Financial Plan Fifth Annual Update

Transcription

1 Financial Plan Fifth Annual September 2018 For State Fiscal Year Ending June 30, 2018 September 2018

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4 INTRODUCTION TABLE OF CONTENTS 1. SUMMARY FINANCIAL PLAN OVERVIEW Annual s LOCATION OF JANE BYRNE INTERCHANGE PROJECT PROJECT HISTORY DESCRIPTION OF THE PROPOSED IMPROVEMENTS Major Components of Proposed Improvement PROJECT IMPLEMENTATION Project Contracts Contract Implementation PROJECT COSTS d Project Estimate Original Project Estimate Project Estimate s Evaluation and Summary of Construction s Evaluation and Summary of Engineering s Evaluation and Summary of ROW s Estimate Projections Inflation Assumptions PROJECT FINANCING AND REVENUES Illinois Department of Transportation Funding Sources Local Funding Sources Funding Commitments Cash Flow Analysis RISKS AND MITIGATION STRATEGIES Risks Identified and Encountered Probable Risks Moving Forward Unknown Factors Affecting s FINANCIAL PLAN UPDATES September 2018 i

5 LIST OF FIGURES Figure 1-1 Total Estimates by Annual Financial Plan Figure 3-1 Location Map Figure 3-2 Chicago Metropolitan Expressway System Figure 5-1 Preferred Alternative LIST OF TABLES Table 1-1 s by Major Project Element (Year of Expenditure s in $ Million)... 3 Table 1-2 Estimated Construction s... 4 Table 1-3 Contract Change Orders... 5 Table 1-4 Fiscal Year 2018 Letting s... 7 Table 1-5 Fiscal Year 2018 Construction s... 8 Table 1-6 Estimated Construction Engineering s... 9 Table 1-7 Construction Engineering Supplements Table 1-8 Fiscal Year 2018 Lettings Construction Engineering s Table 1-9 Fiscal Year 2018 Construction Engineering s Table 6-1 Contract Transition Summary Table 6-2 Contract Schedule Table 7-1 s by Major Project Element (Year of Expenditure (YOE) s in $ Million) Table 7-2 Project s Table 7-3 Contract Change Orders Table 7-4 Fiscal Year 2018 Letting s Table 7-5 Fiscal Year 2018 Construction s Table 7-6 Construction Engineering Supplements Table 7-7 Fiscal Year 2018 Lettings - Construction Engineering Adjustments Table 7-8 Fiscal Year 2018 Construction Engineering s Table 7-9 July Five-Year Construction Inflation Forecast (ODOT) Table 7-10 January Five-Year Construction Inflation Forecast (ODOT) Table 8-1 Advance Construction (AC) Authorization and Conversion (Millions of Dollars) Table 8-2 Cash Flow (Year of Expenditure in Millions of Dollars) Table 10-1 Financial Plan s Table 10-2 Expenditure Table (To be updated annually) APPENDIX Appendix A Detailed s by Contract September 2018 ii

6 1. SUMMARY This financial plan serves as the fifth Annual to the Jane Byrne Interchange Reconstruction project s Initial Financial Plan (IFP), which was approved on September 23, Contained in this document are expenditure and schedule data as of State Fiscal Year ending June 30, This document serves as an addendum to the IFP and summarizes the following key updates: Project Schedule Extends to a Fiscal Year 2023 Completion As construction work continues on the Jane Byrne Interchange Reconstruction, several construction delays have occurred on some of the twenty-two let projects. Within the last fiscal year and as more projects are let, overlapping work zones have caused delays and some of those delays have caused subsequent delays to both construction activities and schedule adjustments to future contracts. The resulting delays have revised the overall completion date from Fiscal Year 2022 into Fiscal Year Project Estimate Increases to $713.0 Million The total cost to complete the Jane Byrne Interchange project (including construction, right-of-way, utilities, and engineering) has increased from $535.5 million (IFP) to $713.0 million Financial Plan (FPU) The changes are summarized in Table 1-1. The cost data in this update provides an accounting of costs incurred to date and includes an estimate of future costs based on cost trends observed to date, engineers estimates, programmed costs and expected construction cost escalation factors. All of the cost increases denoted in this update have been accounted for in the State s Multi-Year Improvement Program (MYP). On the next page is a summary of the updates for Construction and Construction Engineering costs for Fiscal Year Construction s The Construction s for the project have been analyzed reflecting the following items: 1. Contract Change Orders this includes any increases from contracts currently in construction Letting s this includes the bid costs and any increases for contracts that were let during Fiscal Year Construction Contract s this includes any contracts which have updated costs during Fiscal Year 2018 due to design development or contract repackaging Table 1-2 is a summary showing the construction cost increases from each of the above items. A description and further breakdown of each line item is shown in Table 1-3 through Table 1-5. September

7 Table 1-1 s by Major Project Element (Year of Expenditure s in $ Million) Major Project Element IFP (YOE $) 2014 Annual (YOE $) 2015 Annual (YOE $) 2016 Annual (YOE $) 2017 Annual (YOE $) 2018 Annual (YOE $) 90% 10% 100% 90% 10% 100% 90% 10% 100% 90% 10% 100% 90% 10% 100% 90% 10% 100% Federal State State Federal State State Federal State State Federal State State Federal State State Federal State State Construction and Utilities $413.5 $46.0 $463.0 $51.4 $468.2 $52.0 $489.4 $54.3 $500.7 $55.6 $512.5 $57.0 ROW $ 0.5 $ 0.2 $ 0.2 $3.8 $4.5 $6.8 Preliminary Engineering Construction Engineering $25.7 $35.3 $35.3 $57.1 $59.6 $61.3 $49.8 $49.8 $51.8 $53.8 $61.0 $75.4 SUBTOTAL $413.5 $122.0 $463.0 $136.7 $468.2 $139.3 $489.4 $169.0 $500.7 $180.7 $512.5 $200.5 TOTAL $ $ $ $ $ $ September

