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Council accepts final Pool Bond Oversight report; project budget stands at $34.9 million
Summary
The bond oversight committee reported that all Measure UU bond proceeds (about $25.3 million) and interest were expended on the Piedmont Community Pool project; the finance director said the total project budget rose to $34.9 million and soft costs were about 18% of total costs.
Pat Leischer, chair of the Pool Bond Oversight Committee, presented the committee's final report and said the committee's work is complete: by the committee's review, Measure UU funds and related interest were expended on the pool project and the committee's term ends with submission of the final report.
"The bond and the interest was a little over $25,000,000 and the total cost of the project now is just under $35,000,000," Leischer said, summarizing the committee's financial oversight. She added the committee monitored contract allocations and soft costs during its meetings.
Finance Director Kiran Thawa provided the detailed fund history: "Measure UU, the total proceeds from the bond, was 25,300,000," Thawa said, and reported that the project budget increased from an original figure (cited as $28.9 million in earlier materials) to $34.9 million; funding sources included bond proceeds, contributions from organizations and individuals, an East Bay energy loan of $3,750,000 (no interest), and other local funds for paving and sewer work. Thawa said all Measure UU proceeds, including interest, had been expended as of January 31 of the current year under committee oversight.
Council members thanked the volunteers who served on the oversight committee. The committee's final report was submitted and accepted, and the committee is dissolved per its enabling resolution.
