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DISCUSSION
<br />
<br />Project Costs
<br />
<br />As the project moves closer to completion and readies for the grow-in phase, the costs
<br />associated with the three major categories of work have become better defined. Prior reports
<br />detailed construction costs based on seven categories of work as depicted in the first column in
<br />the table below. The three categories listed above (Golf Course and Facilities, Open Space, and
<br />Infrastructure) provide a better summary of the total costs associated with the major elements of
<br />this project.
<br />
<br />In addition, in previous reports to Council, staff had typically increased the project budget to
<br />include the cost of work performed to benefit the property residential lot developers. These
<br />costs will be reimbursed to the City as the lots are sold. The total cost of the project to the City
<br />and to the property developers was last reported to Council as $38,510,000. The cost is now
<br />$40,794,500. The chart below also delineates the revised cost to the City ($35,321,500) and the
<br />revised cost to the property developers ($5,473,000).
<br />
<br /> Categories of Work (1) (2) (3) Costs to Total Costs
<br /> Golf Course Open Space Infrastructure Others
<br />1 Golf Course $12,051,448
<br />2 Clubhouse &
<br /> Facilities $5,671,741
<br />3 Land Acquisition $1,400,000
<br />4
<br /> Open Space $5,801,000
<br />5 Happy Valley
<br /> Utilities $5,226,132
<br />6 On-site Access
<br /> Utilities & Lots $1,532,179 $5,473,000
<br />7 Development &
<br /> Utility Fees* $909,750 $2,729,250
<br /> Total Project Cost
<br /> to City
<br /> $20,032,939 $5,801,000 $9,487,561 $35,321,500
<br /> Developer Costs
<br /> $5,473,000 $5,473,000
<br />
<br />*Development & Utility Fees total $3,639,000 of which 25% ($909,750) are allocated to the Golf Course and
<br />75% ($2,729,250) are allocated to Infrastructure.
<br />
<br />SR:05:068
<br />Page 5
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