Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Projects Financing topic
No spam. Unsubscribe anytime.
Commission hears $2.77 million guaranteed-maximum price for police annex; staff recommends financial advisers for planned capital work
Summary
Assistant city manager and Colliers presented a $2,767,864 guaranteed-maximum price (GMP) for renovation and expansion of the police annex, and finance staff recommended hiring PFM as financial advisers to support potential debt issuances including an estimated $10 million public-safety issuance and a possible $26 million CRA project.
The commission reviewed details of a planned renovation and expansion of the police annex on Tillman Avenue and discussion of financing for upcoming capital projects.
Assistant City Manager Dina Drongo and Colliers representative Ibrahim Garcia Bingo Chayo explained the project scope — offices, training rooms, storage, restrooms, a break room and a secure garage — and presented a guaranteed maximum price (GMP) of $2,767,864. Colliers detailed the construction-manager-at-risk process: they reviewed design, published subcontractor scopes publicly, received multiple bids, selected compliant low bidders and set a GMP that the construction manager guarantees the work will not exceed.
Finance Director Dorothy Abbott separately briefed the commission on a request to engage PFM as financial advisers. Abbott said possible upcoming debt issuances include an estimated $10 million for public-safety projects (Fire Station 3 and the police annex) and a potential $26 million CRA project; she described PFM's role in strategy and in identifying short-term notes and market approaches.
Commissioners asked how savings are handled if bids come in under the GMP; Colliers and the construction manager said the city pays the lower price and retains the savings within contract mechanics. Staff said value-engineering opportunities have already been identified to reduce the ultimate construction price.
No formal vote on the GMP or on engaging PFM was recorded in the transcript; staff thanked presenters and moved to the next agenda item.
