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7.C. - Page 14 of 178 <br />The City Council has allocated a total of $15M of developer -paid Park Impact Fees to support the soft costs <br />of the planning, project management, construction management, and future construction administration <br />services. <br />Additional soft costs associated with the project will include entitlement and professional fees (plan <br />checks and building permit costs; utility connection fees; hazardous material testing and reports; <br />information technology services; geotechnical services; testing and special inspection services; <br />environmental oversight; LEED certification commissioning services; and soft costs contingencies will be <br />included within the total bond issuance. That estimate is a total of $5,934,199. <br />The hard construction cost estimate includes the following: <br />Veterans Memorial Building/Senior Center (Demo <br />and Building) <br />$50,392,000 <br />Promenade, East and West Parking Lots <br />$6,598,000 <br />Traffic Calming <br />$896,000 <br />Exhibits Allowance (Veterans and NFL Alumni <br />Association) <br />$2,814,000 <br />Furniture, Fixtures & Equipment <br />$988,000 <br />Total <br />$61,688,000 <br />The City Council has already approved the estimated bond payments beginning in Fiscal Year 2020-2021 <br />and the costs are included in the City's 10 Year Forecast. <br />Through the Master Project Agreement, the City will acquire the Hudson Street property from the YMCA <br />after the YMCA has relocated to its new facility. The purchase price for this property shall be $7,384,000 <br />with an annual increase no less than 4% or greater than 7%. <br />The YMCA shall pay for half of the common area construction costs (promenade, West and East parking <br />lots; and traffic calming measures) for an estimated total of $3.24M. <br />The YMCA shall pay the City a flat fee of $35,000 a year, with an annual escalator of 3%, for common area <br />maintenance, after the New YMCA has been completed. <br />ENVIRONMENTAL REVIEW <br />The City prepared a Draft Environmental Impact Report (DEIR) for the project, complying with all relevant <br />sections of CEQA. The EIR is intended to inform Redwood City decision -makers, responsible agencies, and <br />the general public of the potential environmental impacts associated with the proposed project. The DEIR <br />identified that the project would result in the following: <br />Page 14 of 17 <br />. �.JL <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />437 <br />