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August 24, 1998 <br />To: Courthouse Square Citizens Advisory Committee <br />From: Billy F. Wasson <br />Re: Recommendation to Proceed to ConstructionsBidding Documents <br />You have received the Design Development documents and attached to this memo is a summary <br />of the Architectural Cost Consultants (ACC) estimate of Construction Costs of this design. <br />I will summarize the "bottom line" of this estimate compared to the budgeted estimate of the <br />project: <br />Budgeted Estimate with contingency: <br />$ 23,936,020 <br />A.C.C. Estimate with estimating contingency and with Altemate #1: <br />$ 22,351,423 <br />Combining this lower construction cost estimate with the included estimating contingency gives a <br />projected new contingency to the project of $2,658,570. <br />Other information of interest is that the interest rate has improved since our construction budget <br />was developed. We had used an estimate of 5.25%, the rate as of two days ago was 4.95%. The <br />construction cost estimator also passed on information that the construction climate for projects <br />of this size is improving. <br />Based on all of the above I encourage your favorable recommenda.tion that we proceed to bidding <br />of this project. <br />