Finance & Asset Management - Meeting Agenda

Transcription

1 Finance & Asset Management Meeting Agenda Date: Tuesday, April 15 th,, 2014 Time: 4:00 p.m. 6:00 p.m. Location: Elliott Bay Room Committee Members: Gloria Skouge (Chair), Ann Magnano (Vice Chair), Betty Halfon, Patrick Kerr, Patrice Barrentine, Jim Savitt and David Ghoddousi 4:00pm I. Administrative: A. Approval of Agenda B. Approval of the March 18 th, 2014 Finance & Asset Management Committee Minutes Chair 4:05pm II. Announcements and/or Community Comments 4:10pm III. Presentations and Discussion Items A. Review of the Financial Statements for March Checking Account Activity Report B. Market WiFi Discussion 4:50pm IV. Reports and Action Items A. Action Item: Proposed Resolution 1425: Insurance Renewal for period May 1, 2014 April 30, 2015 B. Action Item: Proposed Resolution 1424: Authorization for Contract Authority Paint Lower Levels Down Under C. Action Item: Proposed Resolution 1426: Authorization for Contract Authority HVAC Rooftop Unit Replacement Stewart House D. Action Item: Proposed Resolution 1427: Authorization for Contract Authority Entrance Design Adjustment Western Ave Garage E. Action Item: Proposed Resolution 1428: Authorization for Contract Authority Western Ave. Windows Design Fairley Building Jay Schalow Ben FranzKnight Ben FranzKnight Marilee Combs Bob Beckstrom Andre Zita Andre Zita Andre Zita 5:10pm V. Property Management A. Residential Property Management Report John Turnbull 5:15pm VI. Public Comment 5:20pm VII. Closed Session I. Property Management Report Closed Session (RCW [c]) II. Review of Lease Proposals Lease Renewal Choice Produce 1514 Pike Place #4 Lease Renewal Japanese Gourmet 82 Stewart Street Lease Renewal 3D Wood Puzzle 76 Pike Place #5 Lease Renewal Marakesh Leather 76 Pike Place #1 Lease Renewal Metsker Maps 76 Pike Place #1 Lease Renewal Quality Produce 1508 Pike Place Lease Renewal Sergio s Barber Shop 1530 Post Alley #4 Lease Renewal Swanberg s Gifts 1525 Pike Place III. Review of Delinquency Report a. Vacancy Report b. Current Lease Negotiations Jennifer Maietta Finance & Asset Management Committee Packet Page 1

2 IV. Open Session a. Action Item: Proposed Resolution 1430: Lease Proposals April 2014 Jennifer Maietta 5:50pm VIII. Resolutions to be added the Consent Agenda Chair 5:55pm IX. Concerns of Committee Members Chair 6:00pm X. Adjournment Chair Finance & Asset Management Committee Packet Page 2

3 Pike Place Market Preservation and Development Authority (PDA) FINANCE & ASSET MANAGEMENT COMMITTEE Meeting Minutes Tuesday, March 18 th, :00 p.m. to 6:00 p.m. Elliott Bay Room Committee Members Present: Gloria Skouge, Patrice Barrentine, Jim Savitt, David Ghoddousi, Patrick Kerr Other Council Members Present: Staff Present: Ben FranzKnight, Sabina Proto, John Turnbull, Jennifer Maietta, Mike Downing, Jay Schalow, Matt Holland, Bob Beckstrom, Andre Zita, Dianna Goodsell Others Present: Joan Paulson, Howard Aller The meeting was called to order at 4:06p.m. by Gloria Skouge, Chair I. Administrative A. Approval of the Agenda The agenda, as amended, was approved by acclamation. B. Approval of the February 18 th, 2014 Finance & Asset Management Committee Minutes. The minutes were approved by acclamation. II. Announcements and Community Comments None III. Presentations and Discussion A. Review of the Financial Statements for February 2014 Sabina Proto gave a brief overview of the Financial Statements for February The following content was included with the Financial Statements for February Current Assets decreased compared to the prior month mostly in the Miscellaneous Receivable category. Designated Cash showed a decrease due to the spending of WSDT funds regarding the Pike Place Market Waterfront Entrance project. Restricted Cash increased due to the monthly contribution to Debt Service Accounts. Fixed Assets increased because of the work performed in different capital projects. Current Liabilities decreased mainly in the category of Accounts Payable. Long Term Debt decreased due to the monthly payments on our long term obligations. Our Net Position for the current year operating result was $281,304. Under the Accounts Receivable Report, the accounts receivable decreased in February compared to January mostly in the Daystall category. Under the PDA Operating Statement, the Total Revenue for the end of February 2014 was $2,552,586 or over budget by $189,248. The Total Operating Expense YTD was $1,772,219 or over budget by $105,352. The Net Operating Result YTD for the end February was $780,367 or $294,600 over budget. Under the Net Result after Debt Service & Reserves, the Annual Budget was $ 1,783,408 and for the end of February the actual amount was $483, 006. Finance & Asset Management Committee Packet Page 3

