ADDITIONAL FUNDING NEEDED FOR PHASE 1A
Last May, the Driving Range, Short Game Facilities, and the 9th Hole of the South Course project (Phase 1a) was presented to the Membership for consideration and approval with a budget of $5,400,963. This number was based on substantial input from our golf course architect, landscape architect, and a civil engineer. As due diligence and permitting progressed, it became apparent that this number would not fully cover the cost of the proposed project. The true cost of the project is now projected to be $6,205,000, including a contingency of $516,000. The contingency is primarily to protect against any weather challenges that may arise through the project and the grow in. It is not to be considered an edict to spend additional funds should they not be necessary. This variance was driven by certain elements of the project as explained below: • LANDSCAPING AND TREE RELOCATIONS – This has driven the largest delta on the project with a total cost of approximately $1.1 million. This is over $200,000 more than was originally accounted for. • UTILITY RELOCATION – There will be a need to relocate a main FPL power feed that services the pump station and many homes on Verdun. Working with a utility consultant, this cost was budgeted at approximately $125,000 and has swelled to $250,000 based on FPL’s most recent quote. • PROJECT MANAGEMENT FEES – In order to facilitate this project as well as coordinate with other current and future projects, SPD Project Management’s services were retained at a cost of $90,000 for this project. • IRRIGATION – Phase 1 will lay the largest mainlines for the property to service the North and South Courses. There will be hundreds of feet of HDPE line installed ranging from 10” to 16”. This will reduce the cost of the future projects, but it will be necessary to install now so as to not disturb newly constructed areas again when the golf courses are renovated. Some of this was anticipated, but it did add $196,000 to Phase 1.
ADDITIONAL FUNDING NEEDED FOR PHASE 1A (DRIVING RANGE, SHORT GAME, AND 9 SOUTH)
Original Budget
New Budget
Change
Permitting
$
-
$
60,000 90,000
$
(60,000)
Professional Fees
170,000
80,000
Hard Costs Contingency Total Budget
4,753,603
5,539,000
(785,397) (38,640)
477,360
516,000
$
5,400,963
$
6,205,000 $ (804,037)
Frenchman’s Creek | 14
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