Finance Committee - 11/18/2020 Page 12
Alderwoman Lu
Just a follow up. So !’m still not clear but that escalator, it's something that is in the figure but if it’s not spent it
reverts to the City? Is that also true of the contingency?
Director Cummings
Well in a traditional project what you are saying is true, yes contingency would revert back to the City. In this
particular project it is going to revert to the owner of the project which is not technically the City because of the
New Market Tax Credit deal. In theory, what you are saying yes.
Alderwoman Lu
Ok and that does help me understand the difference between the escalator and the contingency. One other
question if | could?
Mayor Donchess
Go ahead.
Alderwoman Lu
Do you have any response to Ms. Colquhoun’s question about the cost of the exclusions from the guaranteed
maximum? | had spoken with her; she addressed her concern to me and | didn’t have an answer for her.
There are quite a few exclusions and | know you provided me with 12 items that have been priced out. But are
there other items that do need to be priced out?
Director Cummings
| am not understanding the question. There are some exclusions that are being carried elsewhere in the
budget like FF&E, like specialty equipment. And then there are some exclusions, just to make clear, that the
project isn’t going to actually take on those costs unless there’s a change order requested. So it really is
specific as to which ones you are mentioning.
Mayor Donchess
Just for clarification sake, what is FF&E?
Director Cummings
Furniture, fixtures and equipment. This budget here that we are discussing is a subset of the total project
costs. We are only discussing hard construction at $15.8. Some of the exclusionary items, and this is a
unique project in that we have a lot of FF&E and Specialty Equipment or Technical Equipment that could be
considered hard construction or in this case, we segregated it separately as part of the soft costs. It still will all
be coordinated through Harvey for the project purposes but it will be purchased separately. We have all those
projects, we have all the equipment confirmed prices and they are holding their prices until December 30".
That’s above and beyond the $15.8 though; it’s something like $2.3/$2.4.
Alderwoman Lu
Ok thank you. Maybe I'll get back to you with some of these specific questions, there were quite a few but I'll
get back to you. Thank you.
