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Park Board authorizes public-private agreement up to $960,060 for Lincoln Park BOT project
Summary
The board authorized a public-private (BOT) agreement for Lincoln Park with a not-to-exceed value of $960,060.07 — including $828,991 hard costs — and charged the board president to sign pending final legal review.
ZIONSVILLE, Ind. — The Zionsville Park Board on Dec. 10 authorized staff to enter a public-private build-operate-transfer (BOT) agreement for Lincoln Park with a not-to-exceed value of $960,060.07 and directed the park board president to sign the agreement contingent on final legal review.
Jared, the parks superintendent, said the developer produced a price point that fits available funding and that continued value engineering may reduce the cost. He provided a cost breakdown on the record: $828,991 in hard costs, $107,339.34 for development and legal fees, and up to $23,729.73 for construction administration. "So this step before you all that to consider this evening would be to enter into that public private agreement, setting the price point not to exceed $960,060.07," Jared said.
Board member Doug Tishbein, who has been closely involved with the project, said he supports the approach and estimated, "I think we've saved 200,000 on paper" using the BOT approach so far. The board voted by roll call to allow the park board president to execute the agreement subject to final legal review.
Jared said the project scope remains substantial and that staff will continue negotiations and present the final project to the community next year.
Next steps: staff will finalize negotiations, secure legal review, and present the project to the community and relevant town bodies as required.
