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Redevelopment of downtown bank building set to begin after GMP acceptance
Summary
Commissioners approved a developer's guaranteed maximum price (GMP) just under $3.4 million for downtown bank-building redevelopment; financing is in place and work is expected to start before month’s end with occupancy targeted within a year.
The redevelopment screening group accepted a guaranteed maximum price (GMP) for the downtown bank-building project that commissioners reported as just under $3.4 million, including soft costs, developer fees and a developer bond. The GMP figure was presented as approximately $3.379 million and commissioners said financing is in place with remaining costs to be covered from existing TIF funds.
"GMP is just short of 3,400,000, counting in all, soft costs, developer fees, developer bond, etcetera. It's 3.379 something," the chair said while summarizing the accepted price. The developer expects to start construction before the end of the month; commissioners said occupancy is expected within about a year. The board also discussed interior layout changes including a new elevator, a conference room conversion and relocation of the commissioners’ chambers to the ground floor.
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