 875,000 $ 875,000 $ 875,000
<br /> Strategies Project Scope $ 438,000 $ 438,000 $ 438,000 $ -
<br /> Reductions Other CIP
<br /> Deferments Postpone EAC $ 2,655,500 $ 2,655,500 $ 2,655,500 $ 2,655,500
<br /> and Parks Ops.
<br /> Construction $ 7,751,375 $ 7,751,375 $ - $ -
<br /> Reduce Detention Center $ 2,647,020 $ - $ - $ -
<br /> GaDaGitV
<br /> TOTAL COST REDUCTION
<br /> STRATEGIES $ 14,366,895 $ 11,719,875 $ 3,968,500 $ 3,530,500
<br /> DIFFERENCE $ 2,026,940.00 $ $ $ (8,809,455.00)
<br /> 11
<br /> 12 Option 1 would fund a smaller Detention Center only. It employs a sufficient
<br /> 13 number of reduction strategies to create a positive project balance of
<br /> 14 approximately$2 million.
<br /> 15
<br /> 16 Option 2 funds a 144 bed Detention Center but defers construction of the
<br /> 17 Environment and Agricultural Center and Parks Operations. This option would
<br /> 18 require an additional $620,000 in budget authorization.
<br /> 19
<br /> 20 Option 3 completes all of the components of the project but eliminates
<br /> 21 project scope requested by the stakeholders. This option would require
<br /> 22 approximately $8.37 million in additional budget authorization.
<br /> 23
<br />
|