The purpose of this case is to acknowledge the preliminary cost estimates for Municipal Plaza and The Waterfront. At the July regular Park and Recreation Commission meeting, the Commission approved the refined concept plans for the two parks.

These cost estimates will be used to update Capital Improvement Plan, and evaluate the feasiblility of phased development of the parks as well.

In 2014 the earlier concept plans were developed with rough cost estimates based upon square footage of the two parks' anticipated development intensity.  In the last 4+ years (and with a booming construction economy), a 20% increase in the earlier constructed cost estimates would seem reasonable to account for inflation—and these estimates do match up, and are shown below:

Municipal Plaza,  2014 est. $3,510,000   20% inflationary est. $4,212,000
                                               Municipal Plaza   2018 est. $4,125,600

The Waterfront,  2014 est.  $6,224,040   20% inflationary est. $7,468,848
                                               The Waterfront   2018 est   $8,676,700

It may be important to note that these preliminary numbers include design fees, testing and an approxmate 8% contingency—additionally, the consistancy supports that these are realistic, likely costs of construction.
 

No funding is authorized or recommended as part of this case.

No Action required—informational only.