The document provides an update on the Davis Landings Affordable Housing Project, including construction progress, budget details, and change orders. Construction began in November 2011 and is now over 90% complete, with interior build out, landscaping, and installation of cabinets and AC nearing completion. The budget shows actual costs invoiced through July 2012 compared to projected balances. Total project spending is tracking close to budget, with a remaining contingency of 1.6% to cover additional change orders for security and site management costs through project completion in August 2012.

1. Davis Landings
Affordable Housing Project
August 3, 2012
Community Land Trust of Palm Beach County, Inc.

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

4. Budget Update 7/31/2012
Invoiced to Projected
11/1/2011 Budget Date Balance
Hard Costs
Construction 4,155,000 $ 3,315,848.12 $ 839,151.88
Contingency 415,500 $ 125,281.28 $ 290,218.72
Total Hard Costs 4,570,500 $ 4,570,500.00
Financing Costs
Title and Recording-Construction 21,880 $ 20,332.05 $ 1,547.95
Soft Cost Revolving Credit 15,000 $ 3,258.00 $ 11,742.00
Total Financing Cost 36,880 $ 36,880.00
Soft 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 $ 11,844.00
Total Soft Costs 810,793 $ 810,793.00
Project Management / Overhead and Administration
Project Management / Overhead and Administration 220,000 $ 161,821.00 $ 58,179.00
Transformer Cost
Lake Worth Power Transformer 25,000 $ 24,710.57 $ 289.43
Reserves
Operating Reserve 59,833 $ 59,833.00
Total Reserves 59,833 $ 59,833.00
Total Budget $ 5,723,006 $ 4,397,177.09 $ 1,325,828.91

5. Construction Contract/CO Update
Davis Landings Change Log
Fixed Base Bid $4,155,000
Fixed Add Alteratives Approved $144,098
Total $4,299,098
Actual/Potential Change Log 7/30/2012
Submitted new contract
CO Description Date Value amount Date Approved Notes
001 LWDD - canal work 12/09/11 $15,265 $4,170,265 01/03/12 Permit requirement
002 Security thru Dec 2011 12/09/11 $11,635 $4,181,899 01/03/12 Unforeseen site condition
003 Rubber base for playground 12/09/11 $20,160 $4,202,059 01/04/12 Add alternative accepted
004 Quartz countertops 12/09/11 $50,846 $4,252,905 01/04/12 Add alternative accepted
005 Security cameras 12/09/11 $24,000 $4,276,905 01/04/12 Add alternative accepted
006 Playground equipment 12/09/11 $8,160 $4,285,065 01/04/12 Add alternative accepted
007 Washers and Dryers 12/09/11 $31,782 $4,316,847 01/04/12 Add alternative accepted
008 Window treatments 12/09/11 $9,150 $4,325,997 01/04/12 Add alternative accepted
009 Security Jan-Feb 2012 01/15/12 $29,500 $4,355,497 01/20/12 Job site security
010 Stored materials storage 01/15/12 $37,100 $4,392,597 01/20/12 Job site management
011 Bathroom hi hat lights 02/17/12 $5,060 $4,397,657 03/02/12 Code review requirement
012 Gable ends - structural 02/17/12 $14,692 $4,412,349 03/05/12 Code review requirement
013 Elevator air conditioning 03/05/12 $8,033 $4,420,382 03/08/12 Code review requirement
014 Heat Detectors 03/05/12 $2,232 $4,422,614 03/08/12 Building Inspector requirement
015 Electrical disconnect 03/20/12 $2,651 $4,425,265 05/31/12 Building dept comment
016 Sink upgrade 03/12/12 $2,657 $4,427,922 03/15/12 plan coordination
017 Drywall modifications 04/15/12 $7,192 $4,435,114 07/01/12 plan coordination
018 Security Mar - May 05/23/12 $22,200 $4,457,313 07/01/12 Job site security
019 Shelving Credit 06/06/12 ($8,455) $4,448,858 07/01/12 Owner selection
020 504 changes 06/14/12 $2,750 $4,451,608 07/01/12 DES HUD
021 Time for site lighting permit 07/11/12 $0 $4,451,608 07/11/12 Permitting
022 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 Appearance
024 Security Jun - Sep estimated $30,000 $4,495,163 Job site security
025 Stored material handling estimated $10,000 $4,505,163 Job site management
026
027
Void Air Conditioning cages - $0 Void
Total $350,163
Current/Estimated Contract Value $4,505,163
Percentage CO's 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%

6. Davis Landings Project Spending
6000
5000
4000
Projected
3000
Actual
2000
1000
0
Nov Dec Jan Feb Mar April May Jun July Aug Sep

7. Davis Landings Site Plans

8. Site Nov. 2011 – Feb. 2012

9. March 2012 – June 2012

10. July 2012

11. Questions & Follow-Up