|
<br />
<br /> Memo
<br />
<br />To: Sue Iverson – Interim City Administrator
<br />From: Stacie Kvilvang - Ehlers
<br />Date: November 28, 2016
<br />Subject: TCAAP Park Costs
<br />
<br />
<br />At the November 21st City Council worksession, WSB provided preliminary park
<br />improvement cost estimates for the Creek, Hill, and Town Center parks. The preliminary
<br />cost estimates totaled approximately $18,995,000 for all three parks. The current park
<br />dedication fee is projected to generate about $11,084,000 of fees to pay for the park
<br />improvements. WSB and the Master Development Team did not have an opportunity prior
<br />to the worksession to review and reconcile the assumptions behind those estimates.
<br />Additionally, the park dedication fee calculation did not include the potential fee schedule
<br />increases.
<br />
<br />WSB, Ehlers, Tradition Homes and Alex Duval subsequently reviewed the cost estimates
<br />together to review the park program assumptions, reconcile potential differences, and
<br />identify solutions for remaining cost gaps. Based on the results of this joint review, the total
<br />estim ated park improvement cost estimate is now approximately $14,500,000 or about $4.5
<br />million less than the initial estimate. This cost reconciliation identifies a path that is intended
<br />to maintain the overall integrity of the park program while sensibly adjusting the fees to
<br />cover the park improvement costs.
<br />
<br />Park Estimated
<br />Improvement Cost 20% Contingency 25% Design/
<br />Oversight Total
<br />Creek 2,104,207$ 420,841$ 631,262$ 3,156,311$
<br />Hill 2,527,179$ 505,436$ 758,154$ 3,790,769$
<br />Town Center 8,031,897$ 1,606,379$ 2,409,569$ 12,047,846$
<br />Total 12,663,283$ 2,532,657$ 3,798,985$ 18,994,925$
<br />Park Estimated
<br />Improvement Cost 10% Contingency 15% Design/
<br />Oversight Total
<br />Creek 1,897,052$ 189,705$ 313,014$ 2,399,771$
<br />Hill 1,885,279$ 188,528$ 311,071$ 2,384,877$
<br />Town Center 7,677,097$ 767,710$ 1,266,721$ 9,711,527$
<br />Total 11,459,427$ 1,145,943$ 1,890,805$ 14,496,175$
<br />Total % Change -10%-55%-50%-24%
<br />Total $ Change (1,203,856)$ (1,386,714)$ (1,908,179)$ (4,498,749)$
<br />Initial Park Improvement Cost Estimates
<br />Reconciled Park Improvement Cost Estimates
<br />Total Adjustment
<br />
|