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29 <br /> The Board reviewed options and authorized the approach necessary to reconcile the <br /> budget for the 203 Greensboro Project, which, at the completion of the Schematic Design <br /> phase, is estimated to be $1,807,160 over the approved budget. <br /> BACKGROUND: <br /> At the March 10, 2020 Orange County Board of Commissioners Business meeting, the Board <br /> approved a final scope and budget for the construction of the 203 Project, named for its <br /> address at 203 South Greensboro Street, Carrboro, NC. This project is a joint venture between <br /> the Town of Carrboro and Orange County that is intended to construct an Orange County <br /> Southern library branch as well as permanent facilities for the Skills Development Center. The <br /> Town of Carrboro's portion of the project includes meeting spaces, a small theater, and office <br /> space. The proposed site of the development is an existing Carrboro municipal parking lot. <br /> The design process began in April 2020 and involved a series of interviews and meetings with <br /> the proposed building occupants. This work continued through the year and culminated in the <br /> development of a Schematic Design (SD) including a detailed cost estimate. As shown in the <br /> chart below, the total SD cost estimate was $2,592,533 over budget. Orange County's portion <br /> of the project was estimated to be $2,409,812 over the authorized budget of$15.6 million. <br /> Attachment 1 provides the detailed Schematic Design estimate for the project. <br /> Approved Project Budget $22,282,000.00 <br /> Schematic Design Estimate $24,874,533.00 <br /> Deficit -$2,592,533.00 <br /> Of the total estimated deficit, $2 million can be attributed to parking deck costs that exceeded <br /> initial budget assumptions. The approved budget anticipated the construction of a pre-cast <br /> parking deck costing $25,000 per parking stall. However, the limited size of the building site <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 fol owing chart summarizes this information. <br /> 4 of stalls Cost per stall Parking Cast <br /> ❑riginal 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 $ (401,970) $ (401,970) $ (401,970) <br /> parking deck to Town <br />