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Sue Iverson TCAAP Park Improvement Costs November 28, 2016 Page 2 After the team reviewed the park improvement assumptions in greater detail, construction cost estimates were reduced by approximately $1.2 million, as noted in the table on the previous page. The reductions were primarily in the following categories: 1. Right -sizing the mulit-use athletic and U10/U12 soccer fields 2. Reducing per sq/ft cost of the park building in the Creek and Hill 3. Removing upgrade from bituminous to post -tensioned concrete on the tennis courts 4. Removing the two docks in the Town Center 5. Removing the pavilion (open air picnic shelter) in the Town Center in favor of a larger 10,000 sq/ft park building that could have an outdoor open air area attached 6. Removing lighting, scoreboard and off-street parking in the Hill park 7. Removing redundant drinking fountains 8. Reducing overall costs of benches and picnic tables In addition, the contingency was reduced from 20% to 10%, and the design and oversight costs were reduced from 25% to 15%. These two changes alone reduced the cost estimates by approximately $3.3 million. It is not uncommon for initial estimates to include higher contingency percentages until the information has been reviewed. Additionally, WSB's estimates did not account for the developer's ability to coordinate the park improvement construction with the larger project, which adds efficiency and reduces costs. The contingency and design/oversight percentages are still reasonable for this type of work. The remaining $3.4 million gap between the revised cost estimate of $14.5 million and the current park dedication fees of $11.1 million can be addressed through fee adjustments. Changing the residential unit fee from $5,300 to $6,500 along with changing the commercial fee from 10% of land value to 15% offsets the entire gap. Park Improvement Cost Estimate Current Park Dedication Fees Residential Unit Fee Increase to $6500 Commercial Fee Increase to 15% of Land Value Total Park Dedication Fees Over/ Initial Reconciled $18,994,925 $14,496,175 $11,083,299 $11,083,299 $ 1,752,000 $ 1,666,932 $11,083,299 $14,502,231 $ (7,911,626) $ 6,056 Preliminary, the Master Development team has stated that they would like to spearhead the design of the park improvements, in consultation with the City Council and the Parks, Recreation and Trails Commission. In addition, they would like to construct the parks and deliver them "turn -key" to the City upon completion. Since the actual park construction is several years away, the costs will continue to evolve with final designs. The final designs that are approved by the City Council and park dedication fees can be modified to fit the final project costs if needed. Please contact me at 651-697-8506 with any questions.