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File #: 51484    Version: Name: Substitute - Amendment to the 2018 Capital Budget to Design and Construct the Above Grade Parking, Retail and Slab (“the Podium”) on the Block 88.
Type: Resolution Status: Passed
File created: 5/1/2018 In control: FINANCE COMMITTEE
On agenda: 5/15/2018 Final action: 6/5/2018
Enactment date: 6/11/2018 Enactment #: RES-18-00403
Title: SUBSTITUTE - Authorizing an Amendment to the 2018 Capital Budget to Design and Construct the Above Grade Parking, Retail and Slab (“the Podium”) on the Block 88 Public Garage and Directing Further Actions as a Component of the Judge Doyle Development Project.
Sponsors: Paul R. Soglin, Michael E. Verveer, Rebecca Kemble
Attachments: 1. Memo on Block 88, 2. Judge Doyle Project Update and Decisions -- May 2017.pdf, 3. Leg file 51484 JDS Powerpoint TPC 5.9.18.pdf, 4. 51484 v1.pdf, 5. 51484 Version 2.pdf, 6. 51484 Version 3.pdf
Fiscal Note
The 2018 adopted capital budget includes $41,791,659 for construction of the Judge Doyle Public Parking Structure (MUNIS project #11471), $1 million for a bicycle center (MUNIS project #11160), and $1.3 million for city fleet stalls in the public parking structure (MUNIS project #11319). Total funding authorized for the project, including funds already expended, is $45,965,112. This includes $19.1 million from Parking Utility Reserves, $24 million from TID 25, $2.3 million GO debt and $565,322 from a federal TIGER grant. Based on accepted bids for the public parking garage and the estimated cost of building out the bicycle center, the total cost for the project is estimated at $39,411,061. As such, approximately $6.6 million of expenditure authority remains unused in the project budget. The unused expenditure authority could increase depending on the amount of the construction budget contingency ($2.4 million) that might be utilized in constructing the public parking structure and bicycle center.

As of December 31, 2016, the Parking Utility had reserves of $34.4 million. The Parking Utility is adding approximately $5.5 million to its reserves annually. Construction of the Capitol East Parking Garage and the Judge Doyle Parking Garage, including the amount proposed to be appropriated in this resolution, will reduce Parking Utility Reserves by $27.1 million ($3.6 million for Capitol East and $23.5 million for Judge Doyle).

Under this resolution, $4.4 million would be appropriated from Parking Utility reserves to increase the total project budget to $50.4 million. The $4.4 million would be added to the estimated unused expenditure authority in the project of $6.6 million, to provide a total of approximately $11 million. The estimated hard and soft costs of completing first floor retail space, two above-grade parking decks and associated access ramps, as well as a load transfer slab on top of the structure (together called “the podium”) that can s...

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