The city’s contribution to the first phase of Prince Arthur’s Landing may increase following a report Monday night.
Waterfront project manager Katherine Dugmore said council’s $14.6 million contribution to the first phase of waterfront development will need an additional $2.2 million because initial estimates were based on dollar figures from 2007.
Dugmore said the design adds more details as the project continues to develop.
"Knowing all the information that we now know and having information on the site we’re better able to project cost escalation into 2011," said Dugmore. "There are a number of things that we’ve done as a result of the detailed design process that have added to the cost."
The money will come out of funding already approved by council. Pending council’s approval, Dugmore said the $2.2 million would be taken from money intended for the new marina development, which is the project’s second phase.
Dugmore said new additions to the project, such as a festival storage building and pavillion, have also added to the cost. With money from senior levels of government and $5 million from other organizations, Dugmore said phase one of construction is already fully funded.
Dugmore will present council with two other options should it choose to deny the $2.2 million move. One option is to scale the first phase back to 2007 dollars, which would eliminate some of the original plans for the site. The second option is to reduce plans even further and defer other plans until a later date.
Dugmore said both options have disadvantages for the overall $66 million Marina Park plans.
"The risks not fulfilling the vision at this time are that you may never complete the project as it was originally envisioned or you will be in a position if you choose to do it at a later date that it will cost more because every year it costs more to do build the same thing," Dugmore said.
Dugmore will present a second report to council Monday updating the city on the first phase of development’s progression. She said with one-third of the project in tenders, or already being constructed, the five-year project being built in two is on schedule.
Because almost $30 million of the money has to be spent by next winter under the Infrastructure Stimulus Fund, Dugmore said the city has to move quickly complete the plan.
"Aside from the additional grey hairs everything is moving along very well," said Dugmore. "The intention really here is to advance as much of the project work as possible to utilize that 29.3 mil before March 2011."
Tenders will go out later this month for architectural work and landscaping said Dugmore with more expected in June. A public meeting is expected later this winter to show a consolidated plan between the city and private partners.
