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2 <br /> imposed constraints that required the construction of a "cast in place" parking deck costing <br /> $36,170 per parking stall. In addition, the original budget was based upon the construction of 83 <br /> Orange County parking stalls while the deck design requested by the building occupants <br /> increased that total to 112 stalls. The following chart summarizes this information. <br /> #of stalls Cost per stall Parking Cost <br /> Original Parking Budget 83 $25,000 $2,075,000 <br /> Schematic Design Estimate 112 $36,170 $4,075,274 <br /> During December 2020, the project team conducted a Value Engineering (VE) exercise in an <br /> effort to close the funding gap. A number of reduction strategies were employed, resulting in a <br /> reduction of Orange County's portion of the deficit to $1,807,160. Attachment 2, the 203 <br /> Schematic Design Cost Reduction Summary, provides details regarding the VE efforts taken to <br /> date. Attachment 3 provides a cost allocation matrix that divides the VE savings between the <br /> Town of Carrboro and Orange County. <br /> Several strategies can be used to reduce the remaining $1.8 million deficit. The following table <br /> outlines different strategy combinations in five different options. <br /> 203 Project Budget Options <br /> Option 1 Option 2 Option 3 Option 4 Option 5 <br /> Eliminate 20 stalls from <br /> parking deck to Town $ (401,970) $ (401,970) $ (401,970) <br /> Ordinance minimums <br /> Eliminate an additional 20 <br /> stalls from parking deck and <br /> replace with offsite leased $ (780,788) $ (780,788) <br /> spaces <br /> Transfer FFE to construction $ (447,775) $ (375,000) $ (84,390) <br /> budget <br /> Reduce STC rating in window <br /> glazing in 57% of windows, $ (117,827) $ (74,824) <br /> opt 1 and 36% opt 3 <br /> Reduce Construction <br /> Contingency from 5%to 4.5% $ (58,800) $ (58,800) $ (58,800) <br /> Shell Out Library and <br /> Eliminate Library FFE $(1,262,000) <br /> Shell Out Orientation Room $ (63,000) <br /> Remove Outdoor Terrace and <br /> G $ (52,778) <br /> Green Roof <br /> Total Cost Reduction $(1,807,160) $(1,807,160) $(1,807,160) <br /> Strategies <br /> Debt Finance Total Project <br /> $1,807,160 <br /> Deficit <br /> Debt Finance with $950,000 <br /> in Project Offsets $857,160 <br />