4 Footnotes on the Operating Expenses noted the following: Commercial Revenue was over budget mainly in Base Rent and Percent Rent and Direct Utilities; Percent Rent was $12,859 over budget and $32,944 over the actuals of the same period last year. Residential Revenue was over budget overall by $ 7,155. Surface Revenue was over budget by $8,988, Garage Revenue was over budget by $23,122 because on Early Bird customers and increases in the number of construction workers parking in our garage. Miscellaneous Revenue was slightly under budget overall. Under Operating Expenses, expenses were under budget in most departments. 1. Checking Account Activity Report The Checking Account Activity Report was distributed to Dianna Goodsell, Administrative Services Coordinator. B. Action Item: Proposed Resolution1418: Amendment of the Property Management Agreement between PPM PDA and PPM QALICB Sabina Proto introduced the resolution which states the PDA has carefully reviewed the 2013 Management Fee Agreement and is requesting additional payment of Management Fee from PPM QALICB for year WHEREAS, The Property Management Agreement between PPM PDA and PPM QALICB states: PDA shall be entitled to additional management fees as agreed by the parties from time to time. Based on the actual performance of the QALICB during 2013, which has exceeded the projected revenues provided on the financial model for PPM QALICB, and because this performance has created excess cash in PPM QALICB books. THEREFORE BE IT RESOLVED, that the PDA Council hereby authorizes the PDA Executive Director, or his designee, to approve policy terms and conditions in consideration for PDA s performance pursuant to the Management Fee Agreement (EXHIBIT A), Master Tenant shall pay to PDA a onetime Additional Fee in the amount of three hundred seventeen thousand one hundred twelve dollars ($317,112). Jim Savitt moved, Patrice Barrentine seconded Patrick Kerr entered on at 4:30p.m. There was a brief discussion that followed. For: Gloria Skouge, Jim Savitt, Patrice Barrentine, David Ghoddousi Against: 0 Abstain: Patrick Kerr Resolution 1418 passed with a vote of 401 C. Management of Market Reserves Discussion Ben FranzKnight discussed options regarding the Management of the Market Reserves. There was a discussion that followed. Ben FranzKnight discussed next steps regarding Management of the Market Reserves He noted that we would need to see what fully fleshes out and what it takes to pay off the existing bond. He reported that a resolution would be brought back next month at the April Finance and Asset Management Committee Meeting. Jim Savitt inquired on what happened to the funds in the 2008 LGIP. D. Audit Report LaSalle Senior Housing LLC for yearend December 31, 2013 Sabina Proto presented the Audit Report for LaSalle Senior Housing LLC for December 31, 2013 year end. A copy of the LaSalle Senior Housing LLC Audit letter was included with the meeting minute s record. IV. Reports and Action Items 85 Pike Street, Room 500 Seattle, WA (206) Finance & Asset Management Committee Packet Page 4

5 A. Action Item: Proposed Resolution 1416: Authorization for Contract Authority Pressure Wash/Seal Garage Exterior Bob Beckstrom introduced the resolution which states that the Pike Place Market Preservation and Development Authority (PPMPDA) was chartered by the City of Seattle pursuant to RCW et. Seq with the mission of promoting enterprises essential to the functioning of the Pike Place Market, including the preservation and expansion of the lowincome residential community, the promotion and survival of small businesses, and the expansion of services to the public market and community; and, WHEREAS, in order to maintain the viability of the Pike Place Market buildings the PPMPDA has determined the Parking Garage exterior is in need of pressure washing and concrete sealant. WHEREAS, the PPMPDA has executed a competitive bid process to clean the garage building exterior, including applying a concrete sealer. BE IT RESOLVED that the PPMPDA Council authorizes the PPMPDA Executive Director or his designee to enter into a contract with Long Painting Company in an amount not to exceed $45, for the execution of pressure washing and sealing the Garage Exterior. The funds for this project will be drawn from the Capital Projects Budget, Pressure Wash/Seal Exterior Accounting Code Jim Savitt moved, Patrick Kerr seconded For: Gloria Skouge, Jim Savitt, Patrice Barrentine, David Ghoddousi, Patrick Kerr Against: 0 Abstain: 0 Resolution 1416 passed unanimously B. Action Item: Proposed Resolution 1419: Authorization for Contract Authority Upgrade SKIDATA System at Garage Mike Downing introduced which states that the Pike Place Market Preservation and Development Authority (PPMPDA) were chartered by the City of Seattle pursuant to RCW et. Seq with the mission of promoting enterprises essential to the functioning of the Pike Place Market, including the preservation and expansion of the lowincome residential community, the promotion and survival of small businesses, and the expansion of services to the public market and community; and, WHEREAS, in order to maintain the viability of the Pike Place Market buildings the PPMPDA has determined the Parking Garage Pay Stations SKIDATA system needs to be upgraded. WHEREAS, the PPMPDA has executed a sole source bid to upgrade the SKIDATA system in all four pay stations, and the parking office SKIDATA computer system. BE IT RESOLVED that the PPMPDA Council authorizes the PPMPDA Executive Director or his designee to enter into a contract with Protection Technologies Inc. in an amount not to exceed $38, for the execution of upgrading the SKIDATA system. The funds for this project will be drawn from the Capital Garage Reserve Fund. Accounting Code Patrick Kerr moved, Patrice Barrentine seconded There was a brief discussion that followed. David Ghoddousi asked if there was an option of a buyout clause in our current Parking Garage Pay System contract with Protection Technologies Inc. For: Gloria Skouge, Jim Savitt, Patrice Barrentine, David Ghoddousi, Patrick Kerr Against: 0 Abstain: 0 Resolution 1419 passed unanimously 85 Pike Street, Room 500 Seattle, WA (206) Finance & Asset Management Committee Packet Page 5

6 V. Property Management A. Residential Property Management Report John Turnbull distributed a copy of the Residential Property Management Report. A copy of the Residential Property Management Report was included with the meeting minute s record. He reported that the Residential occupancy rate was currently at 97%. Closed Session started at 5:16p.m. B. Closed Session (RCW [c]) I. Review of Lease Proposals II. Review of Delinquency Report a. Vacancy Report b. Current Lease Negotiations C. Open Session: Approval of Lease Proposals Closed Session ended at 5:23p.m. Open Session started at 5:24p.m. VII. VIII. Resolution(s) to be added to the Consent Agenda Resolutions 1416, 1418 and 1419 were moved to the Consent Agenda. Concerns of Committee Members David Ghoddousi noted that he would like Proposed Resolution 1418 placed under New Business items for the March PDA Council meeting. Patrick Kerr would like to have WiFi installed throughout the Market. Ben FranzKnight noted that we can come back next month with a summary of the costs for establishing WiFi technology in the Market areas. Ben FranzKnight commented on concerns from last month regarding radiant heating in the Arcade. He noted that the Market Historic Commission (MHC) had previously rejected the idea of radiated heating in the North Arcade; since March 2012 we have not researched more work on radiant heating in space. IX. Public Comment None X. Adjournment The meeting was adjourned at 5:29 p.m. by Gloria Skouge, Chair Meeting minutes submitted by: Dianna Goodsell, Administrative Services Coordinator 85 Pike Street, Room 500 Seattle, WA (206) Finance & Asset Management Committee Packet Page 6

