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Bill Anon noted DEQ has received the design development plans with alternates one and two. The contaminate issue is only in alternate #2, the other portions of the plan are approved by DEQ. In response to a question from Jerry Vessello, Bill Anon explained the tracing of the contaminants is a regulator issue to ensure a safe environment for the neighborhood. It is not a business risk decision. Eric Collins noted DEQ is interested in the contamination in area eight because the source cannot be readily identified. The area under the storage tanks showed no evidence of contaminant release and raised the question How do you get diesel contamination in the same vicinity and is it on site or off site? Maynard Hammer asked for a price on this portion of the work. Billy Wasson said it will cost $20,000. 3. Cost Estimation Report Billy Wasson provided members with a memo outlining the construction cost summary and budget estimates (herein given as Attachment A and by this reference made a part of these minutes). Mr. Wasson reviewed the Direct Construction Cost Summary by component and the two alternates. Alternate 1 will bring the parking spaces to 258. Alternate 2 will bring the parking spaces to 324. Maynard Hammer asked if the component costs included tenant improvements. Billy Wasson noted it is included. The only additions are the parking alternates. Leonard Lodder noted the tenant improvements are $21.26 per square foot. Maynard Hammer asked for the hard construction costs for the entire building. Billy Wasson noted the hard construction cost is $95.57 per usable square foot, not including the common area. Billy Wasson noted the budgeted estimate for the project was done by Pence, Kelly in 1997 from design schematics. The current estimate from A.C.C. is from design development documents. Mr. Wasson said he removed $45,000 for transit island removal and restoration from the original budget before comparing with the A.C.C. Estimate. Billy Wasson said the estimator also carried their own contingency in the A.C.C. budget estimate. Another budget estimate will be prepared after the construction drawings are finished. As the project moves along the budget estimates will move closer to actual construction costs. Proforma Billy Wasson noted the change in the interest rate (paragraph four). In his discussion with Melvin Mark and the cost estimators both noted the current construction environment is beneficial for the project. There are fewer projects of this size being done, which should result in a better bid. Billy Wasson said based on the current budget estimates, design development drawings, and current market it is staff's recommendation to proceed to construction drawings and bid the project. R.G. Andersen-Wyckoff noted the difference in interest rates is not reflected in the current budget estimate for the project. The $600,000 savings in interest cost is a totally separate savings in the overall proforma.