8 Table 1-2 Estimated Construction s Construction s (Millions) 2017 Financial Plan Construction Estimate $ Contract Change Orders (See Table 1-3) $2.7 Fiscal Year 2018 Letting s (See Table 1-4) ($6.9) Fiscal Year 2018 Construction Contract s (See Table 1-5) $ Financial Plan Construction Estimate $569.5 Percentage Increase from 2017 Financial Plan 2.4% Contract Change Orders There were twenty-two contracts let prior to and during Fiscal Year 2018 that continued in Fiscal Year Some of these contracts had additions and deletions to their contracts over the past year. All of the individual contracts are listed in Table 1-3 and change orders, if any, are noted. With the addition of several contracts during this fiscal year, a net cost increase for ongoing contracts were realized from FPU Fiscal Year 2018 Letting s There are seven contracts that will be funded with Fiscal Year 2018 funds. Two of these contracts (Contract 60X99 and 62A75) were let in Fiscal Year 2017 but funded with Fiscal Year 2018 funds. Five contracts were let and will be funded with Fiscal Year 2018 funds. Table 1-4 depicts the cost changes as related to the Initial Financial Plan and FPU 2017 costs. Contracts 60X75, 60X76 and 62A74 were let in August 2017, Contract 62D78 was let in September 2017 and Contract 60X95 was let in November These contracts were awarded and funded with State Fiscal Year 2018 funding. The cost difference noted in Table 1-4 from the FPU 2017 reflects only the cost difference between the FPU 2017 cost and the letting cost. As these contracts continued construction through Fiscal Year 2018 they also had change orders during Fiscal Year 2018 that are reflected in Table 1-3. Letting costs during Fiscal Year 2018 totaled to a net decrease from the costs reported in the 2017 Financial Plan. Fiscal Year 2018 Construction s Table 1-5 depicts contract updates to future contracts that were made during Fiscal Year Three contracts will be let in Fiscal Year 2019 and final design plans and estimates were completed for these contracts and are reflected in Table 1-5 below. In addition, project scope from future year contracts have been shifted to the Fiscal Year 2019 contracts for constructability reasons and is reflected in the table below. A cost decrease in the future contracts (Contract 62A76, 62A78, and 60X96) is noted in Table 1-5 to reflect this shift of work (retaining walls, noise walls, and main drain) to Contract 60X79. In addition, the Advanced Noise Wall contract was deleted due to a noise wall being deleted and another noise wall being shifted to Contract 60X94. The cost revisions are noted in Table 1-5 below. The cost changes have been accounted for in the State s most recent State s Multi-Year Improvement Program (MYP). September

9 Table 1-3 Contract Change Orders Contract State Fiscal Year Let IFP Construction Difference from 2017 Number Name (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) 60X27 Halsted/Harrison St Water Main Materials 2014 $ $1.2 $1.2 $1.2 $1.2 $1.2 $0.0 0% 60W26 Harrison St. Bridge (WB) and Halsted St. Bridge 2014 $ $42.6 $44.6 $46.5 $43.9 $46.8 $2.9 7% 60W29 Peoria St. Bridge 2014 $10.9 $23.6 $26.2 $26.9 $26.7 $26.7 $0.0 0% 60W71 Harrison St. (East) 2014 $6.3 $10.8 $10.9 $11.3 $10.5 $10.5 $0.0 0% 60W28 Flyover North to West I $ $55.8 $56.4 $57.7 $58.8 $55.9 -$2.9-5% 60W49 Congress/Jane Byrne Interchange Surveillance 2014 Post DA 3 $0.7 $0.8 $0.8 $0.8 $0.8 $0.0 0% 60X37 Tree Planting (#1) 2014 Post DA 3 $0.2 $0.2 $0.2 $0.2 $0.2 $0.0 0% 60X61 I-290 WB Auxiliary Lane 2015 $ $20.5 $20.5 $35.5 $36.2 $35.1 -$1.1-3% 60W30 Taylor Street Bridge 2015 $13.4 $17.7 $18.1 $18.4 $17.8 $17.6 -$0.2-1% 60X62 Peoria Street Aesthetics 2015 Post DA 3 $1.4 $1.4 $1.4 $1.4 $1.2 -$0.2-4% 60Y66 Tree Planting (#2) 2015 Post DA 3 $0.2 $0.2 $0.2 $0.2 $0.2 $0.0 0% 60Y67 Tree Planting (#3) 2016 Post DA 3 $0.2 $0.2 $0.3 $0.3 $0.3 $0.0 0% 62B76 Ramp NE 2017 $ $0.0 $0.0 $9.6 $8.1 6 $8.1 $0.0 0% 60X77 I-290 WB Mainline 2017 $ $14.0 $11.5 $9.8 $ $10.5 $0.5 5% 60X78 I-290 WB Bridges 2017 $ $28.7 $25.5 $22.7 $ $23.4 $0.6 3% 60X99 Van Buren Street Bridge 2017 $ $21.2 $21.2 $21.2 $21.2 $21.6 $0.4 2% 62A75 Jackson Boulevard Utility 2017 $ $4.7 $4.7 $4.7 $2.7 $2.7 $0.0 0% Relocation 60X75 I-290 EB Bridge over I-90/ $ $23.3 $23.3 $22.3 $21.6 $22.1 $0.5 2% 60X76 I-290 EB Mainline 2018 $ $22.2 $22.2 $22.2 $30.5 $30.7 $0.2 1% 62A74 Water Main Relocation/Rehabilitation and Retaining Wall near IUC 2018 $ $15.7 $15.7 $15.7 $19.4 $21.2 $1.8 9% 62D78 I-290 Storm Sewer 2018 $ $0.0 $0.0 $0.0 $4.1 $ $ % 60X95 Monroe Street over I-90/ $ $15.2 $15.2 $15.2 $19.7 $ $ % September % Change from 2017

