Fiscal Note
The Goodman Pool project budget was amended in February of this year to allow planning for a 1,000 person capacity facility. The amended budget currently totals $4,125,000. Of this amount, $500,000 is funded by City general obligation borrowing, with the remaining $3,625,000 derived from private fundraising.
Based on the results of the recently completed construction bid process, the cost to complete the entire project is now estimated to be approximately $5,284,000, including the following components:
Architectural Contract $ 270,000
Engineering and Soil Testing 10,000
Base Construction Bid 4,682,000
Bid Alternates (2nd slide and sand play area) 136,000
Furniture, Fixtures and Equipment 80,000
Contingency 106,000
Total Estimated Project Cost $ 5,284,000
By eliminating the bid alternates, furniture fixtures and equipment, and a number of elements of the base construction bid including parking lot final paving and striping, landscaping, bike racks and sun shelters, the project could proceed on the current schedule at a total current year cost of $4,850,000. Most of the deferred $434,000 would need to be budgeted and spent in 2006 for the pool to become fully operational.
This resolution authorizes a $725,000 increase in the 2005 Goodman Pool project budget from the current $4,125,000 to the minimum $4,850,000 needed to effectively proceed with the project at this time, as well as a $750,000 increase in general obligation borrowing for the project.
Funding for this increase is proposed to come from City general obligation borrowing. The Parks Division and Engineering Division have identified a total of $650,000 $450,000 of other projects approved in the 2004 and 2005 Capital Budgets for which general obligation debt has been incurred or authorized but not yet committed. This funding would be reallocated to the pool project, and a decision to proceed with ...
Click here for full text