TOTAL CHILDREN’S BUILDING PROJECT
Design Phase (paid in full) $ 639,624
Construction phase (contract + soft costs) $7,523,262
TOTAL COST $8,162,886
Received TO DATE (as of 4/15/14) $1,474,463
ADDITIONAL GIVING NEEDED $6,688,423
NOTES:
- Design Phase: Architect fees, feasibility and environmental costs, parking expenses thus far on Lafayette and Washington Streets.
- Construction Phase: West Brothers contract of $6,839,329 + up to 10% for soft costs - $683,933
- Soft Costs: Includes the completion of parking lots, architect fees in the construction phase, loan closing and incidentals, audio visual and technology costs, playground, all furnishings (offices, classrooms, assembly areas, nursery, welcome center, etc.).
- Debt: We have secured a loan to finance the construction of the building for up to $7,200,000. Because the accepted bid was lower and we paid more than $500,000 to the contractor before the loan was complete, if finished today, we would only need $6,274,891 of the approved loan. We do not plan to borrow for soft costs. As of today, we have $249,270 on hand for soft costs. We’ve spent $27,118 thus far. Therefore, we must receive $407,545 by December in order to meet our soft cost needs.
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