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services and is recommending that Council approve a professional services agreement for $145,624 and a 20% contingency for a total amount not to exceed $175,949 with Kleinfelder Inc. Project Budget In April, 2008, staff estimated the total project budget to be approximately $15 million and informed the City Council that sufficient funding was available in the CIPR to meet project costs. Fortunately, the favorable construction bid environment has allowed staff to revise the bid amount down to $12.8 million. The details of the budget are attached (Attachment 1). The current project budget has a balance of approximately $7.22 million. Based on the above, staff estimates that a total of $4,829,153 is required to be transferred from the CIPR for the full funding of the project. This transfer will result in a CIPR balance of approximately, $290,000 with an additional $5.2 million projected to be added to the CIPR in FY2008-09. One unique aspect of this project is that it represents apublic-private partnership between the City and the Pleasanton Cultural Arts Foundation (Foundation), an independent 501 (c) (3) formed to supplement the funding the City of Pleasanton has committed to the Firehouse. The Foundation has already presented the City a check for $100,000 and has committed to contribute $2,000,000 towards the capital portion of the project. Over the longer term, the Foundation hopes to raise a total of $3-5 million to contribute both to the capital campaign as well as to support the arts in Pleasanton for years to come. Staff will appropriate to the CIP these funds as they are received to reimburse the City for its capital expenditures. Funds received from the Foundation to support arts programming will be appropriated consistent with the City's annual budget. With the City Council's approval of the bid award, the selected firm will begin the mobilization effort and a notice to proceed may be issued by the City in mid-August. The expected completion date for the Firehouse Arts Center is early 2010. Submitted by: . ~ , ulie Yua Miu ssistant City Manager Fiscal Review: D va id P. Culver Director of Finance Approve by: Nelson Fialho City Manager Attachments: 1. Firehouse Arts Center Budget Page 3 of 3