City Council Minutes 2005 03 17 - Laserfiche WebLink

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Louisville City Council Meeting March 17, 2005 Page 5 of9 The total revenue for the library is projected to be $9,055,000. This figure includes the proceeds from the sale of the bonds, interest earnings from investment of those proceeds and revenues from the anticipated sale of the existing library building. Total projected costs for the library include the Guaranteed Maximum Price for construction in the amount of$7,611,665 with an additional $1,539,621 in additional project costs, for a total of$9,151,286. This includes a 1 % design contingency and a 3% construction contingency for the City, in addition to the 3% A & P construction contingency. Total contingency for the City will be $285,404. The total anticipated project costs from the projected revenues leaves a shortfall of approximately $96,286. It is recommended that this money be appropriated from the undesignated fund balance of the Capital Projects Funds, as it is required due to the additional expense of building the underground parking garage. Staff recommended Council approval of the guaranteed maximum price for the Louisville Public Library. Deputy City Manager Julie Boyd announced the Library Project groundbreaking ceremony is scheduled for Saturday, April 2, 2005. PUBLIC COMMENT Mary O'Donnell, 247 Hover Court, Louisville, CO, Library Steering Committee and Foundation member voiced her appreciation to everyone who worked on the project. COUNCIL COMMENT Council member Van Pelt voiced her confusion with all the contingencies and requested clarification. She noted the project is currently $100,000 over the targeted amount and asked what Guaranteed Maximum Price means for the City. Ralph Casper, Senior Estimator for Adolfson & Peterson, explained the contingencies are part of the total maximum price, and are built-in to protect the City against charges for unanticipated changes to the drawings. Council member Brown asked if the parking fund could be utilized for the shortfall. Deputy City Manager Boyd stated the parking fund could not be utilized, and the City will be required to contribute to the parking fund for the loss of parking spaces. Council member Brown asked if the Guaranteed Maximum Price will be adjusted. Deputy City Manager Boyd explained the price is guaranteed to be the maximum price for the construction of the library. Paul Wember explained that many adjustments were made to the project cost, such as lighting, the cornice around the building, and colored concrete. All the changes were made to get the project within budget. 5