Laserfiche WebLink
ProiectCosts <br /> <br />The total cost of the project to the City and to the property developers was last reported to <br />Council as $38.5 million. <br />The total cost is now estimated to be $40.8 million. <br />The City's portion of these costs is $35.3 million as follows: <br />· / Golf Course and related facilities - $20.0 million <br />ff Open space/parkland and trails - $ 5.8 million <br />v' Infrastructure (water, sewer, roads) - $ 9.5 million <br />Infrastructure related to the private development of 24 lots and the TTK property totals <br />$5.5 million, and has started to be repaid to the City as the lots are sold. <br />Project cost since last reported to the Council have increased by $2.3 million and are due <br />mostly to: <br /> <br /> ~ Additional work - $1.2 million <br /> ~ Set aside (estimate) to resolve <br /> contractor claims - $0.6 million <br /> ,/ Additional consultant support - $0.8 million <br /> · / Less existing contingency for above- ($0.3) million <br /> $2.3 million <br />Funding Sources <br /> <br />Funding sources for the City portion of the project total $35.3 million and include: <br /> <br />General Fund loans previously authorized by Council <br />Interest earnings <br />Certificates of Participation (Certificates issued in 2003) <br />Contributions from New Cities & Black Mountain Dev. <br />Requested additional transfer from CIP reserves <br /> <br />$9.63 million <br />1.84 million <br />22.50 million <br />0.13 million <br />1.22 million <br /> <br />$35.32 million <br /> <br />Current Actions <br /> <br />Current Actions Being Taken to Assure Timely Completion of the Project <br /> <br />Assignment of Rob Wilson, Director of Public Works, full time to the project <br />Substitution of a new subcontractor to perform the majority of the remaining golf <br />course work <br />Development of a new more aggressive construction schedule <br /> <br />SR:05:068 <br />Page 4 <br /> <br /> <br />