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Meeting of the
SHEPHERD COLLEGE
BOARD OF GOVERNORS
December 12, 2002
Agenda Item No. 7

KENNETH J. BOONE FIELD HOUSE UPDATE

Bids for construction of the Kenneth J. Boone Field House were opened on November 14, 2002. The College received 11 bids on the work. All of the bids were clustered within a relatively short range. The low bid is for $1.394 million. The project budget for construction costs was $1.013 million. The total project budget had been previously approved by the Board at $1.423 million.

Although the extent of the overage on this construction cost is disappointing and unexpected, proceeding with this amendment to the project budget is recommended. The nature of the building and its design do not lend to implementing cost-effective design-changes which might allow for a re-bidding of the project. Significant changes would seriously detract from the suitability of the building for its intended purposes.

The College can absorb this additional cost within the scope of the proposed capital bonding program and maintain a $6 million dollar borrowing program. The College would have substantially greater flexibility in the final designing of the West Campus parking lot and the boiler/ lighting projects to keep the total program within budget.

On November 22, 2002 the Finance Committee held an emergency meeting for the purpose of assessing the status of the Field House project. After extensive discussion, the Committee voted to recommend increasing the project budget by $381,000 to reflect the additional cost for construction, making the total project budget $1.804 million.

The following resolution is recommended for adoption by the Board:

Resolved, That the Shepherd College Board of Governors approves an increase in the total Project Budget for the Kenneth J. Boone Field House to $1.804 million.