10 Total $319.9 $320.0 $343.8 $358.1 $354.7 $ % 1. Halsted/Harrison Street Water Main Materials and Harrison Street (WB) and Halsted Street Bridge were combined in the Initial Financial Plan. 2. I-290 WB Auxiliary Lane IFP includes the entire Ramp NW Flyover project. The project was broken into the Flyover North to West I-290 Project and I-290 WB Auxiliary Lane Pavement project as part of the FPU The project was broken further to the I-290 WB Storm Sewer project as part of the FPU Items were added after Design Approval (DA) and therefore no associated costs were included in the Initial Financial Plan. 4. Ramp NE and Ramp EN were part of the IFP costs for System Ramps and were broken into separate contracts as part of the FPU 2014.The project was further split into a Ramp NE contract and a Ramp EN contract as part of the FPU I-290 IFP included both I-290 WB Mainline and Bridges in addition to I-290 EB Mainline and Bridges. The project was broken into 4 contracts as part of the Financial Plan A fifth project, Congress Viaduct Bridge Painting was broken out as part of the Financial Plan Van Buren Street Bridge, Jackson Boulevard Utility Relocation, Water Main Relocation/Rehabilitation and Retaining Wall near UIC, and Monroe Street over I-90/94 were broken out from the IFP of the I-90/94, Various Bridges. 7. Difference reflects 2018 change order costs post letting only. See Table 1-4 for cost differences due to letting costs. shown in the 2018 column are the most recent costs and reflect both bid costs and change order costs incurred during Fiscal Year September

11 Contract State Fiscal Year Let IFP Construction Table 1-4 Fiscal Year 2018 Letting s d Difference from 2017 Number Name (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) % Change from X99 Van Buren Street Bridge $ $21.2 $21.2 $21.2 $21.2 $21.6 $0.0 0% 62A75 Jackson Boulevard Utility Relocation $ $4.7 $4.7 $4.7 $2.7 $2.7 $0.0 0% 60X75 I-290 EB Bridge over I- 90/ $ $23.3 $23.3 $23.3 $21.7 $ $ % 60X76 I-290 EB Mainline 2018 $ $22.2 $22.2 $22.2 $30.5 $ $ % 62A74 Water Main Relocation /Rehabilitation and Retaining Wall near UIC 2018 $ $15.7 $15.7 $15.7 $19.4 $ $ % 62D78 I-290 WB Storm Sewer 2018 $ $0.0 $0.0 $0.0 $4.1 $ $ % 60X95 Monroe Street Bridge over I-90/ $ $15.2 $15.2 $15.2 $19.7 $15.5 4,6 -$4.6 4,6-23% Peoria Street Siphon 62C Post DA Lining 5 $0.0 $0.0 $0.8 $0.8 $ $ % Total $68.6 $75.1 $68.0 $119.3 $ $6.9-6% 1. I-290 IFP included both I-290 WB Mainline and Bridges in addition to I-290 EB Mainline and Bridges. The project was broken into 4 contracts as part of the Financial Plan A fifth project, Congress Viaduct Bridge Painting, was broken out as part of the Financial Plan Van Buren Street Bridge, Jackson Boulevard Utility Relocation, Water Main Relocation/Rehabilitation and Retaining Wall near UIC and Monroe Street over I-90/94 were broken out from the IFP of the I-90/94, Various Bridges. 3. I-290 WB Auxiliary Lane IFP includes the entire Ramp NW Flyover project. The project was broken into the Flyover North to West I-290 Project and I-290 WB Auxiliary Lane Pavement project as part of the FPU The project was broken further to the I-290 WB Storm Sewer project as part of the FPU difference reflects difference between 2018 and letting costs only. See Table 1-3 for cost difference due to change orders during Fiscal Year s shown in the 2018 column are the most recent costs and reflect both the bid costs and change order costs incurred during Fiscal Year Items were added after Design Approval (DA) and therefore no associated costs were included in the Initial Financial Plan. 6. During Fiscal Year 2018 Contract 62C92 (Peoria Street Siphon Lining) work was added to Contract 60X95 (Monroe Street Bridge over I-90/94) and Contract 62C92 was deleted entirely. 7. Van Buren Street Bridge and Jackson Boulevard Utility Relocation were let in June 2017, but were awarded and funded in State Fiscal Year September

12 Table 1-5 Fiscal Year 2018 Construction s Contract State Fiscal Year Let IFP Construction Difference from 2017 Number Name (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) % Change from X79 Ramp EN 2019 $ $25.0 $25.0 $21.7 $21.7 $ $ % 60X93 Interchange Ramp Completions 2019 $45.0 $55.0 $60.6 $60.6 $60.6 $79.6 $ % 62A76 Northbound I-90/ $ $37.3 $37.3 $37.3 $37.3 $ $ % 60X96 Advanced Noise Walls 2020 $ $0.6 $0.6 $0.6 $0.6 $ $ % 62A78 Jackson Boulevard over I- 90/ $ $14.0 $14.0 $14.0 $14.0 $ $ % 60X94 Adams Street over I-90/ $ $14.8 $14.8 $14.8 $14.8 $ $ % Total $146.7 $152.4 $149.1 $149.1 $166.4 $ % 1. Ramp NE and Ramp EN were part of the IFP costs for System Ramps and were broken into separate contracts as part of the FPU 2014.The project was further split into a Ramp NE contract and a Ramp EN contract as part of the FPU Northbound I-90/94, Jackson Boulevard over I-90/94, Advanced Noise Walls and Adams Street over I-90/94 were included in the I-90/94, Various Bridges Contract in the IFP. The projects were broken out as part of the FPU During Fiscal Year 2018 a portion of the Contract 60X96 work was deleted from the overall scope and a portion of work was moved to the Adams Street over I-90/94 (Contract 60X94). The Advanced Noise Wall contract will no longer exist after FPU Project scope including Retaining Walls 22A, 22B, and Main Drain work was shifted from Northbound I-90/94 (Contract 62A76) to Ramp EN (Contract 60X79). Project scope including Retaining Wall 23 was shifted from Jackson Boulevard over I-90/94 (Contact 62A78) to Ramp EN (Contract 60X79). September

