Home Brentwood Brentwood Seeks Another $1.3 Million for Library Project

Brentwood Seeks Another $1.3 Million for Library Project

by ECT

On Tuesday, November 15, the Brentwood City Council is being asked to approve an increase of $1.3 million to help build a new downtown library.

In September of 2015, the council approved a $12.2 million budget for the project with $7.9 million of the funding coming from Community Facilities District Bond Proceeds and financing of $4.3 Million. Staff now says costs have increased to $13.5 million.

According to the staff report:

Construction documents are almost complete and as the budget continues to be refined and pricing information is sought, it is evident that costs have escalated and continue to escalate. The $12.2 million project budget is not enough to adequately construct the library that has been proposed and approved.

Labor costs continue to rise 2.5% to 3.5% annually, and in this current economic climate, contractors are seeking to combat the ongoing shortage of skilled labor by being more strategic and selective with their projects. The Fourth Quarter 2015 Turner Building Cost Index (TBCI) –which measures costs in the non

-residential building construction market in the United States –has had a 4.58% yearly increase from the Fourth Quarter 2014.The volume of work remains high -new construction is booming, contractors are busy and material costs and delivery lead times continue to rise.

According to TBCI, the high volume of work underway “continues to put upward pressure on skilled labor. As a result, contractors are being more selective in their pursuits, which has driven selective trade cost increases. There are also continued increases in material delivery lead times in response to market demands and limited availability of production and fabrication facilities. As market demands continue to grow, the lead time for material will also continue to grow.”

In order to meet the existing design and construction specifications, as well as take advantage of the early demolition, staff recommends an increase to the budget of $1.3 million. Amending the budget increases the construction budget to $11.6 million, which includes increasing the construction contingency from 5% to 10% to cover unknowns that are likely in a project of this size and complexity. The total construction contingency is proposed to be raised from $515,000 to $1,160,000.

The Council will decide if the $1.3 million will be approved.

The additional funding would be provided by proceeds not currently allocated to projects. Payments for the 2015 Lease Financing will be made over 20 years with the interest components calculated based on an interest rate of 3.25%.The lease payments for the Library –New Construction project costs funded by the 2015 Lease Financing will be made utilizing savings from previous bond refinancing
If You Go:
Brentwood City Hall
150 City Park Way, Brentwood
7:00 pm

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0 comment

Ben Nov 15, 2016 - 10:18 pm

What is wrong with Brentwood? Why would they build a library without having fire services? Ridiculous!

johnnazareno Nov 16, 2016 - 3:24 pm

we don’t need more waste! instead of being lazy and calling 911, call uber and get a rid to the hospital!