Anticipating the appraisal and closing, a budget has been established for Phase I-mi (move-in) which is all the work necessary to move-in and for first use. While the original Scope of the four Work Phases remain basically intact, the following describes the actual authorized work to match up with the existing budget. This work is composed of items from Phases I & II (as previously described) in a somewhat different mix than first defined. In the following Chart, the old Work Package numbers that best match up to the authorized work are provided.

The budget numbers will be used as the “work to ” design budget to be refined through the pricing/bidding/building process. There is no slack in these numbers. Just under 1.8 million is the minimum figure required for move in (including some key work that can be done after a use permit and move-in). The work that will be accomplished for this figure will be basic: floor covering, paint, electrical and mechanical repair and so on. The work will be done to three levels: A, which is at the the complete “finished” level; B, which is basic work with some further development; and C, which is minimal work necessary for use. A Room Schedule is provided that establishes the finish level for each room in the Phase Imi work period. All of the building areas will be put in use with the exception of the fourth floor and the the Auditorium. Most demolition for future Phase I & II work will be done and the “Town Square" Atrium and skylight is included (finished to a basic level). All future work beyond Phase I mi, however, will add greatly to both functionality and amenity. Phase I mi will give us our basic building - it will be usable and restore a great deal of the quality of the original buildings. Work done beyond this point will have a high value-add factor - both in terms of utility and sense-of-place and in market value.

Not covered in this Budget is costs associated with a Sprinkler System which we are going to argue is not necessary given the basic materials, egress and density of use of the facility. Sprinklers will be added and are estimated for each area as it is brought to completion in Phase II, III and IV work. If we lose this argument with the Building Department, we will have a short fall on the order of $300,000 to make up. There is no way to take this out of the other work. A document, showing progressive installation of a sprinkler system, tied to work Phases and time delimited, has been prepared. This work will have to funded by an additional budget.