13 Engineering s Preliminary and construction engineering costs have been evaluated for the project. Preliminary engineering costs have increased $1.7 M in Fiscal Year The preliminary engineering costs have increased to reflect the programmed costs as the contracts have been repackaged from the original 9 contracts to the current 33 contracts and as the design effort has progressed. These costs also reflect the cost changes from the estimated preliminary engineering contract costs to the actual preliminary engineering contract costs. The increase in preliminary engineering costs has been accounted for in the State s most recent MYP. Construction engineering costs have increased $14.4 M in Fiscal Year Table 1-6 is a summary showing the construction engineering cost increases from each of the below items. The construction engineering costs have been prorated by individual contracts from the bundled construction engineering contracts of the Department. As construction continues on the project, construction durations have been being extended causing the construction engineering costs to increase proportionally. Within the last fiscal year, as over 10 contracts are ongoing at the same time, contract overlap has caused further construction delays and increased construction and construction engineering costs. The complexity of this project has resulted in an increase in the construction engineering efforts to monitor the contracts. As the construction contracts are established, construction engineering contract packages are finalized and better estimated costs for the construction engineering packages are established. The future estimated construction engineering costs have been updated to reflect the anticipated increased efforts. The increases in construction engineering costs have been accounted for in the State s most recent MYP. A description and further breakdown of each line item is shown in Table 1-7 through Table 1-9. The construction engineering cost breakdowns below address the following items: 1. Construction Engineering Supplements this includes any additions or deletions to the contracts for construction engineering for construction contracts let prior to Fiscal Year Fiscal Year 2018 Lettings - Construction Engineering Adjustments this includes the actual awarded costs for construction engineering for projects let during Fiscal Year Fiscal Year 2018 Construction Engineering s this includes any contracts which have updated costs during Fiscal Year 2018 due to design development or contract repackaging. Table 1-6 Estimated Construction Engineering s Construction Engineering s (Millions) 2017 Financial Plan Construction Engineering Estimate $61.0 Construction Engineering Supplements (See Table 1-7) $0.0 Fiscal Year 2018 Lettings - Construction Engineering s (See Table 1-8) $6.1 Fiscal Year 2018 Construction Engineering s (See Table 1-9) $ Financial Plan Construction Engineering Estimate $75.4 Percentage increase from 2017 Financial Plan 24% Construction Engineering Supplements There have been several supplements approved for the construction engineering contracts that were let prior to Fiscal Year 2018 and the changes are summarized in Table 1-7. Some of the construction engineering supplements have resulted from the delays to the initial construction contracts completion dates. September

14 Contract State Fiscal Year Let Table 1-7 Construction Engineering Supplements IFP Construction Engineering Difference from 2017 Number Name (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) 60X27 Halsted/Harrison St Water Main Materials 2014 $0.0 1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0% 60W26 Harrison St. Bridge (WB) and Halsted St. Bridge 2014 $3.8 1 $2.7 $3.4 $4.0 $3.9 $4.0 $0.1 0% 60W29 Peoria St. Bridge 2014 $1.2 $2.1 $2.2 $2.3 $2.3 $2.3 $0.0 0% 60W71 Harrison St. (East) 2014 $0.7 $0.7 $0.9 $1.0 $1.0 $1.0 $0.0 0% 60W28 Flyover North to West I $5.2 2 $8.0 $8.2 $8.2 $8.2 $8.2 $0.0 0% 60W49 Congress/Jane Byrne Interchange Surveillance 2014 Post DA 3 $0.08 $0.08 $0.08 $0.08 $0.08 $0.0 0% 60X37 Tree Planting (#1) 2014 Post DA 3 $0.02 $0.02 $0.02 $0.02 $0.02 $0.0 0% 60X61 I-290 WB Auxiliary Lane 2015 $5.2 2 $2.1 $2.5 $2.5 $3.4 $3.2 -$0.2-6% 60W30 Taylor Street Bridge 2015 $1.5 $1.7 $2.1 $2.1 $3.0 $2.8 -$0.2-7% 60X62 Peoria Street Aesthetics 2015 Post DA 3 $0.1 $0.1 $0.1 $0.1 $0.1 $0.0 0% 60Y66 Tree Planting (#2) 2015 Post DA 3 $0.02 $0.02 $0.02 $0.02 $0.02 $0.0 0% 60Y67 Tree Planting (#3) 2016 Post DA 3 $0.02 $0.02 $0.02 $0.02 $0.02 $0.0 0% 62B76 Ramp NE 2017 $6.7 4 $2.3 $2.3 $1.3 $1.4 6 $1.4 $0.0 0% 60X77 I-290 WB Mainline 2017 $ $1.3 $1.3 $1.3 $1.7 6 $1.7 $0.0 0% 60X78 I-290 WB Bridges 2017 $ $2.7 $2.7 $2.7 $3.8 6 $3.8 $0.0 0% 60X99 Van Buren Street Bridge 2017 $ $2.0 $2.0 $2.0 $3.4 $3.7 $0.3 9% 60X75 I-290 EB Bridges 2018 $2.2 5 $2.2 $2.1 $2.1 $2.1 $4.6 7 $ % 60X76 I-290 EB Mainline 2018 $2.1 5 $2.1 $2.1 $2.1 $3.1 $5.1 7 $ % 62A74 Water Main Relocation/Rehabilitatio n and Retaining Wall 2018 $ $1.5 $1.5 $1.5 $1.9 $2.8 7 $ % near UIC 62D78 I-290 Storm Sewer 2018 Post DA 3 $0.0 $0.0 $0 $0.4 $0.4 7 $ % September % Change from 2017

