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followed. Transit noted that they do not have flexibility with FTA funds. <br />~ Mark stated we are all committed. We have to have gmp, allowance and contingencies <br />for codes, subsurface and environmental. You work up a price that will build the <br />project using the best professional judgment. The goal would be starting with enough to <br />finish project. The numbers are conservative, we are expecting the numbers will be <br />lower. <br />Discussion went back to the environmental issue and the unknown concerning this <br />budget aspect and trying to anticipate going ahead with the project and starting without <br />plans and gmp. Environmental aspects could produce major problem, but the group <br />needs to discuss as this discovery progresses. The demolition phase is schectuled to be <br />completed by the end of 7uly. The Chevron portion has some problems and there is <br />concem about what they will find when they excavate. There are some legal questions <br />between the County and Chevron on this site. There is a consultant on site working with <br />the environmental issues and borings have been done. The consultant is concemed with <br />the way the subsurface structure is acting, but can't put a handle on it. <br />Site drawings would be available if they dig. The azchitect & the contractor have worked <br />on the schematic designs together for the past 9 months, decreasing our risk. This is <br />usually done at bidding. As we go to the dd drawings, there aze fewer unknowns and <br />there should not be major surprises. Dan has been very instrumental in this phase. <br />~ With this first meeting of all players together, our ideas are showing fle~bility. We <br />need to look at a delay of 30 days for excavation and remediation. Explored the option <br />of a separate contract for demolition and excavation. Dan said it would benefit us. <br />Mark suggested to start with the excavation and do not use that as a reason to push gmp <br />for the project. The comfort level with the gmp is meaningly higher by July 1, providing <br />a high level confidence of for the project except for some small provision for codes. <br />Transit would have a greater degree of confidence because of their fixed budget. <br />A critical issue for County is what does County charge for space to occupy with an <br />unknown lease-out of space in order to make number's work. Dan asked what impact <br />will we have on cop's if pre-leasing is not in place? The County's credit is a far <br />greater benefit than any non-leased space. The idea is that the Counry will not walk <br />away from the office space. The problem of building a large amount of spec space to <br />lease is relative to County's long-term needs. The essential element being that this will <br />be County headquarters and within lines of County long-term needs. The Board of <br />Commissioners will need to be made aware of what the trust resolution will entail. <br />Gordon asked for clarification on investor only interest if they need to give financial <br />disclosure from perspective tenants. The answer was for investment grade tenant only. <br />With a hard commitment from bank and funds deposited that would substitute for cash in <br />hand and remove the need for financial disclosure. <br />~ Curt had some concems over obtaining a surety bond with St. Paul Fire Marine and how <br />5 <br />