The document provides a cost update for the Third Place Building project. The total projected cost has decreased from the original 2008 budget of $1,000,000 to a current price for completion of $797,000. The shell cost has also decreased, with the original 2008 shell budget being $500,000, and the current anticipated cost for just the shell being $300,000. There is currently $220,000 cash on hand for the building fund, leaving a $80,000 shortfall to begin Phase 1.

1. Third Place Building
Cost Update

2. Total Projected Cost
 2008 Budget Anticipation $1,000,000
 Current Price for Completion $ 797,000

3. Phase 1 (Shell Cost)
 2008 Shell Budget Anticipation $500,000
 Current price for Shell $371,000
 Current anticipated cost for Shell $300,000

4. Building Fund Update
 Current Cash on-hand $220,000
 Current shortfall to begin Phase 1 $ 80,000

5. How do we reduce budget to final price
 Buy out in the current market
 Gift In Kind
all budget cost do not include a/v equipment