15 Contract State Fiscal Year Let IFP Construction Engineering Difference from 2017 Number Name (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) % Change from 2017 Monroe Street over I- 60X $ /94 6 $1.4 $1.4 $1.4 $2.0 $2.7 7 $ % Total $33.0 $33.9 $34.7 $41.8 $47.9 $0.0 0% 1. Halsted/Harrison Street Water Main Materials and Harrison Street (WB) and Halsted Street Bridge were combined in the Initial Financial Plan. 2. I-290 WB Auxiliary Lane IFP includes the entire Ramp NW Flyover project. The project was broken into the Flyover North to West I-290 Project and I-290 WB Auxiliary Lane Pavement project as part of the FPU The project was broken further to the I-290 WB Storm Sewer project as part of the FPU Items were added after Design Approval (DA) and therefore no associated costs were included in the Initial Financial Plan. 4. Ramp NE and Ramp EN were part of the IFP costs for System Ramps and were broken into separate contracts as part of the FPU 2014.The project was further split into a Ramp NE contract and a Ramp EN contract as part of the FPU I-290 IFP included both I-290 WB Mainline and Bridges in addition to I-290 EB Mainline and Bridges. The project was broken into 4 contracts as part of the Financial Plan A fifth project was broken out as part of the Financial Plan Van Buren Street Bridge, Jackson Boulevard Utility Relocation, Water Main Relocation/Rehabilitation and Retaining Wall near UIC, and Monroe Street over I-90/94 were broken out from the IFP of the I-90/94, Various Bridges. 7. Difference reflects 2018 supplement cost post contract award only. See Table 1-8 for cost differences due to contract award costs. show in the 2018 column are the most recent costs and reflect both awarded costs and supplemental costs incurred during Fiscal Year September

16 Fiscal Year 2018 Lettings Construction Engineering s Table 1-8 depicts the Construction Engineering cost changes for contracts funded with Fiscal Year 2018 funds as related to the Initial Financial Plan and FPU 2017 costs. The 2018 cost column reflects the total construction engineering cost for these contracts. The cost difference from the FPU 2017 reflects only those costs associated with the awarded construction engineering contracts. The increases in these costs have been accounted for in the State s most recent MYP. Contract State Fiscal Year Let Table 1-8 Fiscal Year 2018 Lettings Construction Engineering s IFP Construction Engineering Difference from 2017 Number Name (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) 60X99 Van Buren Street Bridge $ $2.0 $2.0 $2.0 $3.4 $3.7 $0.0 0% 62A75 Jackson Boulevard Utility Relocation 60X75 I-290 EB Bridge over I- 90/94 % Change from $ $0.4 $0.4 $0.4 $0.4 $0.4 $0.0 0% 2018 $ $2.2 $2.2 $2.1 $2.2 $4.7 $ % 60X76 I-290 EB Mainline 2018 $ $2.1 $2.1 $2.1 $3.1 $5.2 $ % 62A74 Water Main Relocation /Rehabilitation and Retaining Wall near UIC 2018 $ $1.5 $1.5 $1.5 $1.9 $2.8 $ % 62D78 I-290 WB Storm Sewer 2018 $5.2 3 $0.0 $0.0 $0.0 $0.4 $0.4 $0.0 0% 60X95 Monroe Street Bridge over I-90/ $ $1.4 $1.4 $1.4 $2.0 $2.7 6 $ % 62C92 Peoria Street Siphon Lining 2018 Post DA 5 $0.0 $0.0 $0.1 $0.1 $ $ % Total $9.6 $9.6 $9.6 $13.5 $23.6 $6.1 45% 1. I-290 IFP included both I-290 WB Mainline and Bridges in addition to I-290 EB Mainline and Bridges. The project was broken into 4 contracts as part of the Financial Plan A fifth project, Congress Viaduct Bridge Painting, was broken out as part of the Financial Plan Van Buren Street Bridge, Jackson Boulevard Utility Relocation and Water Main Relocation/Rehabilitation and Retaining Wall near UIC and Monroe Street over I-90/94 were broken out from the IFP of the I-90/94, Various Bridges. 3. I-290 WB Auxiliary Lane IFP includes the entire Ramp NW Flyover project. The project was broken into the Flyover North to West I-290 Project and I-290 WB Auxiliary Lane Pavement project as part of the FPU The project was broken further to the I-290 WB Storm Sewer project as part of the FPU difference reflects difference between 2018 and letting costs only. See Table 1-7 for cost difference due to change orders during Fiscal Year s shown in the 2018 column are the most recent costs and reflect both the bid costs and change order costs incurred during Fiscal Year September

17 5. Items were added after Design Approval (DA) and therefore no associated costs were included in the Initial Financial Plan. 6. During Fiscal Year 2018 Contract 62C92 (Peoria Street Siphon Lining) work was added to Contract 60X95 (Monroe Street Bridge over I-90/94) and Contract 62C92 was deleted entirely. 7. Van Buren Street Bridge and Jackson Boulevard Utility Relocation were let in June 2017, but were awarded and funded in State Fiscal Year September

