We currently estimate the total cost for the project to be $33 million. A final budget cost for the project will be completed during Schematic Design and presented to the City Council for approval in the Fall of 2021.
A final budget will be reviewed once all bids have been received by subcontractors. We anticipate a final number fall of 2022.
ELIGIBLE VS. INELIGIBLE COSTS
The MSBA reimbursement is 54.79% for any ELIGIBLE expenses.
There are a number of things in the project that are not eligible for reimbursement or exceed the maximum eligibility caps. For example, site costs over 8% are not eligible.
We are estimating ~ 40% realized reimbursement after eligible/ineligible costs are calculated.