Agenda - Parks and Recreation Commission - 08/09/2018

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Park and Recreation Commission Meeting Date: 08/09/2018 By: Mark Riverblood, Engineering/Public Works Information Title: Acknowledge Preliminary Cost Estimates for Municipal Plaza and The Waterfront 5. 1. Purpose/Background: 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. Notification: Observations/Alternatives: 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. Funding Source: No funding is authorized or recommended as part of this case. Recommendation: Action: No Action required —informational only. Attachments Municipal Plaza Kev Waterfront Kev Preliminary cost estimates framework for parks in The COR