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<br /> The first option is to proceed with the addition of the Skills Development space. The table below
<br /> summarizes the proposed project budget and how it compares with funds currently planned in
<br /> the County's Capital Investment Plan.
<br /> 203 South Greensboro Project Budget with Skills Development
<br /> Approved Capital Investment Proposed
<br /> Plan Budget Difference
<br /> Professional Fees-56%/44% $ 1,172,500 $ 1,987,493 $ 814,993
<br /> Library Construction @ 15,000 sq.ft. $ 4,625,000 $ 4,725,000 $ 100,000
<br /> Skills Development Construction @ 12,600 sq.ft. $ - $ 3,969,000 $ 3,969,000
<br /> Parking Construction-83 spaces $ 1,000,000 $ 2,075,000 $ 1,075,000
<br /> Common Area Construction-56%/44% $ - $ 1,008,000 $ 1,008,000
<br /> Furniture,Fixtures, Equipment $ $ 1,250,000 $ 1,250,000
<br /> Owners Contingency-5%Construction Costs $ - $ 588,850 $ 588,850
<br /> TOTAL $ 6,797,500 $ 15,603,343 $ 8,805,843
<br /> The escalation of approximately $8.8 million in project costs is primarily attributable to four
<br /> factors. First, additional professional fees will be incurred as the plans are modified to remove
<br /> and repurpose space that had been allocated to the Arts Center. Second, the addition of the
<br /> Skills Development space would add approximately $3.9 million in construction costs and
<br /> approximately $1 million to add 33 parking spaces. The majority of this cost ($3.75 million) will
<br /> be repaid through the lease or sale of 501 and 503 West Franklin. Third, the original project
<br /> budget was created in the FY2011-16 Capital Investment Plan and did not contemplate a
<br /> shared facility with common areas or an adequate budget for furniture, fixtures, and equipment.
<br /> Finally, the owner's contingency is dependent on the project delivery method which was not
<br /> known when the project was originally included in the Capital Investment Plan. In this case, the
<br /> owner's contingency is based on using a Construction Manager at Risk method to deliver the
<br /> project. Additional details regarding this option are contained in Attachment #1 — Budget
<br /> Allocation with Skills Development.
<br /> The second option is to proceed only with the Southern Branch Library. Due to many of the
<br /> same factors listed above, this option would also involve additional costs as summarized in the
<br /> table below.
<br /> 203 South Greensboro Project Budget-Library Only
<br /> Approved Capital
<br /> Investment Plan Proposed Budget Difference
<br /> Professional Fees 40.5%/59.5% $ 1,172,500 $ 1,437,383 $ 264,883
<br /> Library Construction @ 15,000 sq.ft. $ 4,625,000 $ 4,725,000 $ 100,000
<br /> Skills Development Construction @ 12,600 sq.ft. $ - $ -
<br /> Parking Construction-50 spaces $ 1,000,000 $ 1,250,000 $ 250,000
<br /> Common Area Construction 40.5%/59.5% $ - $ 729,000 $ 729,000
<br /> Furniture,Fixtures, Equipment $ $ 750,000 $ 750,000
<br /> Owners Contingency-5%Construction Costs $ - $ 335,650 $ 335,650
<br /> TOTAL $ 6,797,500 $ 9,227,033 $ 2,429,533
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