HomeMy WebLinkAboutPresentation Arts Sciences budget updateSam & Margaret Lee Arts and
Sciences Center Budget Update
October 26, 2009
Mile Stones
•May 2007 - Gideon Toal was selected as the Architect
•June 2007 - Location selected for the A& S Center
•November 2007- 2.5M bond passed
•April 2008 - Steele & Freeman the CM at Risk was selected
•June 2008 - Ground Breaking Ceremony
•July 2008 - Utility relocation was completed
•September 15, 2008 - Council approves phase I
•October 2008 - Construction starts
• February 2009 - Foundation is poured
•April 2009 - Beaming signing and steel structure started
•August 24, 2009 - Interior completed for the first day of school
•August 28, 2009 - Ribbon cutting ceremony
Project Cost
•CM @ Risk $4,115,221
•Town Soft cost $1,074,168
•Total $5,189,389
CM cost include - Construction management fee,
site work, concrete, steel, interior and exterior finishes
Soft cost include- Design, engineering, legal, utility
relocation, low voltage package and FF & E
YTD Cost
Contract CM @ Risk $4,155,221
Amount paid $3,590,712
Balances $564,509
Soft cost $1,034,168
Amount Paid $930,279
Balances $103,889
Total balances to be paid $668,398
Total Project Funding Sources
G.O. Bond Funds $2,500,000
Texas Student Housing $500,000
Lee Gift $500,000
Interest $64,666
Westlake Academy $200,000
Miscellaneous $460
Utility Funding $6,250
Remain of utility Relocation(Town) $3,666
Sub Total $3,775,042
Westlake Academy Foundation
Two payments $847,559
Cash-($201,084) $270,685
Outstanding Pledges $284,319
Unfunded amount $11,784
Sub Total $1,414,347
Total Project Cost $5,189,389
Contingency Balance
•Owner betterment balance $35,045
Project enchantments - Three add alternates, (A) Stain &
polish floors, (B)two wooden beams, (C)wall covering,
data and power drops, Lighting controls, sidewalks, pier
casing, TVSS system and Sod
•Contractor estimated Contingency balance $355,000
Credits – Phase two slab, wood doors, signage, vapor
barrier, landscape maintenance contract
•Dose not include two additional retaining walls and the FRP at
the eyewash stations
Expenditures
to Estimated Cost Savings
Remaining balance $668,398
Soft cost balance (Invoices) ($103,889)
CM balance (Invoices) ($174,464)
Retain wall, White board in ( $40,000)
conference room, FRP eyewash etc
Billing reductions ($150,000)
YTD credit balance $200,045
Key Decision Points
Where does the credit get applied?
•Project enhancement,
–Covered walkway $350,000
–Parking area $250,000
–Weather station $12,000
–Stage $10,000
•Cover long term pledge commitments
from the Foundation
•$2.5M Debt service (Bond payment)