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<br />Preview <br /> <br />Page 4 of 4 <br /> <br />8. Developer shall be responsible for maintaining insurance, including general public <br />liability insurance, worker's compensation insurance, and builder's risk insurance. <br /> <br />Financing For Parking/Garag~ <br /> <br />The City is able to fund the construction of the park and garage through its Capital <br />Project Budget. <br /> <br />Cost Analysis <br /> <br />The City paid almost $10,000,000.00 (Ten Million Dollars) to build Pelican Park on a <br />two (2) acre site, Similarly, it is estimated that the City will pay almost $13,000,000.00 <br />(Thirteen Million Dollars) to build Heritage Park (which includes a parking garage and <br />park at grade level). Heritage Park is situated on 3.5 acres. The City is seeking to build an <br />above ground park and parking garage and high end retail restaurant area on a 3.7 acre <br />site for $10,000,000.00 (Ten Million Dollars). <br /> <br />Staff has worked diligently to research the costs of the park and parking garage. Staff has <br />retained experts to review cost estimates provided by the Developer. Based on the <br />analysis provided by our experts, the Developer has reduced the contract price to <br />$10,000,000.00 (Ten Million Dollars). <br /> <br />NEXT STEPS <br /> <br />Upon approval of the recommended action, the City Manager and City Attorney will <br />negotiate the final terms of the Ground Lease and Development Agreement, and Design- <br />Build Agreement with 4M Investors in substantially the same form as the attached <br />Exhibits "A" and "B". The proposed Agreements are not final but establish the <br />parameters to move forward with the Project. <br /> <br />ATTACHMENTS: <br />. Resolution <br />. Ground Lease and Development Agreement <br />. Design-Build Agreement Park and Parking Garage <br /> <br />http://sibagenda.sibfl,net/agenda/Preview .aspx?ItemID=526&MeetingID=0&MeetingDate... 6/1012011 <br />