[AH1]
title
Increase the Project Authorization for the Rosemary Street Parking Deck.
body
Staff:
Department:
Chris Blue, Town Manager
Town Manager
Mary Jane Nirdlinger, Deputy Town Manager
Amy Oland, Director
Business Management
Lance Norris, Director
Public Works
Chad Brown, Capital Projects Manager
Overview: See staff memo.
Recommendation(s):
That the Council increase the project authorization by up to $3.02 million to cover the materials and costs for completion.
Key Issues:
* The current cost estimate to complete the project, which includes materials fees, price escalation, and unforeseen construction needs, as well as design fees and other costs associated with the project, exceeds the approved project budget.
* The project authorization must be increased in order for the Town to finish paying for the project.
Fiscal Impact/Resources:
* The ultimate goal is for the Parking Fund to generate the revenues (parking fees) necessary to support the annual debt service payments on a borrowing.
* For now, excess project costs can temporarily be paid from Debt Service fund balance which allows the staff time to confirm final project costs beyond the known costs and to limit a future borrowing to only what is necessary. This strategy also expands our borrowing options to include Limited Obligation Bonds (LOBS) and installment financing.
Attachments:
* Authorizing Resolution
* Reimbursing Resolution
* Staff Memorandum
A RESOLUTION INCREASING THE PROJECT AUTHORIZATION BY UP TO $3.02 MILLION FOR THE ROSEMARY STREET PARKING DECK (2024-03-06[CW2][AH3]/R-4)
WHEREAS, the Council approved the Rosemary Street Parking Deck construction in June, 2021 with an overall project budget of $39 million; and
WHEREAS, the Council approved an increase of up to $9 million in the project authorization due to previously unknown site conditions which required different foundation design from the one originally bid and contracted for; and
WHEREAS, the change to the ...
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