Item:
Title
Approve Capital Project Amendment No.25CPA00007 Transferring $600,000 of Budgeted Debt Service Fund Funding to the PAYGO Fund to support the 500 E. Main St. Downtown Parking Deck Capital Project (47302635DC151); as well as Authorize an Increase in the Owner's Contingency in the Amount of $1,300,000 to Execute Any Necessary Change Orders for the Deck Development Agreement with ZOM Living for a Total Not-to-Exceed of $34,001,100.00
Body
Date of BOCC Meeting: August 12, 2024
Request for Board Action:
Agenda Text
The Board is requested to approve Capital Project Amendment No.25CPA00007 transferring $600,000 of budgeted Debt Service Fund funding to the PAYGO Fund to support the 500 E. Main Street Downtown Parking Deck Capital Project (4730DC151); as well as authorize an increase in the owner's contingency in the amount of $1,300,000 for the Deck Development Agreement with ZOM Living for a total not-to-exceed amount of $34,001,100 for the 500 E. Main St. Structured Parking Garage. (See Attachments 1-4).
Project Name and Number
Current Budget
Increase / Decrease
Updated Budget
500 E. Main St. Downtown Parking Deck
$34,044,616.00
$600,000.00
$34,644,616.00
The Deck Development Agreement was previously approved by the BOCC on December 13, 2021. At the time of approval/execution, the deck development budget did not include an owner's contingency for the $26,522,000 construction contract between LeChase Construction and ZOM Living. The original request for owner's contingency in the amount of $1,326,100 was approved by the BOCC during the October 10, 2022, RS Meeting and an additional contingency request in the amount of $875,000 was approved on April 10, 2023. Construction activities for the deck are nearing completion and are on schedule for completion in September 2024. Due to extraordinary pricing volatility and material escalations the development/contracting team is requesting an additional increase of $1,300,000 to address unforeseen...
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