18 Fiscal Year 2018 Lettings Construction Engineering s Table 1-9 depicts construction engineering cost updates during Fiscal Year 2018 to future contracts. Construction engineering for the contracts below will be awarded in State Fiscal Year 2018 and the table reflects the construction engineering cost based on the current construction cost estimate for each project. In some instances, contract work has been shifted from future contracts to the current contracts for constructability reasons. A cost decrease in the future construction engineering (Contract 62A76, 62A78, and 60X96) is noted to reflect this shift of work. The cost increases have been accounted for in the State s most recent State s Multi-Year Improvement Program (MYP). Contract State Fiscal Year Let Table 1-9 Fiscal Year 2018 Construction Engineering s IFP Construction Engineering Difference from 2017 Number Name (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) (Millions) 60X79 Ramp EN 2019 $6.7 1 $2.4 $2.4 $2.1 $2.1 $5.2 4 $ % 60X93 62A76 60X96 62A78 60X94 Interchange Ramp Completions Northbound I-90/94 Advanced Noise Walls Jackson Boulevard over I-90/94 Adams Street over I-90/94 % Change from $5.0 $5.4 $5.4 $5.4 $5.4 $12.0 $ % 2020 $ $3.5 $3.5 $3.5 $3.5 $ $ % 2020 $ $0.05 $0.05 $0.05 $0.05 $ $ % 2021 $ $1.3 $1.3 $1.3 $1.3 $0.9 4 $ % 2021 $ $1.4 $1.4 $1.4 $1.4 $1.4 3 $ % Total $14.1 $14.1 $13.7 $13.7 $22.0 $8.3 61% 1. Ramp NE and Ramp EN were part of the IFP costs for System Ramps and were broken into separate contracts as part of the FPU 2014.The project was further split into a Ramp NE contract and a Ramp EN contract as part of the FPU Northbound I-90/94, Jackson Boulevard over I-90/94, and Adams Street over I-90/94 were included in the I-90/94, Various Bridges Contract in the IFP. The projects were broken out as part of the FPU During Fiscal Year 2018 a portion work of Contract 60X96 was deleted from the overall scope and a portion of work was moved to the Adams Street over I-90/94 (Contract 60X94). 4. Project scope including Retaining Walls 22A, 22B, and Main Drain work was shifted from the Northbound I-90/94 (Contract 62A76) to Ramp EN (Contract 60X79). Project scope including Retaining Wall 23 was shifted from the Jackson Boulevard over I-90/94 (Contact 62A78) to Ramp EN (Contract 60X79). September

19 Right-of-Way s During Fiscal Year 2018, right-of-way (ROW) costs were updated as the design progressed towards future year contracts. The ROW process has moved towards acquisition for future year contracts and property appraisals have resulted in higher costs than initially estimated based on higher property appraisals. Overall, the ROW cost has increased by $2.3 million from the This change been accounted for in the State s most recent MYP. Project Expenditures to Through the State Fiscal Year 2018, ending June 30, 2018, the project expended $330.7 million since the inception of the project, or 46.4% of the current project estimate. Of this total, $48.8 million is for Preliminary Engineering ($11.1 million Phase 1; $37.7 million Phase 2) and $281.9 is for Construction ($249.6 for Construction; $30.8 million Construction Engineering; $1.5 million ROW). This was the fifth year of construction expenditure since the IFP. Figure 1-1 Total Estimates by Annual Financial Plan $800 $700 Amount Above Original Estimate Millions of dollars $600 $500 $400 $300 $200 $100 $- Initial Financial Plan 1st 2nd (September (June 2015) 2014) 3rd (June 2016) 4th (June 2017) 5th (June 2018) Work Uncompleted Work Completed To Preliminary Engineering Completed To Project Funding Levels to be d As a result of the increase in the project cost estimate, funding levels in the State s Proposed Fiscal Year Multi-Year Improvement Program were increased accordingly. Project Name On August 29, 2014, then Illinois Governor Pat Quinn renamed the Circle Interchange the Jane Byrne Interchange. Any references in the Initial Financial Plan, its updates, or other project documents which refer to the Circle Interchange can now be assumed to refer to the Jane Byrne Interchange. September

20 2. FINANCIAL PLAN OVERVIEW The Jane Byrne Interchange Project Financial Plan is a comprehensive document that reflects the project scope, schedule, estimate of cost, revenue funding plan, and risk/mitigation strategies for the proposed improvement of the Jane Byrne Interchange Project. The project study area is along Interstate 90/94 (I-90/94) from south of Roosevelt (on the south) to north of Lake Street (on the north), along Interstate 290 (I-290) from Loomis Street (on the west) to the Jane Byrne Interchange; and along the Congress Parkway from the Jane Byrne Interchange to Canal Street/Old Post Office (on the east). The purpose of the Financial Plan and the Annual s is to help decision-makers track the progress of the Jane Byrne Interchange Project over time. This update includes information about expenditures to date and adjustments to the anticipated revenue streams Annual s The Financial Plan is effective for the entire construction life of the project and approximately one year after construction completion. As stated in the Initial Financial Plan, the plan is to be updated on a yearly basis as of June 30 th (end of the State s Fiscal Year) and due within 90 days (approximately September 30 th ). In 2014, direction was received from FHWA to update the plan as of September 30 th (end of the Federal Fiscal Year) and due within 90 days (approximately December 31 st ). The Financial Plan for 2014 was prepared as of September 30, Direction received in 2015 from FHWA noted that future updates should be prepared according to the original Financial Plan on an annual basis as of June 30 th. The 2018 Financial Plan is based on data as of June 30, The initial approved Financial Plan will be the basis for all future updates. The Financial Plan and future updates will be submitted to IDOT District 1 for review. The scope of the annual update shall be sufficient to identify and resolve any cost and/or funding changes (including cash flow) that have occurred since the previous submission. This will include any changes in project scope that impact the cost estimate and/or schedule of the project. In the instance of major cost or funding changes, the update may need to refine the cost and funding for future years in addition to those for the current year. The updates will reflect changes in total and remaining project cost and/or available funding. The timing of the annual updates shall also be denoted with an identifier noting the as of date of the update. This will be the date that the financial information is extracted from the accounting system, i.e. expenditures to date. September

