8.3.2012.board.presentation

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8.3.2012.board.presentation

  1. 1. Davis LandingsAffordable Housing Project August 3, 2012 Community Land Trust of Palm Beach County, Inc.
  2. 2. Project Update• Construction started 11/1/2011 • Estimated Completion 8/30/2012 • 90%+ Complete• Interior build out nearing completion• Landscaping being installed• Cabinets and A/C being installed
  3. 3. Budget Update 7/31/2012 Invoiced to Projected 11/1/2011 Budget Date BalanceHard Costs Construction 4,155,000 $ 3,315,848.12 $ 839,151.88 Contingency 415,500 $ 125,281.28 $ 290,218.72Total Hard Costs 4,570,500 $ 4,570,500.00Financing Costs Title and Recording-Construction 21,880 $ 20,332.05 $ 1,547.95 Soft Cost Revolving Credit 15,000 $ 3,258.00 $ 11,742.00Total Financing Cost 36,880 $ 36,880.00Soft Costs Architectural and Engineering Design plus CO # 1 & 2 292,300 $ 321,616.00 $ (29,316.00) A-E CO#3 54,756 Structural Soil Study 4,740 $ 4,740.00 Construction Materials Testing - $ - Legal 20,000 $ 4,460.00 $ 15,540.00 Accounting 8,000 $ 8,000.00 Marketing 10,000 $ 2,898.00 $ 7,102.00 Permit Fees 96,500 $ 111,840.00 $ (15,340.00) Impact Fees 138,500 $ 138,460.00 $ 40.00 Utility Connection Fees 118,000 $ 117,743.07 $ 256.93 Inspection / Thresh. Insp. $ - Property Upkeep 7,244 $ 7,244.00 Soft Cost Contingency 60,753 $ 48,909.00 $ 11,844.00Total Soft Costs 810,793 $ 810,793.00Project Management / Overhead and Administration Project Management / Overhead and Administration 220,000 $ 161,821.00 $ 58,179.00Transformer Cost Lake Worth Power Transformer 25,000 $ 24,710.57 $ 289.43Reserves Operating Reserve 59,833 $ 59,833.00Total Reserves 59,833 $ 59,833.00Total Budget $ 5,723,006 $ 4,397,177.09 $ 1,325,828.91
  4. 4. Construction Contract/CO UpdateDavis Landings Change Log Fixed Base Bid $4,155,000 Fixed Add Alteratives Approved $144,098 Total $4,299,098Actual/Potential Change Log 7/30/2012 Submitted new contractCO Description Date Value amount Date Approved Notes001 LWDD - canal work 12/09/11 $15,265 $4,170,265 01/03/12 Permit requirement002 Security thru Dec 2011 12/09/11 $11,635 $4,181,899 01/03/12 Unforeseen site condition003 Rubber base for playground 12/09/11 $20,160 $4,202,059 01/04/12 Add alternative accepted004 Quartz countertops 12/09/11 $50,846 $4,252,905 01/04/12 Add alternative accepted005 Security cameras 12/09/11 $24,000 $4,276,905 01/04/12 Add alternative accepted006 Playground equipment 12/09/11 $8,160 $4,285,065 01/04/12 Add alternative accepted007 Washers and Dryers 12/09/11 $31,782 $4,316,847 01/04/12 Add alternative accepted008 Window treatments 12/09/11 $9,150 $4,325,997 01/04/12 Add alternative accepted009 Security Jan-Feb 2012 01/15/12 $29,500 $4,355,497 01/20/12 Job site security010 Stored materials storage 01/15/12 $37,100 $4,392,597 01/20/12 Job site management011 Bathroom hi hat lights 02/17/12 $5,060 $4,397,657 03/02/12 Code review requirement012 Gable ends - structural 02/17/12 $14,692 $4,412,349 03/05/12 Code review requirement013 Elevator air conditioning 03/05/12 $8,033 $4,420,382 03/08/12 Code review requirement014 Heat Detectors 03/05/12 $2,232 $4,422,614 03/08/12 Building Inspector requirement015 Electrical disconnect 03/20/12 $2,651 $4,425,265 05/31/12 Building dept comment016 Sink upgrade 03/12/12 $2,657 $4,427,922 03/15/12 plan coordination017 Drywall modifications 04/15/12 $7,192 $4,435,114 07/01/12 plan coordination018 Security Mar - May 05/23/12 $22,200 $4,457,313 07/01/12 Job site security019 Shelving Credit 06/06/12 ($8,455) $4,448,858 07/01/12 Owner selection020 504 changes 06/14/12 $2,750 $4,451,608 07/01/12 DES HUD021 Time for site lighting permit 07/11/12 $0 $4,451,608 07/11/12 Permitting022 Misc. 502, tile, ect. 07/11/12 $7,153 $4,458,762 Misc.023 Balcony mud, tile credit 07/11/12 $6,401 $4,465,163 Appearance024 Security Jun - Sep estimated $30,000 $4,495,163 Job site security025 Stored material handling estimated $10,000 $4,505,163 Job site management026027Void Air Conditioning cages - $0 Void Total $350,163 Current/Estimated Contract Value $4,505,163 Percentage COs 4.8% Includes add/alternatives Impact on Project Contingency Initial Budget Construction Contingency $415,500 CO 1 - 8 ($170,997) CO 9 - 25 ($179,165) Current Budget Contingency $65,337 Current Contingency % 1.6%
  5. 5. Davis Landings Project Spending600050004000 Projected3000 Actual20001000 0 Nov Dec Jan Feb Mar April May Jun July Aug Sep
  6. 6. Davis Landings Site Plans
  7. 7. Site Nov. 2011 – Feb. 2012
  8. 8. March 2012 – June 2012
  9. 9. July 2012
  10. 10. Questions & Follow-Up

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