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16 Pike Place Market Preservation and Development Authority (PDA) PROPOSED RESOLUTION 1425: Insurance Renewal and Premium Payments APRIL 2014 WHEREAS, the PDA is responsible for obtaining insurance coverage for its Pike Place Market properties, and for the property managed by the PDA in the Market Historic District, the LaSalle Senior Housing LLC. WHEREAS, the PDA Finance Committee has been presented the renewal package for the property and liability insurance coverage for both the Pike Place Market PDA, and the property managed by the PDA in the Market Historic District. NOW, THEREFORE BE IT RESOLVED, that the PDA Council hereby authorizes the PDA Executive Director, or his designee, to approve policy terms and conditions and to pay the premiums and brokerage fees not to exceed $530,000 for the coverage period May 1, 2014 through April 30, AND BE IT FURTHER RESOLVED, that the PDA Council hereby authorizes the continuation of the brokerage representation and services provided by Arthur J. Gallagher Risk Management Services, Inc. Gloria Skouge, Secretary/Treasurer Date Date Approved by Council: For: Against: Abstained: Finance & Asset Management Committee Packet Page 16

17 Pike Place Market Preservation and Development Authority (PDA) PROPOSED RESOLUTION 1424 Authorization for Contract Authority Paint Lower Levels of Arcade Down Under April 2014 WHEREAS, WHEREAS, WHEREAS, the Pike Place Market Preservation and Development Authority (PPMPDA) was chartered by the City of Seattle pursuant to RCW et. Seq with the mission of promoting enterprises essential to the functioning of the Pike Place Market, including the preservation and expansion of the lowincome residential community, the promotion and survival of small businesses, and the expansion of services to the public market and community; and, in order to maintain the viability of the Pike Place Market buildings the PPMPDA has determined the lower levels of the Market are in need of painting. the PPMPDA has executed a competitive bid process to change the paint colors and repaint the lower levels. BE IT RESOLVED that the PPMPDA Council authorizes the PPMPDA Executive Director or his designee to enter into a contract with Long Painting Company in an amount not to exceed $32, for the execution of painting the lower Downunder levels. The funds for this project will be drawn from the Capital Projects Budget, Paint lower levels Accounting Code Gloria Skouge, Secretary/Treasurer Date Date Approved by Council: For: Against: Abstained: Finance & Asset Management Committee Packet Page 17

18 Finance and Asset Management Meeting, April 15, 2014 Proposed Resolution #1424 Proposed Resolution: Paint Lower Levels Downunder Proposed Resolution Costs: $32, Current Budget: $50,000 Account: Capital Projects Accounting Code: Project Description: Repaint common areas on lower levels. Scope: The purpose of this project is to repaint the lower levels using new approved paint colors. Bid process: Solicited five contractors and received four bids. o Long Painting Company $29, ($32, with 10% contingency) o Reed Paint Company $38, o Novo Painting $48, o Grund $50, o RENEW Declined due to busy schedule Finance & Asset Management Committee Packet Page 18

19 Pike Place Market Preservation and Development Authority (PDA) PROPOSED RESOLUTION 1426 Authorization for Contract Authority HVAC Rooftop Unit Replacement Stewart House April 2014 WHEREAS, WHEREAS, WHEREAS, the Pike Place Market Preservation and Development Authority (PPMPDA) was chartered by the City of Seattle pursuant to RCW et. Seq with the mission of promoting enterprises essential to the functioning of the Pike Place Market, including the preservation and expansion of the lowincome residential community, the promotion and survival of small businesses, and the expansion of services to the public market and community; and, in order to maintain the viability of the Pike Place Market buildings the PPMPDA has determined that the HVAC rooftop unit servicing common areas is in poor condition and has met its useful life. the PPMPDA has executed a competitive bid process for replacing the rooftop unit. BE IT RESOLVED that the PPMPDA Council authorizes the PPMPDA Executive Director or his designee to enter into a contract with Merit Mechanical, Inc. in an amount not to exceed $198,927 for the execution of replacing the Stewart House s rooftop common area HVAC unit. The funds for this project will be drawn from the Capital Projects Budget, 2014 COMSTE HVAC RTU Replacement: Gloria Skouge, Secretary/Treasurer Date Date Approved by Council: For: Against: Abstained: Finance & Asset Management Committee Packet Page 19

20 Supplemental Supporting Documentation Account: Capital Projects Project: Project Scope: 2014 COMSTE HVAC Rooftop Unit Replacement The following is for the replacement of the existing Rooftop Unit (RTU) corridor ventilation equipment with a new gas fired Make Up Air (MUA) unit, condensing unit, and DX coil. Also included are refrigerant piping, duct from the roof equipment through floors 2, 3, and 4 per the engineering plans and specs. Proposed Schedule: April June 2014 Project Support: Existing unit is in poor condition & has met its useful life. Upgraded unit includes cooling component to temper corridors. Added roof structural support is necessary to carry new load. New fire safety smoke detectors, relays and dampers necessary. Bid Process: 5 Contractors were solicited. PDA received 2 qualified bids. Merit Mech: $173,929 ($198,927 w/ Taxes and 5% Contingency) Elements Hospitality: $188,797 Auburn Mechanical: NonResponsive MacDonald Miller: NonResponsive Total Quality Air, LLC: NonResponsive Finance & Asset Management Committee Packet Page 20

21 Pike Place Market Preservation and Development Authority (PDA) PROPOSED RESOLUTION 1427 Authorization for Contract Authority Entrance Design Adjustment Western Ave Garage April 2014 WHEREAS, WHEREAS, WHEREAS, the Pike Place Market Preservation and Development Authority (PPMPDA) was chartered by the City of Seattle pursuant to RCW et. Seq with the mission of promoting enterprises essential to the functioning of the Pike Place Market, including the preservation and expansion of the lowincome residential community, the promotion and survival of small businesses, and the expansion of services to the public market and community; and, in order to maintain the viability of the Pike Place Market buildings the PPMPDA has determined to perform minimal necessary scope to accommodate Class 6 trucks including food bank delivery truck and other service vehicle entering through the Western Ave. Garage entrance. the PPMPDA has executed a competitive bid process and obtained Administrative Approval from MHC for adjusting the entrance to accommodate Class 6 trucks including food bank delivery truck and other PPM service vehicles. BE IT RESOLVED that the PPMPDA Council authorizes the PPMPDA Executive Director or his designee to enter into a contract with Experienced Construction, Inc. in an amount not to exceed $118,264 for the execution of work necessary to accomplish scope. The funds for this project will be drawn from the Capital Projects Budget, 2014 COMGAR Adjustment Entrance design: Gloria Skouge, Secretary/Treasurer Date Date Approved by Council: For: Against: Abstained: Finance & Asset Management Committee Packet Page 21

