HomeMy WebLinkAboutStaff Report 1583City of Palo Alto (ID # 1583)
City Council Informational Report
Report Type: Informational Report Meeting Date: 4/11/2011
April 11, 2011 Page 1 of 1
(ID # 1583)
Title: Palo Alto Monthly Library Update
Subject: Palo Alto Library Projects January/February 2011 Report
From:City Manager
Lead Department: Public Works
Executive Summary
Attached please find the January and February 2011 Monthly Update Report prepared for the
City of Palo Alto by our Construction Management firm, Turner Construction Company. It can
be found on the City's Webpage at www.cityofpalo.org/libraryprojects. This is an informational
report and no action by Council is required.
Attachments:
·Palo Alto Library Project Report (PDF)
Prepared By:Philip L. Bobel, Manager, Environmental Compliance
Department Head:J. Michael Sartor, Interim Director
City Manager Approval: James Keene, City Manager
Palo Alto Library Projects
Monthly Progress Report
January—February 2011
Downtown Library
Mitchell Park Library & Community Center
Main Library
Mitchell Park Main Entry
3/10/2011
Turner Construction Company
Project Status Reports
Table of Contents
Project Status Reports
Downtown Library
Mitchell Park Library & Community Center
Library Closure Plan
Financial Summary
Hanging Steel for the New Library—Topping out ceremony in April
Roseville, CA
(916) 757-1000
Temporary Library at Cubberley finished. Increase budget to cover move out
Downtown Library bids were under budget approximately $800,000
Mitchell Park Library & CC bids were under budget approximately $8,000,000
Bond costs for the first issuance were significantly less than budgeted. Projected
Savings Reserve from lower projected financing costs are $1,350,000..
Savings reserve has been adjusted down for various unbudgeted expenses and Mid-
year Budget Adjustments..
February
FINANCIAL SUMMARY
BUDGET COSTS
Bond
Issue
Engineer's
Estimate
Projected
Actual
Expenses
Savings
09010 Cubberley Temporary Library 645,000 570,874 74,126
09005 Downtown Library 4,000,000 5,212,000 4,663,587 728,413
09006 Mitchell Park Library & C.C. 50,000,000 49,043,000 41,305,478 7,737,522
11000 Main Library 18,000,000 18,000,000 18,000,000 0
Art Center Temporary Library 500,000 500,000 0
Bonding and Financing Costs 4,000,000 2,600,000 1,250,000 1,350,000
0 0
BONDED AMOUNT 76,000,000 76,000,000 66,109,939 9,890,061
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