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<br />estimates and incremental construction strategies. Such options would allow the project to move <br />forward, and still provide time for the Pleasanton Cultural Arts Foundation to raise the necessary <br />additional funds. <br /> <br />The consultants have now updated the estimated building costs, assuming a construction start <br />date of November, 2006. They have also developed several Project Scenarios that would allow <br />for an incremental approach to the construction and funding of the project. These scenarios will <br />be formally presented to the Council at this evening's meeting. In addition, staff has developed <br />a very preliminary business plan for the facility, including initial cost estimates related to <br />operating the new facility and programming the art gallery. A rough estimate of the potential <br />costs to improve Lions Wayside Park and extend it to the perimeter of the Firehouse Arts Center <br />facility is also included. This assumes that the City will acquire the Alameda County <br />Transportation Corridor, which runs along the eastern boundary of the Arts Center. Actual or <br />projected costs of that acquisition are unknown at this time. <br /> <br />. Original Cost Estimate (April 2005 Estimate - construction start January '06) <br />(Please refer to Attachment A, Pleasanton Firehouse Arts Center Construction Estimate <br />Worksheet) <br /> <br />Original (April 2005) estimated costs for the project: <br /> <br />Amenity <br />A. Galleries <br />B. Theater <br />C. Theater equipment <br />D. Classrooms <br />E. Site improvements <br /> <br />Total Cost <br />$1,995,000 <br />4,250,000 <br />600,000 <br />898,000 <br />702,000 <br /> <br />Total <br /> <br />$8,445,000~ <br /> <br />~Does not include estimates for City/agency permit fees or construction contingency. <br /> <br />Please note: The original estimate prepared by the cost estimator was $8.444 million. The <br />additional $1,000 ($8.445 million) results from rearranging the costs into categories related to <br />the four (4) major facility amenities listed above and rounding to the nearest thousand. <br /> <br />. Revised Cost Estimate (construction start date November '06) <br />(Please refer to Attachment A, Pleasanton Firehouse Arts Center Construction Estimate <br />Worksheet) <br /> <br />The consultants have updated the estimated construction cost based upon a start date of <br />November 2006. The estimate reflects an assumed 7% escalation increase in construction costs. <br /> <br />SR 06:012 <br />Page 3 <br />