2018-11-08-PBC-min (2) - Laserfiche WebLink

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3. IGMP3/Budget Development: M. Burton reviews iGMP3 slide.The slide shows a progression of all iGMP1 and 2,and currently where we are with iGMP3 summary breakdown. iGMP3 summary total is$27,547,942. 11/8/18 PBC presentation is attached for further details. 4. CM Contingency(w/in GMP): M. Burton reviews CM Contingency slide.The slide includes: Construction(CM)Contingency$1,323,423 Approved:$0 Pending:$236,720 Forecast:$0 Balance:$1,086,703 Remaining:82% 5. Owner Construction Contingency(outside GMP): M. Burton reviews Owner(GMP)Contingency slide.The slide includes: Owner(GMP)Contingency$1,500,000 Approved:$30,246 Pending:$364,177 Forecast:$421,491 Balance:$684,086 Remaining:46% M. Burton explains that the pending column includes the unforeseen soil issues. The project team has reviewed the pending COR's that are associated totaling$364,177. The forecasted$421,491 COR's are additional unforeseen soil issues/conditions the construction team anticipates. Walsh Brothers is performing additional test pits,with GZA present,to determine further soil conditions and exposure. Test pit drawing attached. The drawing indicates existing test pits and probes taken,and additional tests scheduled for 11/17. 6. Value Engineering: M. Burton reviews Value Engineering slide. In order to offset financial risk based upon current contingency expenditure(actual/ forecast)the Project Team has assembled a list of recommended VE Items,should TOL wish to reduce direct work costs and add money back to contingency and/or allowances within the GMP.Total recommended VE,$420k, no programmatic changes, minimal impact to building(Cosmetic only). VE items will impact FSB contractors and are subject to deduct change order pricing. Values on VE log for recommended VE Items have been adjusted down from estimate to approx.70%of the estimate value. Decisions on VE will be required upon approval of final GMP(December 13th,2018). TOL to confirm process for acceptance of any VE Items(potentially a Joint PBC/SC Meeting). The PBC reviewed and discussed the presented VE items recommended by project team to maintain budget. VE Log: ➢ All(D)items are new options added to the VE log ➢ The log indicates"Y"for yes, "N"for not recommended,"P"for potential""D"for deferred to the appropriate party to review and recommend. ➢ DPF has already reviewed and made recommendations ➢ PBC recommended: C2, C12, 02, S7, C1, C4, C7,C8, C16,and D4, C1 1/N12 as potential. N71, D10,and D19 are not recommended,and N19 as deferred. ➢ DiNisco notes that they reviewed the spray foam insulation with their consultants and have determined that it is not necessary,there is no need for it,and no reason to keep it. ➢ M.Cronin scheduling joint PBC/SC meeting for ultimate approval of VE. Potential dates include 12/4, 12/8. M. Cronin to confirm. PBC Meeting 11.08.18 2