21 3. LOCATION OF JANE BYRNE INTERCHANGE PROJECT The Jane Byrne Interchange Project is located within the City of Chicago, Cook County, Illinois. The project study area is along Interstate 90/94 (I-90/94) from south of Roosevelt Road (on the south) to north of Lake Street (on the north), along Interstate 290 (I-290) from Loomis Street (on the west) to the Jane Byrne Interchange; and along Congress Parkway from the Jane Byrne Interchange to Canal Street/Old Post Office (on the east). See Figure 3-1. The routes typically have three lanes of traffic in each direction with mostly one lane ramps at the interchanges. In a simplistic sense, the Jane Byrne Interchange connects I-90/94 with I-290/Congress Parkway. But in a broader view, the Jane Byrne Interchange is the nexus of the Chicagoland expressway system. See Figure 3-2. It directly connects three expressways and a major arterial: Kennedy Expressway (I-90/94 north of the interchange), Dan Ryan Expressway (I-90/94 south of the interchange) Eisenhower Expressway (I-290 west of the interchange) Congress Parkway (east of the interchange) Congress Parkway provides a direct link into the Chicago Loop. Other nearby expressways feed towards the Jane Byrne Interchange, as follows: Edens Expressway (I-94, eight miles north of the Jane Byrne Interchange) Stevenson Expressway (I-55, one mile south) Chicago Skyway (I-90, seven miles south) Bishop Ford Freeway (I-94, 11 miles south) I-57 (11 miles south) Reagan Memorial Tollway (I-88, merges with I-290 approximately 13 miles west) The Jane Byrne Interchange is situated among diverse land uses. The four quadrants around the interchange include Greektown/West Loop to the northwest, the University of Illinois at Chicago (UIC) and the Illinois Medical District to the southwest, an industrial setting to the southeast and a mix of residential, retail and office spaces adjacent to the Loop (central business district) to the northeast. September

22 Figure 3-1 Location Map Lake St Project Area Loomis St Old Post Office Roosevelt Rd September

23 Figure 3-2 Chicago Metropolitan Expressway System EDENS EXPY KENNEDY EXPY JANE BYRNE INTERCHANGE EISENHOWER EXPY CONGRESS PKWY REAGAN TOLLWAY STEVENSON EXPY DAN RYAN EXPY CHICAGO SKYWAY BISHOP FORD FWY September

24 4. PROJECT HISTORY The Jane Byrne Interchange was built in the late 1950s and early 1960s as part of the Interstate Highway System. It is under the jurisdiction of the Illinois Department of Transportation (IDOT). The Jane Byrne Interchange has outlived its design life according to several performance indicators on safety, infrastructure condition and congestion. It is one of the worst bottlenecks in the country for traffic congestion. Operations of the interchange are impacted by geometrics, significant traffic, and facility condition. Multiple geometric elements are deficient at certain locations within the Jane Byrne Interchange. These include steep grades, sharp curves, narrow lane and shoulder widths, substandard bridge clearances, entrance and exit ramp tapers, and triple convergences and divergences. There had been no major improvements made to the Jane Byrne Interchange since its construction in the 1950s. Based on engineering concerns over safety, infrastructure condition and congestion, Governor Pat Quinn in April 2012 directed IDOT to begin planning work for this project. The planning work began in spring 2012 proceeded on an accelerated schedule. On March 14, 2013, Governor Quinn directed IDOT to accelerate the project that will reconstruct Chicago's Jane Byrne Interchange, improving traffic flow in the most congested interchange in the nation. Extensive stakeholder outreach was a focal point of a comprehensive planning and process. The Environmental Assessment (EA) was approved and released for public review on June 11, A Finding of No Significant Impact (FONSI) was determined on September 17, There have been no changes to the environmental status or legal challenges to the project in the year covered by this Annual. Originally, the Jane Byrne Interchange project was divided into 9 contracts, but has since been subdivided into 33 contracts. As of June 30, 2018, twenty-two contracts have been let, awarded and are under construction. September

25 5. DESCRIPTION OF THE PROPOSED IMPROVEMENTS 5.1. Major Components of Proposed Improvement The following are major attributes of the overall proposed improvement: An increase from three to four through lanes on I-90/94 under the Jane Byrne Interchange to correct a lane balance issue. A NW flyover ramp for the north-to-west movement (northbound Dan Ryan Expressway to westbound Eisenhower/ I-290) consisting of two lanes with an outside landing on I-290. Two flyover ramps above Harrison Street (Ramp NW and Ramp WS). One flyover ramp above Halsted Street (Ramp NW). A northbound collector-distributor road for northbound Dan Ryan Expressway traffic exiting to the local streets to eliminate the current weaving section. A southbound collector-distributor road for southbound Kennedy Expressway traffic exiting at Adams Street, Jackson Boulevard, and Taylor Street. Enhancements to pedestrian and bicycle accessibility on local roads within the project limits; improvements will be made to sidewalk widths and bicycle accommodations in several locations. A pedestrian signal, crosswalk, and decorative canopy over Halsted Street in front of the CTA Halsted Station. Access to Morgan Street will be changed from existing conditions and be via Ramp NW only Installation of landscaping within the Jane Byrne Interchange. Aesthetic treatments to retaining walls, piers, flyovers, and bridges. Potential installation of noise walls at five locations. Reconfiguration of Chicago Transit Authority (CTA) Peoria Street Station. Creating a pedestrian corridor connecting the Peoria Street Station to the UIC campus including a seating wall, an electronic way finding sign, and various aesthetic and landscaping treatments. As part of the Preferred Alternative, small amounts of right-of-way are needed at various locations along the west side of I-90/94. The Preferred Alternative is shown in Figure 5-1. September