22 Supplemental Supporting Documentation Account: Reserves Project: Project Scope: 2014 COMGAR Adjustment Entrance design This project consists of widening Western Ave. garage entrance and the installation of parking stalls with power stations for PPM trucks (Food banks, Fish Market, Heritage house). The scope includes enlarging access lanes by narrowing planters, relocating median with equipment and raising the pergola overhead. Proposed Schedule: May June 2014 Project Support: Existing entry does not presently accommodate Class 6 vehicles like the PPM s food bank truck, Heritage Center s van and other service trucks. Pergola over adjoining walkway will not be affected. Narrower planters to remain in same location. Alternate entry/exit routes provided during construction Improvements will facilitate work & access of various service trucks during PC1 s construction. Bid Process: 5 Contractors were solicited. PDA received 2 qualified bids. Experienced Construction: $91,324 ($118, 264 w/ Taxes and 20% Contingency) Sargent Construction: $123,539 BMDB Inc.: Nonresponsive CDA LLC: NonResponsive Adatto Construction: NonResponsive Finance & Asset Management Committee Packet Page 22

23 Pike Place Market Preservation and Development Authority (PDA) PROPOSED RESOLUTION 1428 Authorization for Contract Authority Western Ave. Windows Design Fairley Building April 2014 WHEREAS, WHEREAS, WHEREAS, the Pike Place Market Preservation and Development Authority (PPMPDA) was chartered by the City of Seattle pursuant to RCW et. Seq with the mission of promoting enterprises essential to the functioning of the Pike Place Market, including the preservation and expansion of the lowincome residential community, the promotion and survival of small businesses, and the expansion of services to the public market and community; and, in order to maintain the viability of the Pike Place Market buildings the PPMPDA has determined the window façade of the Fairley Building on Western Avenue is in need of repair and repaint. the PPMPDA has executed a Request for Design Proposal from qualified Architects for the design portion of the Western Ave Windows Repair and Restoration project. BE IT RESOLVED that the PPMPDA Council authorizes the PPMPDA Executive Director or his designee to enter into a contract with SHKS in an amount not to exceed $24,090 for the design portion of the Western Ave. Windows Repair and Restoration project. The funds for this project will be drawn from the Levy Budget, 2014 COMFAI Western Ave. Windows Design: Gloria Skouge, Secretary/Treasurer Date Date Approved by Council: For: Against: Abstained: Finance & Asset Management Committee Packet Page 23

24 Supplemental Supporting Documentation Account: Levy Project: 2014 COMFAI Western Ave. Windows DESIGN Project Scope: Architectural Services include, but are not limited to: Field observations of existing windows Develop narrative scope descriptions of needed repairs Document the repair scope in preliminary drawings Production of construction drawings & technical specifications Proposed Schedule: April June 2014 Project Support: Architectural drawings & specs are in order for project. The design to include all western avenue façade. Bid Process: 5 Architect were solicited. PDA received 3 qualified Proposal. SHKS Architects: $22,000 (24,090 with Taxes) Tonkin Architecture: $32,080 SMR Architects: $46,835 SRG Architects: NonResponsive Cornerstone Architectural Group: NonResponsive Finance & Asset Management Committee Packet Page 24

25 Pike Place Market Preservation and Development Authority (PDA) PROPOSED RESOLUTION : 1430 Lease Proposals APRIL 2014 Tenant Term Start Date Choice Produce Five (5) Years May 1, 2014 JuHa Lee (Justin Lee) Japanese Gourmet Five (5) Years June 1, 2014 Sook Hyun Cho 3D Wood Puzzles Five (5) Years May 1, 2014 Lee Development Group, LLC (Dominic Lee) Marakesh Leather Five (5) Years April 1, 2014 Jan Michael Patterson Metsker Maps Five (5) Years May 1, 2014 Anderson Map Company (Jay Brown) Quality Produce Five (5) Years May 1, 2014 Frank Genzale Sr. Sergio s Barber Shop Five (5) Years March 1, 2014 Sergio Curiel Swanberg s Gifts Five (5) Years May 1, 2014 John Blocker Gloria Skouge, Secretary/Treasurer Date Date Approved by Council: For: Against: Abstained: Finance & Asset Management Committee Packet Page 25

26 Pike Place Market Preservation and Development Authority (PDA) LEASE SUMMARY Date: 04/15/2014 Business Name/Owner: Address/Building/Square feet: Tenant Since: Primary Term: Options: Use Description: Choice Produce / JuHa Lee (Justin Lee) 1514 Pike Place #4 / Sanitary / 348 sf (July 2005) Change in Ownership Five (5) Years N/A Highstall selling fresh fruits and vegetables Business Name/Owner: Address/Building/Square feet: Tenant Since: Primary Term: Options: Use Description: Japanese Gourmet / Sook Hyun Cho 82 Stewart Street / Stewart House / 1,384 sf (1995) Change in Ownership Five (5) Years Five (5) Years Restaurant specializing in Japanese food. Business Name/Owner: 3D Wood Puzzles / Lee Development Group, LLC / (Dominic Lee) Address/Building/Square feet: 76 Pike Place #5 / Leland / 155 sf Tenant Since: 2006 Primary Term: Five (5) Years Options: N/A Use Description: Business specializing in the sale of oneofakind three dimensional wood puzzles for all ages. Business Name/Owner: Marakesh Leather / Jan Michael Patterson Address/Building/Square feet: 76 Pike Place #1 / Leland / 230 sf Tenant Since: 1986 Primary Term: Five (5) Years Options: N/A Use Description: Merchantmade leather items including belts, wallets, handbags, attache s and a limited amount of accessories. Finance & Asset Management Committee Packet Page 26

