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<br />Page 4 <br />Feb 2, 1992 <br /> <br />It would appear that it may be unreasonable to assume that <br />the remodeling can be accomplished within the budget price <br />provided by McGough (less 10%) but it is also unreasonable <br />to assume that a new building can be constructed using the <br />lowest proposal from Ryan Construction. Consideration <br />should therefore be given to using only a possible savings <br />of 5% off McGough's proposal and using a mid-price from <br />Ryan's proposal. That comparison would appear as follows: <br /> <br />MACK <br /> <br />NEW BLDG <br /> <br />Site: <br />Mack Hotel <br />Hart Property <br /> <br />$ <br /> <br />385,000 <br />NA <br /> <br />$ <br /> <br />385,000 <br />450,000 <br /> <br />385,000 <br /> <br />835,000 <br /> <br />Building: <br /> <br />Shell $ 1,550,400* <br />Tenant Improvements <br />Site Work <br />Development Fee's NA <br /> <br />$ 1,935,400 <br /> NA <br />$ 1,935,400 <br /> <br />$ 1,266,500 <br /> 702,900 <br /> 270,000 <br /> 111,970 <br />$ 3,186,370 <br /> 750,000 <br />$ 2,436,370 <br /> <br />City Assistance <br /> <br />Net Project Cost <br /> <br />$ <br /> <br />2,436,370 <br />1,935,400 <br /> <br />Ryan's middle cost <br />McGough proposal less 5% <br /> <br />$ <br /> <br />500,970 <br /> <br />Additional cost to construct a new <br />building VS remodeling the existing <br />building <br /> <br />* <br /> <br />Original proposal less motel windows & fencing @ $60K and <br />less 5% possible savings <br />