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29 <br /> 1 development of a Schematic Design (SD) including a detailed cost estimate. As shown in the <br /> 2 chart below, the total SD cost estimate was $2,592,533 over budget. Orange County's portion of <br /> 3 the project was estimated to be $2,409,812 over the authorized budget of$15.6 million. <br /> 4 Attachment 1 provides the detailed Schematic Desi n estimate for the project. <br /> Approved Project Budget $22,282,000.00 <br /> Schematic Design Estimate $24,874,533.00 <br /> 5 Deficit -$2,592,533.00 <br /> 6 <br /> 7 Of the total estimated deficit, $2 million can be attributed to parking deck costs that exceeded <br /> 8 initial budget assumptions. The approved budget anticipated the construction of a pre-cast <br /> 9 parking deck costing $25,000 per parking stall. However, the limited size of the building site <br /> 10 imposed constraints that required the construction of a "cast in place" parking deck costing <br /> 11 $36,170 per parking stall. In addition, the original budget was based upon the construction of 83 <br /> 12 Orange County parking stalls while the deck design requested by the building occupants <br /> 13 increased that total to 112 stalls. The foll wing chart summarizes this information. <br /> #of stalls Cost per stall Parking Cost <br /> original Parking Budget 83 $25,000 S2,075,000 <br /> 14 Schematic Design Estimate 112 $36,170 $4,075,274 <br /> 1 <br /> 15 <br /> 16 During December 2020, the project team conducted a Value Engineering (VE) exercise in an <br /> 17 effort to close the funding gap. A number of reduction strategies were employed, resulting in a <br /> 18 reduction of Orange County's portion of the deficit to $1,807,160. Attachment 2, the 203 <br /> 19 Schematic Design Cost Reduction Summary, provides details regarding the VE efforts taken to <br /> 20 date. Attachment 3 provides a cost allocation matrix that divides the VE savings between the <br /> 21 Town of Carrboro and Orange County. <br /> 22 <br /> 23 Several strategies can be used to reduce the remaining $1.8 million deficit. The following table <br /> 24 outlines different strategy combinations in five different options. <br /> 25 <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 FIFE 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 $ (58,800) $ (58,800) $ (58,800) <br /> 4.5% <br />