Transforming Rockford's downtown Ingersoll building into an indoor sports complex could be getting more expensive. Capital Program Manager Pat Zuroske distributed a memo to city council members Monday afternoon.
The original plan added up to just less than $15 million. That has now changed. The city put together an Opinion of Probable Cost, or OPC. Zuroske says it's a conservative guess. In this new plan, the city estimates the project will come with a nearly $21 million price tag. But, that's with almost $3 million of contingencies built into it, which he says will decrease as the project moves through design phases. Zuroske says this OPC lacks significant refinement. He's waiting on clarification of specific materials. The city believes that competitive regional bidding could also refine the cost. As a safeguard, several aspects of development will be bid as alternates, in case items have to be removed to meet project budget. In the original plan, paying for the Ingersoll project was split almost 50/50. Grants covered a little less than half of the nearly $15 million. 20-year bonds covered the rest. In the new plan, grants cover $8.5 million. More than $12 million will have to be paid for with bonds.
Zuroske says he might be giving a presentation on these numbers as early as next week. Monday night, a resolution taking away the city's authority to issue bonds for the this project passed unanimously in Finance & Personnel Committee. It was laid over in front of full council and it's now scheduled to be voted on next week.
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