27 Business Name/Owner: Metsker Maps / Anderson Map Company (Jay Brown) Address/Building/Square feet: 1511 First Avenue / Sanitary / 3,070 sf Tenant Since: 2004 Primary Term: Five (5) Years Options: Five (5) Years Use Description: The sale of maps, travel and recreational books, world and street atlases, desktop or floor globes, map accessories, hiking accessories and other unique maprelated items. Business Name/Owner: Address/Building/Square feet: Tenant Since: Primary Term: Options: Use Description: Quality Produce / Frank Genzale Sr Pike Place / Corner / 760 sf Years Five (5) Years Five (5) Years Highstall specializing in the sale of fresh fruit and vegetables. Business Name/Owner: Sergio s Barber Shop / Sergio Curiel Address/Building/Square feet: 1530 Post Alley #4 / First & Pine / 200 sf Tenant Since: 2006 Primary Term: Five (5) Years Options: N/A Use Description: Barbershop Business Name/Owner: Address/Building/Square feet: Tenant Since: Primary Term: Options: Use Description: Swanberg s Gifts / John Blocker 1525 Pike Place / Fairley / 174 sf Years Five (5) Years N/A Tourist shop specializing in Seattle souvenirs, costume jewelry and 5% misc. novelties such as name plates and plaques. Finance & Asset Management Committee Packet Page 27

28 PIKE PLACE MARKET RENOVATION Budget Report TOTAL PROJECT SUMMARY Life to Date Costs as April 10, 2014 (reconciled w/acctg thru March, 2014) Overall Budget (March 20, 2009) Current Budget Committed to Date Paid to Date Projected Changes Projected Total 1. A/E Services 201 Architectural Planning, Conceptual Design, & SDs) $ 1,246,518 $ 1,206,363 $ 1,206,363 $ 1,206,363 $ $ 1,206,363 Architect Design (DDs, Permit Docs, & CDs) $ 3,509,671 $ 4,334,883 $ 4,323,847 $ 4,267,800 $ $ 4,334,883 Architects Construction Administration $ 1,024,233 $ 1,043,492 $ 1,043,492 $ 1,043,492 $ $ 1,043,492 SubTOTAL $ 5,780,422 $ 6,584,737 $ 6,573,702 $ 6,517,654 $ $ 6,584, Miscellaneous and Other Design Expenses 201 Site Survey $ 110,000 $ 84,423 $ 84,423 $ 84,423 $ $ 84, GeoTechnical Engineering $ 10,000 $ 80,739 $ 80,739 $ 80,739 $ $ 80, Miscellaneous & Other Design Expenses $ 450,000 $ 162,086 $ 161,231 $ 150,087 $ $ 162,086 SubTOTAL $ 570,000 $ 327,248 $ 326,392 $ 315,248 $ $ 327, Permits & Fees 103 Building Permit $ 550,000 $ 335,809 $ 335,809 $ 335,809 $ $ 335, Utility Fees $ 700,000 $ 757,936 $ 757,936 $ 757,936 $ $ 757, Miscellaneous Fees $ 100,000 $ 32,124 $ 8,297 $ 8,297 $ $ 32,124 SubTOTAL $ 1,350,000 $ 1,125,869 $ 1,102,042 $ 1,102,042 $ $ 1,125, Construction 303 PreConstruction Services $ 850,000 $ 589,752 $ 589,752 $ 589,752 $ $ 589, Construction Cost $ 45,820,000 $ 50,787,205 $ 48,327,340 $ 48,247,530 $ $ 50,787, WSST $ 4,433,650 $ 4,757,293 $ 4,646,068 $ 4,638,486 $ $ 4,757,293 SubTOTAL $ 51,103,650 $ 56,134,250 $ 53,563,160 $ 53,475,768 $ $ 56,134, Construction Support Expenses 311 Builders Risk Insur & Increase in GL Premium $ 185,000 $ 114,018 $ 114,018 $ 114,018 $ $ 114, Investigation $ 50,000 $ $ $ $ $ 004 HazMat $ 300,000 $ 220,284 $ 220,284 $ 220,284 $ $ 220, Tenant Impacts & Communication $ 1,700,000 $ 1,143,188 $ 1,143,188 $ 1,143,188 $ $ 1,143, Inspections $ 230,000 $ 367,792 $ 367,792 $ 367,792 $ $ 367, Commissioning $ 115,000 $ 214,989 $ 214,989 $ 214,989 $ $ 214, Art Program $ 105,000 $ 102,500 $ 102,500 $ 102,500 $ $ 102, LEED $ 20,000 $ 2,100 $ 2,100 $ 2,100 $ $ 2,100 SubTOTAL $ 2,705,000 $ 2,164,871 $ 2,164,871 $ 2,164,871 $ $ 2,164, Project Management 201 Consultant Project Management $ 519,000 $ 410,657 $ 410,657 $ 393,751 $ $ 410, InHouse Project Management $ 1,240,000 $ 1,352,709 $ 1,352,709 $ 1,291,692 $ $ 1,352, Legal $ 300,000 $ 175,083 $ 171,920 $ 171,920 $ $ 175,083 SubTOTAL $ 2,059,000 $ 1,938,449 $ 1,935,286 $ 1,857,362 $ $ 1,938, Owner's Contingency Contingency $ 5,031,928 $ 324,577 $ $ $ $ 324,577 SubTOTAL $ 5,031,928 $ 324,577 $ $ $ $ 324,577 PROJECT TOTAL COSTS 68,600,000 68,600,000 65,665,453 65,432, ,600,000 95% OK Finance & Asset Management Committee Packet Page 28

