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IMPLEMENTATION < VI' <br />Costs <br />It should be noted that costs in this report (and virtually any construc- <br />tion project) are differentiated as Construction Costs, Soft Costs and <br />Project Costs. This is an important distinction when comparing costs, <br />but even more important when budgeting future projects. <br />Construction Cost + Soft Costs = Project Cost <br />Typical Project Cost Breakdown <br />757o Construction Cost (site and buildings) <br />257o Non -Bldg Cost (or "soft" cost) <br />1007o Project Cost <br />Typical Ranges of Non -Building Costs <br />2-4% Utilities (basic, i.e., sources available nearby) <br />2-47o Landscaping <br />8-107o Furnishings, Fixtures & Equipment (FF+E) <br />(may incl data/technology/wiring) (incl internal wayfinding signage) <br />1-27o Miscellaneous (testing, permits, etc.) <br />7-9% Arch/ engineering fees (add 257o for remodeling projects) <br />3-207o Contingency (normal range: New = 2-57o, Remodel=15-25%) <br />Contingency Fund <br />For most projects, 3-5% should be allocated for a Contingency fund <br />at beginning of construction. For remodelings, a minimum of 15% is <br />recommended but can vary considerably dependent on project. <br />Escalation <br />Note: All costs are estimated in November 2003 dollars. For budget- <br />ing future projects, costs should be escalated bi-annually, or as a mini- <br />mum, annually for inflation. For future planned projects, costs should <br />be projected forward to mid -point of actual construction period. <br />Note: The State of Minnesota Department of Administration (Finance <br />Division) is currently using 4.57o annually for inflation. However, it <br />should be noted that inflation is at a historically very low level. <br />NORTHWESTERN COLLEGE CAMPUS MASTER PLAN PARTNERS & SIRNY ARCHITECTS PAGE 6.5 <br />