Monday, May 12, 2008

$108 million for new arena

According to a draft document filed with the Ohio Cultural Facilities Commission, the projected cost of the new Lucas County arena is $108 million.

The OCFC is holding about $5 million in state dollars for the project, but does not release their funds until final financing plans are filed with the agency and approved by their board.

Estimated costs include:

$ 74,202,369.00 for design and development
$ 19,835,400.00 for General conditions

Total of above construction costs: $ 94,037,769.00

$ 5,650,000.00 for Architect fees

$ 385,000.00 for Demolition and Remediation of Buildings

$ 363,877.00 for Testing

$ 2,187,000.00 for Lucas County general conditions like waste, utility, legal notices, etc...

$ 1,554,100.00 for Professional Services including legal, consultants

$ 4,000,000.00 for project/owner contingency of 5%

with Total Expenditures estimated to be $108,177,746.00.


Still no word on where the county will get another $28 million to cover the extra costs ....

8 comments:

Hooda Thunkit said...

Maggie,

"Still no word on where the county will get another $28 million to cover the extra costs ...."

Not to worry, something will turn up..., it always does.

And if nothing turns up, the Commissioners can always conveniently come up with yet another new fee. . .

gordon gekko said...

Congratulations. You guys are moving up to the big leagues of fiscal insanity.

Next. You'll need a couple of hundred million to build a rail system to no where....

That's when you'll be in the big time.

navyvet said...

Is design and development correct??

Maggie Thurber said...

yes, NavyVet - but design and development includes construction costs and 'micro turbines'

Martin said...

Hey, this doesn't add up. My tally of your #'s comes just shy of $182M

How do you get $108M out of this?

In any even, I view it as the only real economic development going on contrary to Carty's letter of celebration. We are all supposed to show up at the Erie Stree Market money pit on June 12th.

Maggie Thurber said...

Martin - my apologies and thanks for pointing out my mistake.

I picked up the total for construction and listed it as the individual category for General conditions.

I've corrected that category.

Ben said...

'Still no word on where the county will get another $28 million to cover the extra costs ....'

I have an idea.

Tim Higgins said...

Maggie,

The numbers that you have so assiduously gathered are the numbers TODAY. Based on the increases and overruns that this project is already incurring, what would make us believe that this will top out at $108 million? When was the last city or county project that came in under budget?

We have only to look at the MLK bridge project to see where this one is heading.

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