Meeting_Body
FINANCE, BUDGET, AND AUDIT COMMITTEE
JUNE 16, 2021
Subject
SUBJECT: UNION STATION LIFE OF PROJECT BUDGETS
Action
ACTION: APPROVE RECOMMENDATIONS
Heading
RECOMMENDATION
Title
CONSIDER:
A. APPROVING an increase in Life of Project (LOP) budgets by a total of $2,700,000 for three Union Station capital projects #210157, #210159, and #210161;
B. AMENDING the FY22 budget for Union Station capital projects to include $2,700,000 for the Union Station capital projects; and
C. AUTHORIZING LOP budget for certain prior year Union Station capital improvements totaling $4,237,415.
Issue
ISSUE
On May 23, 2019, the Board approved the Fiscal Year 2020 (FY20) Budget which included LOP budgets for the construction, repair, renovation and safety improvements for the following Union Station capital projects: Data Infrastructure Capital Project #210157, Basement Renovation Capital Project #210159 and Parking Lot G Repairs/ Improvements Capital Project #210161 ("Projects").
Due to COVID-19 budget reductions in FY20 and FY21, the Projects were significantly delayed resulting in increased construction costs and expanded timelines. In addition, scope development for the Data Infrastructure project has resulted in the project team obtaining more clarity in the requirements for ensuring a complete holistic project is delivered.
The proposed LOP budget increases are:
a) Data Infrastructure Capital Project from $1,900,000 to $3,500,000 (increase of $1,600,000)
b) Basement Renovation Capital Project from $900,000 to $1,650,000 (increase of $750,000)
c) Parking Lot G Repairs/Improvements Capital Project from $5,950,000 to $6,300,000 (increase of $350,000)
The total requested increase is from $8,750,000 to $11,450,000.
Also, Board authorization is required to establish an LOP budget of $4,237,415 to capture current and past expenditures associated with Union Station capital improvements. These costs were paid from rental revenues collected and held in rese...
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