29 PIKE PLACE MARKET RENOVATION Budget Report PHASE I SUMMARY Life to Date Costs as April 10, 2014 (reconciled w/acctg thru March, 2014) Budget (March 20, 2009) Current Budget Committed to Date Paid to Date Projected Changes Projected Total 1. A/E Services 201 Architectural Planning, Conceptual Design, & $ 643,337 $ 603,181 $ 603,181 $ 603,181 $ $ 603,181 Architect Design (DDs, Permit Docs, & CDs $ 1,839,126 $ 2,009,190 $ 2,009,190 $ 2,009,058 $ $ 2,009,190 Architects Construction Administration $ 514,555 $ 533,880 $ 533,880 $ 533,880 $ $ 533,880 SubTOTAL $ 2,997,018 $ 3,146,252 $ 3,146,252 $ 3,146,119 $ $ 3,146, Miscellaneous and Other Design Expenses 201 Site Survey $ 100,000 $ 83,442 $ 83,442 $ 83,442 $ $ 83, GeoTechnical Engineering $ 10,000 $ 9,942 $ 9,942 $ 9,942 $ $ 9, Miscellaneous & Other Design Expense $ 250,000 $ 109,179 $ 109,179 $ 109,179 $ $ 109,179 SubTOTAL $ 360,000 $ 202,563 $ 202,563 $ 202,563 $ $ 202, Permits & Fees 103 Building Permit $ 225,000 $ 107,303 $ 107,303 $ 107,303 $ $ 107, Utility Fees $ 450,000 $ 363,528 $ 363,528 $ 363,528 $ $ 363, Miscellaneous Fees $ 50,000 $ 3,401 $ 3,401 $ 3,401 $ $ 3,401 SubTOTAL $ 725,000 $ 474,232 $ 474,232 $ 474,232 $ $ 474, Construction 303 PreConstruction/Relocation TI's Before Gro $ 600,000 $ 589,752 $ 589,752 $ 589,752 $ $ 589, Construction Cost Phase 1A & B $ 19,360,135 $ 20,315,970 $ 20,315,970 $ 20,315,970 $ $ 20,315,970 Fairley Windows moved Ph3 $ $ $ $ $ 311 WSST $ 1,896,213 1,984,987 1,984,987 $ 1,984,987 $ $ 1,984,987 Hold for Cooler Repairs $ $ $ $ $ Hold Fish Ice Solution $ $ $ $ $ SubTOTAL 21,856,348 $ 22,890,709 $ 22,890,709 $ 22,890,709 $ $ 22,890, Construction Support Expenses 311 Builders Risk Insur & Increase in GL Premiu $ 85,000 $ 93,040 $ 93,040 $ 93,040 $ $ 93, Investigation w/precon for Phase I $ $ $ $ 004 HazMat $ 200,000 $ 54,098 $ 54,098 $ 54,098 $ $ 54, Tenant Impacts & Communication $ 700,000 $ 497,469 $ 497,469 $ 497,469 $ $ 497, Inspections $ 130,000 $ 232,952 $ 232,952 $ 232,952 $ $ 232, Commissioning $ 65,000 $ 94,920 $ 94,920 $ 94,920 $ $ 94, Art Program $ 105,000 $ 102,500 $ 102,500 $ 102,500 $ $ 102, LEED $ 20,000 $ 2,100 $ 2,100 $ 2,100 $ $ 2,100 SubTOTAL $ 1,305,000 $ 1,077,080 $ 1,077,080 $ 1,077,080 $ $ 1,077, Project Management 201 Consultant Project Management $ 279,000 $ 274,042 $ 274,042 $ 274,042 $ $ 274, InHouse Project Management $ 568,000 $ 702,032 $ 702,032 $ 702,032 $ $ 702, Legal $ 200,000 $ 125,079 $ 125,079 $ 125,079 $ $ 125,079 SubTOTAL $ 1,047,000 $ 1,101,153 $ 1,101,153 $ 1,101,153 $ $ 1,101, Owner's Contingency Contingency 1,063,928 $ $ $ SubTOTAL $ 1,063,928 $ $ $ $ $ PROJECT TOTAL COSTS 29,354,294 28,891,989 28,891,989 28,891, ,891, % OK Finance & Asset Management Committee Packet Page 29

30 PIKE PLACE MARKET RENOVATION Budget Report PHASE II SUMMARY Life to Date Costs Life to Date Costs as April 10, 2014 (reconciled w/acctg thru March, 2014) Budget (March 20, 2009) Current Budget Committed to Date Paid to Date Projected Changes Projected Total 1. A/E Services 201 Architectural Planning, Conceptual Design, & $ 603,181 $ 603,181 $ 603,181 $ 603,181 $ $ 603,181 Architect Design (DDs, Permit Docs, & CDs $ 831,423 $ 905,012 $ 905,012 $ 905,012 $ $ 905,012 Architects Construction Administration $ 246,043 $ 240,741 $ 240,741 $ 240,741 $ $ 240,741 SubTOTAL $ 1,680,647 $ 1,748,933 $ 1,748,933 $ 1,748,933 $ $ 1,748, Miscellaneous and Other Design Expenses 201 Site Survey $ 5,000 $ 981 $ 981 $ 981 $ $ GeoTechnical Engineering $ $ 52,095 $ 52,095 $ 52,095 $ $ 52, Miscellaneous & Other Design Expenses $ 100,000 $ 28,639 $ 28,639 $ 28,639 $ $ 28,639 SubTOTAL $ 105,000 $ 81,715 $ 81,715 $ 81,715 $ $ 81, Permits & Fees 103 Building Permit $ 150,000 $ 132,584 $ 132,584 $ 132,584 $ $ 132, Utility Fees $ 250,000 $ 350,195 $ 350,195 $ 350,195 $ $ 350, Miscellaneous Fees $ 25,000 $ 3,723 $ 3,723 $ 3,723 $ $ 3,723 SubTOTAL $ 425,000 $ 486,502 $ 486,502 $ 486,502 $ $ 486, Construction 303 PreConstruction Services $ 55,000 $ $ $ $ $ Phase II MACC & 1st and Pine Repipe $ 15,000,000 $ 15,807,693 $ 15,807,693 $ 15,807,693 $ $ 15,807, Total Construction Cost $ 15,000,000 $ 15,807,693 $ 15,807,693 $ 15,807,693 $ $ 15,807, WSST $ 1,430,225 $ 1,501,731 $ 1,501,731 $ 1,501,731 $ $ 1,501,731 SubTOTAL $ 16,485,225 $ 17,309,424 $ 17,309,424 $ 17,309,424 $ $ 17,309, Construction Support Expenses 311 Builders Risk Insur & Increase in GL Premiu $ 80,000 $ 20,978 $ 20,978 $ 20,978 $ $ 20, Investigation $ $ $ $ $ $ 004 HazMat $ 80,000 $ 90,181 $ 90,181 $ 90,181 $ $ 90, Tenant Impacts & Communication $ 500,000 $ 620,552 $ 620,552 $ 620,552 $ $ 620, Inspections $ 100,000 $ 87,700 $ 87,700 $ 87,700 $ $ 87, Commissioning $ 30,000 $ 49,950 $ 49,950 $ 49,950 $ $ 49, Art Program $ $ $ $ $ $ 102 LEED $ $ $ $ $ $ SubTOTAL $ 790,000 $ 869,360 $ 869,360 $ 869,360 $ $ 869, Project Management 201 Consultant Project Management $ 180,000 $ 87,775 $ 87,775 $ 87,775 $ $ 87, InHouse Project Management $ 336,000 $ 316,454 $ 316,454 $ 316,454 $ $ 316, Legal $ 50,000 $ 20,003 $ 20,003 $ 20,003 $ $ 20,003 SubTOTAL $ 566,000 $ 424,232 $ 424,232 $ 424,232 $ $ 424, Owner's Contingency Contingency $ 1,968,000 $ $ $ $ SubTOTAL $ 1,968,000 $ $ $ $ $ PROJECT TOTAL COSTS $ 22,019,872 $ 20,920,167 $ 20,920,167 $ 20,920,167 $ $ 20,920,167 95% OK Finance & Asset Management Committee Packet Page 30

