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SAMTD Board of Directors September 2,1998 Page 2 plans represent the intent of the Board, meet the needs previously identified, and meets them in a financially responsible manner. B. Approval of Transit Constructioa Budget aad Proforma 1. The Board of Directors has previously approved the budget and proforma for the transit portion of the Courthouse Square project. The budget was set based on resources available from FTA grants and the required local matching funds. Those identified resources comprised the funds the Board was willing to earmark for the construction of its portion of Courthouse Square, in partnership with Marion County. By funding the transit portion of the project solely from grant related funds, the Board was able to fulfill this particular capital need without the need to divert funds from District operations. 2. The partnership with Marion County enabled both parties to realize significant savings in both hard and soft costs which would have been unavaiiable were the cost-sharing partnership not in place, thus savi.ng the taxpayers significant money. 3. The completion of the design development drawing phase has enabled an independent cost coasultant, Architectural Cost Consultants (ACC) of Portiand, to complete a new cost estimate for the project and to assign the costs of specific elements of the project to the respective parties, Marion County and Transit. ACC's estimates show that the project, and the individual parties, are within the budgets previously approved by the respective Boards, with a 12.5% contingency fund still in pl~ce. These estimates are based on a 258 space underground parking design and a streetscape design which is within the City's prescribed budgetary limits and is revenue/expense neutral within the project budget. 4. The estimates as prepared by ACC have been translated into the District's project budget format to more properly reflect the specific expense accounts which now apply. The resultiag budget reflects a project which is well withia the financial bouads set by the Board and the total traasit project costs have not iacreased. C. Authorization to proceed with Construction Drawiags, Specifications, aad Bids 1. If the design development plans, cost estimates, and resulting budget is acceptable to the Board, and the Board desires to proceed with the project as planned, the staff needs specific authorization to proceed with the development of the construction drawings and specifications and to put those plans out to bid. It should be noted that, though the Board may authorize gaing to bid at the conclusion of the construction drawing and specification process, another independent cost ~stimate will be prepared at about 70% completion of the construction drawings and only if that estimate indicates that we are still within the Board approved budget parameters will we bid the project. 2