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Committee says adaptive reuse saves roughly $2 million versus earlier plan; bond mechanics explained
Summary
Committee cost presentation estimated a $22.7M adaptive‑reuse project versus a $24.7M 2023 KPA concept, and outlined sample G.O. bond math and schedule options; Council requested contractor‑backed cost validation, geotechnical work and CEQA analysis before any bond language is finalized.
Ed Dong, representing the citizen committee’s cost team, presented a comparative analysis showing the committee’s adaptive‑reuse approach could lower capital costs by about $2 million compared with the 2023 KPA Concept B, yielding a $22.7 million estimate that includes an additional ~2,000 square feet of program space and room for a possible fire station footprint.
The committee cited consultations with two local contractors, Swinerton Builders and Build Group, as part of its validation; Build Group toured the site and supported the conceptual pricing. Committee advisors and Town staff cautioned that the number is conceptual and recommended contractor‑based cost validation through schematic design and selective site investigations before the Council commits to ballot language or a bond amount.
On financing, the committee described a sample $10 million general‑obligation bond modeled at 4% over 30 years with annual debt service of roughly $580,000 and estimated the assessed‑value impact at about $20 per $100,000 of assessed value. The committee and staff noted that a G.O. bond can pay only for capital (brick and mortar), requires two‑thirds voter approval, and does not fund operations such as staffing a fire station.
