We currently estimate the total cost for the project to be $21.6 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.
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.