31 PIKE PLACE MARKET RENOVATION Budget Report PHASE IIIIV SUMMARY Life to Date Costs Life to Date Costs as April 10, 2014 (reconciled w/acctg thru March, 2014) Budget (March 20, 2009) Current Budget Committed to Date Paid to Date Projected Changes Projected Total 1. A/E Services 20102Architectural Planning, Conceptual Design, & SDs $ $ $ $ $ $ Architect Design (DDs, Permit Docs, & CDs) $ 839,122 $ 1,420,681 $ 1,409,645 $ 1,353,730 $ $ 1,420,681 Architects Construction Administration $ 263,635 $ 268,872 $ 268,872 $ 268,872 $ $ 268,872 SubTOTAL $ 1,102,757 $ 1,689,552 $ 1,678,517 $ 1,622,602 $ $ 1,689, Miscellaneous and Other Design Expenses 20101Site Survey $ 5,000 $ $ $ $ $ 20500GeoTechnical Engineering $ $ 18,701 $ 18,701 $ 18,701 $ $ 18, Miscellaneous & Other Design Expenses $ 100,000 $ 24,269 $ 23,413 $ 12,269 $ $ 24,269 SubTOTAL $ 105,000 $ 42,969 $ 42,114 $ 30,969 $ $ 42, Permits & Fees 10300Building Permit $ 175,000 $ 95,923 $ 95,923 $ 95,923 $ $ 95, Utility Fees $ $ 44,213 $ 44,213 $ 44,213 $ $ 44, Miscellaneous Fees $ 25,000 $ 25,000 $ 1,173 $ 1,173 $ $ 25,000 SubTOTAL $ 200,000 $ 165,135 $ 141,308 $ 141,308 $ $ 165, Construction 30300PreConstruction Services $ 195,000 $ $ $ Hold for Fairley / Leland Windows $ 1,459,865 $ 2,459,865 $ $ $ $ 2,459,865 Soames/Dunn Seismic Work $ $ $ $ $ $ = Phase IIIIV Scope $ 10,000,000 $ 12,203,677 $ 12,203,677 $ 12,123,867 $ $ 12,203, Total Construction Cost $ 10,000,000 $ 14,663,542 $ 12,203,677 $ 12,123,867 $ $ 14,663, WSST $ 1,107,212 $ 1,270,575 $ 1,159,350 $ 1,151,768 $ $ 1,270,575 SubTOTAL $ 12,762,077 $ 15,934,117 $ 13,363,027 $ 13,275,635 $ $ 15,934, Construction Support Expenses 31100Builders Risk Insur & Increase in GL Premium $ 20,000 $ $ $ $ $ 00200Investigation $ 50,000 $ $ $ $ $ 00400HazMat $ 20,000 $ 76,004 $ 76,004 $ 76,004 $ $ 76, Tenant Impacts & Communication $ 500,000 $ 25,167 $ 25,167 $ 25,167 $ $ 25, Inspections $ $ 47,140 $ 47,140 $ 47,140 $ $ 47, Commissioning $ 20,000 $ 70,119 $ 70,119 $ 70,119 $ $ 70, Art Program $ $ $ $ $ $ 10200LEED $ $ $ $ $ $ SubTOTAL $ 610,000 $ 218,431 $ 218,431 $ 218,431 $ $ 218, Project Management 20101Consultant Project Management $ 60,000 $ 48,840 $ 48,840 $ 31,934 $ $ 48, InHouse Project Management $ 336,000 $ 334,223 $ 334,223 $ 273,206 $ $ 334, Legal $ 50,000 $ 30,000 $ 26,837 $ 26,837 $ $ 30,000 SubTOTAL $ 446,000 $ 413,063 $ 409,900 $ 331,977 $ $ 413, Owner's Contingency Contingency $ 2,000,000 $ 324,577 $ $ $ 324,577 SubTOTAL $ 2,000,000 $ 324,577 $ $ $ $ 324,577 PROJECT TOTAL COSTS $ 17,225,834 $ 18,787,845 $ 15,853,297 $ 15,620,922 $ $ 18,787,845 91% OK Finance & Asset Management Committee Packet Page 31

