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Item 4FItem 4F-1 CITY OF SOUTHLAKI MEMORANDUM November 14, 2013 To: Shana Yelverton, City Manager From: Chris Tribble, Director of Community Services Subject: Approve an Amendment to the Project Budget for Bicentennial Park Phase 2 Action Requested: Approval of an amendment to the FY 2014 SPDC CIP Capital Budget for Bicentennial Park Phase 2 Background Information: The contract for Construction Manager at -Risk services for Bicentennial Park Phase 2 was awarded to Dean Construction by the City Council on October 2, 2012. Dean Construction has bid the project, and submitted a proposed Guaranteed Maximum Price (GMP) amendment of $12,320,196 to complete the project. The current SPDC CIP project budget for the next phase of Bicentennial Park is $12,467,891. Based on expenditures to date, the anticipated owner costs, and the GMP, the project stands at $1,408,471 (11 %) over budget. Project Expenditures to Date include: Design $ 1,246,250 Playground Demo $ 19,935 Asbestos Abatement $ 5,765 Total Expenditures to Date $ 1,271,950 Anticipated Owner Costs include: Asbestos Abatement Services $ 4,000 Temporary Parks Office $ 52,717 Parks Office FFE $ 80,000 City of Southlake Values. - Integrity ♦ Innovation ♦ Accountability ♦ Commitment to Excellence ♦ Teamwork Item 4F - 2 Shana Yelverton, City Manager City Council Meeting Date — November 19, 2013 Page 2 of 4 Parks Office AV $ 32,500 Parks Office Phone/Data Servers $ 25,000 Parks Office Network/Fiber Optic $ 20,000 Security & Card Readers $ 70,000 Total Anticipated Owner Costs $284,217 CURRENT PROJECT FINANCIALS: Project Budget $ 12,467,891 Expenditures to Date - $ 1,271,950 Anticipated Owner Costs - $ 284,217 CMAR GMP - $12,320,196 Amount over Budget - $ 1,408,471 The following options to make up the budget shortfall were presented to the City Council during the November 5, 2013 Work Session. OPTION A • Reallocate $1,000,000 of approved FY 2014 SPDC CIP Bicentennial Park Phase 3 funding to Phase 2 • Reallocate $408,471 of the planned FY 2015 SPDC CIP for Bicentennial Park Phase 3 to Phase 2 OPTION B • Reallocate $1,000,000 of approved FY 2014 SPDC CIP Bicentennial Park Phase 3 funding to Phase 2 • Reallocate $408,471 of SPDC CIP funding previously allocated for Safety Town to Bicentennial Park Phase 2 OPTION C • Reallocate $316,680 of approved FY 2014 SPDC CIP Bicentennial Park Phase 3 funding to Phase 2 • Defer 60/90 large field to Bicentennial Park Phase 3 OPTION D • Reallocate $316,680 of SPDC CIP funding previously allocated for Safety Town to Bicentennial Park Phase 2 • Defer 60/90 large field to Bicentennial Park Phase 3 Following the discussion, the consensus of the City Council was to proceed with OPTION B to fund the project. Accordingly, this item City of Southlake Values. - Integrity ♦ Innovation ♦ Accountability ♦ Commitment to Excellence ♦ Teamwork Item 4F - 3 Shana Yelverton, City Manager City Council Meeting Date — November 19, 2013 Page 3 of 4 has been placed on your agenda to allow for the required amendment to the FY 2014 SPDC CIP Capital Budget for Bicentennial Park Phase 2. Financial Considerations: Funding in the amount of $12,467,891 is currently allocated within the SPDC CIP for Bicentennial Park Phase 2. As detailed above, the project is currently $1,408,471 (11 %) over budget. OPTION B, as selected by City Council November 5, 2013, requires a $1,408,471 amendment to the FY 2014 SPDC CIP Capital Budget for Bicentennial Park Phase 2. With approval of the project budget amendment, the following transfers will be made to bring the total available project funding to $13,876,362. • Transfer $1,000,000 of approved FY 2014 SPDC CIP Bicentennial Park Phase 3 funding to Bicentennial Park Phase 2 • Transfer $408,471 of SPDC CIP funding previously allocated for Safety Town to Bicentennial Park Phase 2 Strategic Link: This item is linked to the City's Strategy Map related to the focus area of Quality Development and meets the corporate objectives to Provide Attractive and Unique Spaces for Enjoyment of Personal Interests and Invest to Provide and Maintain High Quality Public Assets. It also addresses the City's Critical Business Outcomes CB01 by continuing to implement Southlake 2030 Plan by focusing on short-term initiatives. Citizen Input/ Board Review: SPDC and City Council consideration November 19, 2013 Legal Review: Not Applicable Alternatives: Alternatives include: • Approve amendment to the FY 2014 SPDC CIP Capital Budget for Bicentennial Park Phase 2 as proposed City of Southlake Values. - Integrity ♦ Innovation ♦ Accountability ♦ Commitment to Excellence ♦ Teamwork Item 4F - 4 Shana Yelverton, City Manager City Council Meeting Date — November 19, 2013 Page 4 of 4 • Approve amendment to the FY 2014 SPDC CIP Capital Budget for Bicentennial Park Phase 2 with input as desired • Not approve amendment to the FY 2014 SPDC CIP Capital Budget for Bicentennial Park Phase 2 Attachments: None Recommendation: City Council approval of an amendment to the FY 2014 SPDC CIP Capital Budget for Bicentennial Park Phase 2 City of Southlake Values. - Integrity ♦ Innovation ♦ Accountability ♦ Commitment to Excellence ♦ Teamwork