News & Noteworthy
New Municipal Building Cost Estimate
Posted: May 16, 2017
The Township secured the services of MJA Construction Services to prepare a Schematic Budget Construction Cost Estimate based on the schematic floor plans and estimated site development costs.
This estimate is a total project cost that includes all of the following:
- Construction Cost Detail
- Contingencies for Design and Construction
- Escalation Cost Factor
- Contractor Overhead and Profit
- Bonding and Insurance Costs
- Architecture and Engineering Design Fees
- Furniture, Fixture and Equipment
- Environmental Testing, Permits and Insurance
- Legal Costs
The $7,327,260 estimate presented by MJA Construction Services is an estimate based on the 14,395 square foot floor plan prepared by FKA Architects.
The Township is funding the project by bonding. Initially, the bond ordinance will give the Township the opportunity to pay interest only during construction. Once the project is completed the final cost of the project will be covered by a permanent bond issue for a term of 20 years.
It is too early to provide the specific impact of the additional taxes to an individual taxpayer to support the bond. However, the Mayor and Council are committed to making a recommendation to fund this project using the most cost efficient methods possible. Every member of the Mayor and Council is fully sensitive to the tax impact of the project, and are taxpayers themselves. If the proposed estimate of $7.4 million was fully funded with a 20 year bond, it would be an increase of about $137 per year to the average taxpayer (a total of $2,740 over that 20 year period).