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<br />
<br />Bonds and Insurance $ 431,077 $ 431,077
<br />GMP TOTAL $ 36,354,082 $ 35,329,159 $ (1,024,923)
<br /> Acquisition & Easements $ 419,050 $ 419,050 Furniture, Fixtures & Equipment $ 625,000 $ 625,000 Professional Fees $ 3,273,148 $ 3,273,148 Owner’s Contingency #2 $ 738,370 $ 369,185 50% Reduction
<br />ACQUISITION & FEE TOTAL $ 5,055,568 $ 4,686,383 $ (369,185)
<br />
<br />TOTAL PROJECT BUDGET $ 41,409,650 $ 40,015,542 $ (1,394,108)
<br />
<br />Northern Campus Development Budget Comparison
<br />
<br />Budget Versus Budget Model #1 Cost Controls
<br /> Budget
<br />Current Cost
<br />Estimate
<br />With Simulated
<br />Cost Controls
<br />Difference
<br />Acquisition $399,050 $419,050 $20,000
<br />Construction + Energy
<br />Efficiency GMP $34,730,474 $35,329,159 $598,685
<br />Furniture, Fixtures &
<br />Equipment $625,000 $625,000 $-
<br />Owner Contingency $1,338,370 $369,185 $(969,185)
<br />Professional Fees $3,112,712 $3,273,148 $160,436
<br />TOTAL REVISED COST
<br />ESTIMATE $40,205,606 $40,015,542 $(190,064)
<br />
<br />Northern Campus Guaranteed Maximum Price
<br />• GMP and Notice to Proceed – Two Phases
<br />o GMP #1 - $10,019,850
<br /> Site Work and Long Lead Time Materials
<br /> Avoid Winter Conditions
<br /> Notice to Proceed – September 9, 2019
<br />o Local Government Commission (LGC) Approval
<br /> Approves Financing for GMP #1
<br /> October 1, 2019
<br />o GMP #2 - $26,334,232
<br /> Balance of GMP Costs
<br /> Notice to Proceed After LGC Approval
<br /> Project Financed as Cash Flow Dictates
<br />
<br />Recommended Board Action
<br />1. After comparing the advantages and disadvantages of using the construction
<br />management at risk method for this project versus those identified in NC General
<br />Statute 143-128(a1)(1) through NC General Statute 143-128(a1)(3), the Board
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