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Page 2 <br />Strander Blvd Phase 3 <br />November 9, 2018 <br />Total Project Cost (Design, RW, and Construction) <br />Subtract Project Costs with Secured Funding <br />Funding Gap (unsecured) <br />$83,781,626 <br />(18,963,961) <br />($64,817,665) <br />It should be noted, staff anticipates that there may be additional design supplements in the future related to the <br />outcome of the Value Engineering study as Berger may need to modify the Strander Blvd Phase 3 design. There <br />also may be additional utility relocation design fees. <br />There is an additional $500,000 in WSDOT discretionary funds that were provided to the City in June 2017. These <br />funds can be used for any phase of the project and staff is electing to use them in the Preliminary Engineering <br />(design) phase. <br />Project Timeline <br />2018 (September -December) <br />2019 (January — March) <br />2019 (May) <br />2019 (October) <br />2020 (October) <br />2020 (Jan) to 2029 (Dec) <br />Funding Timeline <br />2019 (September) <br />2020 (January) <br />2030 (January) <br />Continue utility coordination and address 30% design comments <br />Perform Value Engineering (VE) study <br />Complete revised 30% plans incorporating VE changes <br />Complete right-of-way phase <br />Complete final plans, specifications, and estimate. Project ready to go out to bid <br />Project required to be under construction during this time period and completed <br />by December 2029. <br />If the project is not under construction by September 2019, FASTLANE's $5 <br />million must be relinquished to funding source. Note, there is no direct transfer of <br />funding from these organizations to the City for the construction phase, so the <br />funds would be 'unobligated' and not made available to the City after this date. <br />City would need to provide an additional $5 million for construction costs/funding <br />gap. <br />If the project is not under construction by January 2020, FMSIB's $5 million must <br />be relinquished to funding source. Note, there is no direct transfer of funding from <br />these organizations to the City for the construction phase, so the funds would be <br />'unobligated' and not made available to the City after this date. City would need <br />to provide an additional $5 million for construction costs/funding gap. <br />If the project is not constructed/completed by January 2030, all federal funds <br />used for design and right-of-way must be returned to federal funding source <br />($5,646,750). <br />RECOMMENDATION <br />Council is being asked to authorize the Mayor to approve the Value Engineering consultant contract for the <br />Strander Boulevard Phase 3 Project with a not to exceed amount of $75,000 and consider this item on the <br />Consent Agenda at the November 19, 2018 Regular Meeting. <br />ATTACHMENTS <br />• 2017 CIP, pg. 13 and Draft 2019 CIP pg. 10 <br />• Current estimate <br />W:\PW Eng\PROJECTS\A- RW & RS Projects\Strander Extension (98610403)\01_Preliminary Engineering\20181113 TIC update (003) gl.docx 10 <br />