How do the final project costs differ from what was in the “bid,” and what are the reasons for the differences?
The original proposal estimated construction at $137.5 million. The final contract increased that budget to $150.5 million to account for construction industry escalation resulting from Hurricane Katrina and the current economic climate. The office building addition to the project surfaced late in the process and presented a significant opportunity to create synergies and tax base growth not previously imagined/contemplated.
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