32 PIKE PLACE MARKET NON LEVY Budget Report TOTAL PROJECT SUMMARY Life to Date Costs as of April 10, 2014 (reconciled w/acctg thru March 2014) Overall Budget (March 20, 2009) Current Budget Committed to Date Paid to Date Projected Changes Projected Total 1. A/E Services Architect Design & Planning $ $ 208,360 $ 208,360 $ 205,452 $ $ 208,360 Tenant Design Services $ $ 207,437 $ 207,437 $ 207,437 $ $ 207,437 Childcare $ 40,000 $ 21,782 $ 21,782 $ 21,782 $ $ 21,782 SubTOTAL $ 40,000 $ 437,579 $ 437,579 $ 434,671 $ $ 437, Miscellaneous and Other Design Expenses 208 Miscellaneous & Other Design Expenses $ $ 556,780 $ 529,665 $ 529,456 $ $ 556,780 SubTOTAL $ $ 556,780 $ 529,665 $ 529,456 $ $ 556, Permits & Fees 103 Building Permit $ $ $ $ $ $ 309 Miscellaneous Fees $ $ $ $ $ $ SubTOTAL $ $ $ $ $ $ 4. Construction 311 Construction Cost $ 700,000 $ 5,054,158 $ 5,054,158 $ 5,054,156 $ $ 5,054,158 Moving Services $ $ 135,635 $ 135,635 $ 135,635 $ $ 135, Tenant HVAC $ 150,000 $ 48,752 $ 48,752 $ 48,752 $ $ 48, Childcare $ 410,000 $ 212,158 $ 212,158 $ 212,158 $ $ 212,158 SubTOTAL $ 1,260,000 $ 5,450,703 $ 5,450,703 $ 5,450,701 $ $ 5,450, Construction Support Expenses 004 Tenant Impacts $ $ 1,293,652 $ 1,293,652 $ 1,293,652 $ $ 1,293, Inspections $ $ $ $ $ $ 308 HazMat $ $ 3,500 $ 3,500 $ 3,500 $ $ 3, Commissioning $ $ $ $ $ $ SubTOTAL $ $ 1,297,152 $ 1,297,152 $ 1,297,152 $ $ 1,297, Project Management 201 Consultant Project Management $ 150,000 $ 374,715 $ 374,715 $ 374,715 $ $ 374, InHouse Project Management $ $ $ $ $ $ 311 Legal $ 10,000 $ 443,017 $ 443,017 $ 443,017 $ $ 443,017 SubTOTAL $ 160,000 $ 817,731 $ 817,731 $ 817,731 $ $ 817, Undesignated Funds Undesignated Funds $ 7,301,452 $ 200,623 $ $ $ $ 200,623 SubTOTAL $ 7,301,452 $ 200,623 $ $ $ $ 200,623 PROJECT TOTAL COSTS $ 8,761,452 $ 8,760,567 $ 8,532,830 $ 8,529,712 $ $ 8,760,567 97% Finance & Asset Management Committee Packet Page 32

33 PIKE PLACE NON LEVY PROJECTS Budget Report PHASE I SUMMARY Life to Date Costs as of April 10, 2014 (reconciled w/acctg thru March 2014) Budget Current Budget Committed to Date Paid to Date Projected Changes Projected Total 1. A/E Services Architect Design & Planning $ $ 208,360 $ 208,360 $ 205,452 $ $ 208,360 Childcare $ 40,000 $ 21,782 $ 21,782 $ 21,782 $ $ 21,782 SubTOTAL $ 40,000 $ 230,142 $ 230,142 $ 227,234 $ $ 230, Construction 3Coolers/N.A. Work/Fish Floors & Ice $ 700,000 $ 1,100,938 $ 1,100,938 $ 1,100,938 $ $ 1,100,938 3Tenant HVAC $ 150,000 $ 48,752 $ 48,752 $ 48,752 $ $ 48,752 3Childcare $ 410,000 $ 212,158 $ 212,158 $ 212,158 $ $ 212,158 SubTOTAL $ 1,260,000 $ 1,361,848 $ 1,361,848 $ 1,361,848 $ $ 1,361, Construction Support Expenses 0Tenant Impacts $ $ 855,918 $ 855,918 $ 855,918 $ $ 855,918 SubTOTAL $ $ 855,918 $ 855,918 $ 855,918 $ $ 855, Project Management 2Consultant Project Management $ 150,000 $ 18,125 $ 18,125 $ 18,125 $ $ 18,125 2InHouse Project Management $ $ $ $ $ 3Legal $ 10,000 $ 2,675 $ 2,675 $ 2,675 $ $ 2,675 SubTOTAL $ 160,000 $ 20,800 $ 20,800 $ 20,800 $ $ 20, Undesignated Funds Undesignated Funds $ 1,514,258 $ $ SubTOTAL $ 1,514,258 $ $ $ $ $ PROJECT TOTAL COSTS $ 2,974,258 $ 3,025,488 $ 2,998,373 $ 2,995,257 $ $ 3,025,488 99% Finance & Asset Management Committee Packet Page 33

34 PIKE PLACE MARKET NON LEVY PROJECTS Budget Report PHASE IIIII SUMMARY Life to Date Costs Life to Date Costs as of April 10, 2014 (reconciled w/acctg thru March 2014) Budget Current Budget Committed to Date Paid to Date Projected Changes Projected Total 1. A/E Services Tenant Design Services $ $ 207,437 $ 207,437 $ 207,437 $ $ 207,437 SubTOTAL $ $ 207,437 $ 207,437 $ 207,437 $ $ 207, Miscellaneous and Other Design Expenses 208 Miscellaneous & Other Design Expenses $ $ $ $ $ $ SubTOTAL $ $ $ $ $ $ 3. Permits & Fees 103 Building Permit $ $ $ $ $ $ SubTOTAL $ $ $ $ $ $ 4. Construction 311 Tenant Construction Cost $ $ 1,609,810 $ 1,609,810 $ 1,609,810 $ $ 1,609,810 Stewart House Reclad $ $ 2,343,410 $ 2,343,410 $ 2,343,408 $ $ 2,343,410 Moving Services $ $ 135,635 $ 135,635 $ 135,635 $ $ 135,635 SubTOTAL $ $ 4,088,855 $ 4,088,855 $ 4,088,853 $ $ 4,088, Construction Support Expenses 004 Tenant Impacts $ $ 437,733 $ 437,733 $ 437,733 $ $ 437, Inspections $ $ $ $ $ $ 308 HazMat $ $ 3,500 $ 3,500 $ 3,500 $ $ 3, Commissioning $ $ $ $ $ $ SubTOTAL $ $ 441,233 $ 441,233 $ 441,233 $ $ 441, Project Management 201 Consultant Project Management $ $ 356,590 $ 356,590 $ 356,590 $ $ 356, Legal $ $ 440,341 $ 440,341 $ 440,341 $ $ 440,341 SubTOTAL $ $ 796,931 $ 796,931 $ 796,931 $ $ 796, Undesignated Funds Available Funds $ 374,857 Undesignated Funds $ 5,787,194 $ (174,235) $ $ $ (174,235) SubTOTAL $ 5,787,194 $ 200,623 $ $ $ $ 200,623 PROJECT TOTAL COSTS 5,787,194 5,735,079 5,534,456 5,534,455 $ 5,735,079 96% Finance & Asset Management Committee Packet Page 34