The construction contract represents about 70% of the total project cost. Making up the other roughly 30% of the total cost is approximately $1,200,000 for design and permitting during the preconstruction phase, which wrapped up last month, $758,000 for construction consultant support and an estimated $250,000 for utility relocations and miscellaneous costs.
Available funding for this project includes approximately $2,830,000 in grant funds from the Transportation Improvement Board (TIB), $4,700,000 in low-interest loans from the Public Works Trust Fund and water utility funds of $600,000. The TIB grant amount, which was originally awarded to the City at $3,300,000, was slightly reduced as a result of the low bids submitted by the contractors and will vary based on actual construction costs.
The city has confirmed that all funding from state agencies is still in place and ready for use. Additionally, city staff are closely monitoring the current public health situation and are following the guidance of lead agencies to ensure the safety and well-being of all staff, contractors and residents.