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27 <br /> <br /> <br />Bonds and Insurance $431,076 <br />1.2% of Cost of Work <br />TOTAL GUARANTEED MAXIMUM <br />PRICE $36,354,082 <br /> <br />At the end of the construction project, any unspent owner contingency funds or allowances are <br />retained by the County. If any amount of the Construction Manager contingency is unspent, <br />seventy percent (70%) is retained by the County, and thirty percent (30%) is shared with the <br />construction manager as an incentive to avoid unnecessary construction costs. <br /> <br />The GMP is one of the required elements to seek approval from the Local Government <br />Commission (LGC) to borrow money for the project. LGC approval is scheduled for October 1, <br />and approximately $10 million of the total project costs are recommended for financing in the <br />Fall financing package based on cash flow needs. <br /> <br />Bordeaux Construction has requested a notice to proceed on the initial site work and long lead <br />time materials immediately following acceptance of the GMP in order to avoid winter site <br />conditions and remain on schedule for project delivery. As a result, the proposed GMP is <br />recommended in two parts. The first part (GMP #1) is $10,019,850 million would be allowed to <br />proceed prior to formal approval by the LGC on October 1. This strategy has precedent and <br />poses minimal risk to the County. The notice to proceed for the balance of the project (GMP #2) <br />totaling $26,334,232 would occur following formal approval by the LGC as the construction <br />schedule dictates. <br /> <br />FINANCIAL IMPACT: The Board of Commissioners authorized a total project budget of $40.2 <br />million. Given a GMP of $36.4 million, projected professional fees of approximately $3.3 million, <br />and a furniture, fixtures, and equipment budget of $625,000, the project is expected to be on <br />budget assuming that contingency funds and other allowances are not entirely exhausted during <br />construction. <br /> <br />Travis Myren made the following PowerPoint presentation: <br /> <br />Northern County Campus <br />Guaranteed Maximum Price <br />Board of Orange County Commissioners <br />September 3, 2019 <br /> <br />Purpose <br />• To accept a Guaranteed Maximum Price (GMP) of $36,354,082 as presented by <br />Bordeaux Construction for the development of the Orange County Northern Campus. <br /> <br />Northern County Campus Schedule (flow chart) <br /> <br />Northern Campus Revised Site Plan <br /> <br />Northern Campus Revised Site Plan <br />• Site plan changes since schematic design <br />– Land Swap <br />• Finalized to Straighten Eastern Property Line