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24 <br /> 1 <br /> 2 203 South Greensboro Project Budget - Library Only <br /> 3 <br /> 4 Approved Capital Proposed Difference <br /> 5 Investment Plan Budget <br /> 6 <br /> 7 Professional Fees 40.5%/59.5% $1,172,500 $1,437,383 $264,883 <br /> 8 Library Construction @ 15,000 sq. ft. $4,625,000 $4,725,000 $100,000 <br /> 9 Skills Development Const. @ 12,600 sq. ft. <br /> 10 Parking Construction - 50 spaces $1,000,000 $1,250,000 $250,000 <br /> 11 Common Area Construction 40.5%/59.5% $729,000 $729,000 <br /> 12 Furniture, Fixtures, Equipment $750,000 $750,000 <br /> 13 Owners Contingency - 5% Construction Costs $335,650 $335,650 <br /> 14 TOTAL $6,797,500 $9,227,033 $2,429,533 <br /> 15 <br /> 16 Proceeding with the Library Only option would still require additional professional fees. This <br /> 17 option also reflects an escalation in the cost of parking spaces compared to the current project <br /> 18 budget as well as the introduction of costs for common area; furniture, fixtures, and equipment; <br /> 19 and an owner's contingency based on the Construction Manager at Risk project delivery <br /> 20 method. Additional details regarding this option are contained in Attachment#2 — Budget <br /> 21 Allocation Library Only. If this option is chosen, the County would continue to lease space for <br /> 22 Skills Development programming. The County has executed a five year lease in the Europa <br /> 23 Center totaling $1.18 million during that timeframe. The lease could be extended, modified, or <br /> 24 eliminated at the end of the five year period. <br /> 25 <br /> 26 The Draft First Amendment to the Development Agreement(Attachment 3) reflects the addition <br /> 27 of Skills Development space as described in Option 1. Choosing Option 2 would require a <br /> 28 renegotiation of the Amendment with the Town of Carrboro, and the timeline would be adjusted <br /> 29 accordingly. <br /> 30 <br /> 31 Once a final development agreement is executed by the parties, the project development <br /> 32 process will resume. A revised preliminary schedule has been created and is provided at <br /> 33 Attachment 4. The schedule indicates that the design will begin in March 2020 and continue <br /> 34 until April 2021. Construction will begin in May 2021 and conclude in June 2022. <br /> 35 <br /> 36 FINANCIAL IMPACT: The Board previously appropriated $6,797,500 for design and <br /> 37 construction of the Southern Branch Library. Option 1, adding the Skills Development Center <br /> 38 and recognizing total project costs, would add approximately $8.8 million to the project budget. <br /> 39 Option 2, constructing the Southern Branch Library only but recognizing the total project costs, <br /> 40 would add approximately $2.43 million. Either change to the project budget would be reflected <br /> 41 in the Manager's Recommended Capital Investment Plan with construction expenditures <br /> 42 planned for FY2021-22. <br /> 43 <br /> 44 Travis Myren made the following PowerPoint presentation: <br /> 45 <br /> 46 Final Project Scope <br /> 47 203 South Greensboro Street <br /> 48 <br /> 49 Most Recent Evolution of the Orange County Southern Branch Library Project <br /> 50 <br />