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Fiscal Impact |
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Fiscal Impact/Cost Summary: |
The Design-Build Construction Estimate is $114M of the $195M total Wave project budget. The County and FDOT are able to terminate the Project Agreement if bids come in at more than 125% above $114M, or $142.5M. If the winning base bid comes in below $142.5M, existing agreements related to how the project partners will share in Project Cost overruns remain in effect.
Prior to letting of the Design-Build Contract, the State covers 50% with the Local Share being 50%, for which the city and county are equally responsible under the ILA executed June 2016. Should the County exercise its option to fund the vehicle maintenance facility full build-out, this third amendment to the project agreement explicitly removes FDOT’s responsibility to share in the associated costs.
For construction-related overruns, the third amendment to agreement will not deviate from the previously-agreed upon cost-share except as it relates to vehicle maintenance facility elements specifically identified in Exhibit A-1.
Before project partners will be asked to participate in funding cost overruns, the project must exhaust available financial resources through expense and/or encumbrance. Once that has occurred, construction cost overruns according to the language of the current ILA should be shared as follows: The City of Fort Lauderdale (City) assumes 50% of the responsibility for the Local Share of cost overruns in 2018 with the County contributing the other 50%; in 2018, the DDA pays nothing, but contributes $3M in years 2019-2020. In 2021, the DDA assumes full financial responsibility for the Local Share of cost overruns per Sec. 4.2(b) ILA. |
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