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Mayor Hosterman thanked Mr. Resnick for the report on the Foundation and was pleased to see how far along it was towards the goals for the Arts Center. Steve Brozosky indicated $6 million was allocated to get this project started and was never intended to finance the whole project. It was estimated the whole project would cost $8 million and the fund raising would cover the remainder. He believed the challenge was how to phase the construction and programming of the facility. He was excited about the professionalism of the members of the Foundation. It is unique to have an organization with artistic abilities, business, and fundraising abilities. He wanted discussion of phasing plans, how to get it through all the commission reviews, the PUD the planning process, and finally the bidding and construction processes. He felt a timeline could assist the Foundation in raising funds for specific milestones. He asked if there were a way to determine what each program would cost. Mr. Jorgensen requested the Council and Commission to provide input to staff, take public testimony, and give direction on what programming to begin with. Mr. Brozosky asked if the intent was for staff to come back with a phasing plan and a timeline for drawing completion, bidding, public hearing schedule, etc. until groundbreaking. Nelson Fialho indicated there had been discussions with the architect and the goal was to bring back strategic milestones that could match the phasing of building the shell and determining what programmatic elements could be implemented sooner rather than later. That allows staff to present everything from a timeline and financial standpoint and then Council can prioritize what it wants to fund at the beginning. That gives an opportunity for the Cultural Arts Council to do more refinement of its fund raising plans. He believed that information could be available in the next couple of months. Cindy McGovern liked the design of the theater. She had some questions about the financial slides and discrepancies between figures on two of the slides. Mr. Schindler, the architect, responded that the contractor's costs (general conditions, overhead and profit) are budgeted as 15% of the entire project. They took out a portion of the costs for the completion of the building. At the end of the slide, they added the shell cost back in. If one adds $4.8 million for the shell cost with $3.5 million, that equals the total cost of $8.4 million. Ms. McGovern said it looks like the shell could be built for $4.8 million with a contingency of 10% included. From the overhead profit, they would make only $250,000. She felt the numbers did not make sense. Her next question was about the contingency, since she believed the city usually provided a 20%. James Wolfe said contingencies vary from 5% to 12%. Joint Workshop City Council/Civic Arts Commission 2 09/06/05