26 Figure 5-1 Preferred Alternative September

27 6. PROJECT IMPLEMENTATION 6.1. Project Contracts Contract # (IFP) The implementation of the Jane Byrne Interchange is a complex affair, due to the restricted surroundings and the need to maintain traffic during construction. In the IFP, it was assumed that the Jane Byrne Interchange project would be divided into nine contracts. Continuing development of the contract packaging and scheduling further divided the project into thirty-one contracts as was noted in the FPU These contracts can generally be seen as parts of the original nine contracts, allowing comparisons between the planned and current estimates and schedules. With the FPU 2016, one additional contract was added and two contracts were broken out from existing contracts. With the FPU 2017, one additional contract was broken out from existing contracts to bring the total to thirty-five total contracts. With FPU 2018, two contracts have been shifted to existing contracts and completely removed to bring the total to thirty-three total contracts. The two contracts that were shifted to existing contracts are: Contract 60X96 Advanced Noise Walls A portion of the noise wall scope was removed from overall contract and a portion was moved to Contract 60X94. Contract 62C92 Peoria Street Siphon Lining This contract was incorporated within Contract 60X95 for scheduling purposes. The comparison of contracts from the IFP is shown in Table 6-1: Table 6-1 Contract Transition Summary Contract Contract Name (IFP) Contract Name (FPU) # (FPU) 1 Harrison St (West) & Halsted 60X27 Halsted/Harrison St Water Main Materials St 60W26 Harrison (West) and Halsted Bridge 2 Peoria Street Bridge 60W29 Peoria St. Bridge 3 Harrison Street (East) Bridge 60W71 Harrison Bridge (East) 60W28 Flyover North to West I Ramp NW Flyover 60X61 I-290 Westbound Auxiliary Lane Pavement 62D78 I-290 WB Storm Sewer 5 Taylor Street Bridge 60W30 Taylor St. Bridge over I-90/94 60X75 Congress Parkway Bridge Eastbound & I-290 Eastbound Bridge over I-90/94 60X76 I-290 EB Mainline 6 I X77 I-290 WB Mainline 60X78 Congress Parkway Bridge Westbound & I-290 Westbound Bridge over I-90/94 62B87 Congress Viaduct Bridge Painting 7 System Ramps 60X79 Ramp EN -Partial 62B76 Ramp NE 60Y00 Interchange High Mast Lighting and ITS 8 I-90/94, Various Bridges 60X94 Adams Street over I-90/94 60X95 Monroe Street Bridge over I-90/94 60X99 Van Buren Street Bridge September

28 Contract Contract Contract Name (IFP) # (IFP) # (FPU) Contract Name (FPU) 62A78 Jackson Boulevard over I-90/94 62A75 Jackson Boulevard Utility Relocation 62A77 Southbound I-90/94 from Roosevelt Rd to Lake St/Madison St 62A76 Northbound I-90/94 from Roosevelt Rd to Lake St/Madison St 62A74 Water Main Relocation/Rehabilitation and Retaining Wall near UIC 9 System Ramps 60X93 Interchange Ramp Completions 60W49 Congress/Jane Byrne Interchange Surveillance 60X62 Peoria Street Aesthetics 60X98 Green Space Contract Post N/A 60X37 Tree Planting (#1) Design 60Y66 Approval Tree Planting (#2) 60Y67 Tree Planting (#3) 60Y68 Tree Planting (#4) 60Y69 Tree Planting (#5) Note: Contract packaging is subject to change based on contract breakouts, funding availability, right of way, and traffic control coordination Contract Implementation The general order of implementation for the Jane Byrne Interchange project remains the same as reported in the FPU Some of the initial construction contracts of Halsted Street, Harrison Street, Peoria Street, NW Flyover, Taylor Street, and the I-290 Westbound Auxiliary lanes have wrapped up during the past fiscal year. Some of the initial projects experienced some construction delays which affected future construction schedules, which were revised to accommodate the delay in lettings. The schedule revisions were also due to the advancement of construction of other projects on IDOT s system in need of immediate repair including the nearby interchange of Interstate 55 at Lake Shore Drive which was experiencing deteriorating conditions. As construction work continues on the Jane Byrne Interchange Reconstruction, several construction delays have occurred on some of the twenty-two let projects. Within the last fiscal year as the five projects let in 2018 were ongoing as the seventeen previous projects were wrapping up and still ongoing, overlapping work zones continue to cause delays in the construction work. Some of those delays have caused subsequent delays to both construction activities and schedule adjustments to future contracts. The resulting delays have revised the overall completion date from Fiscal Year 2022 into Fiscal Year Table 6-2 Contract Schedule lists the original letting and completion dates of each contract and the current letting and completion dates. s that haven t changed since the previous update have been noted with NC. September

29 Table 6-2 Contract Schedule IFP Phase II Contract Number Location Letting Completion Letting Completion Letting Completion Letting Completion Letting Completion Letting Completion 60X27 60W26 Halsted/Harrison St Water Main Materials Harrison (West) and Halsted Bridge Nov-13 Feb-14 Sep-13 Feb-14 NC NC NC NC NC NC NC NC Nov-13 Sep-14 Nov-13 Dec-15 NC NC NC Jul-16 NC NC NC NC 60W29 Peoria St. Bridge Jan-14 Sep-14 Feb-14 Nov-15 NC NC NC Jul-16 NC NC NC NC 60W71 Harrison Bridge (East) Mar-14 Sep-14 Apr-14 Sep-15 NC NC NC Jun-16 NC NC NC NC 60W28 Flyover North to West I-290 Jun-14 Sep-15 Jul-14 Jul-16 NC NC NC Mar-17 NC NC NC NC 60X61 I-290 Westbound Auxiliary Lane Jun-14 Sep-15 Mar-15 May-16 NC NC NC Dec-16 NC Dec-17 NC Jan -18 Pavement 62D78 I-290 Storm Sewer N/A N/A N/A N/A N/A N/A N/A N/A Sep-17 Sep-18 NC NC 60W30 Taylor St. Bridge over I-90/94 Aug-14 Mar-15 Mar-15 Oct-16 NC NC NC NC NC NC NC Aug X75 Congress Parkway Bridge Eastbound & I-290 Eastbound Bridge over I-90/94 Jun-15 Dec-16 Sep-16 Dec-17 NC NC Aug-17 Jun-19 NC NC NC Aug-19 60X76 I-290 EB Mainline (from Loomis St. to I- 90/94) Jun-15 Dec-16 Dec-16 Nov-17 NC NC Aug-17 Jun-19 NC Nov-19 NC NC September

30 IFP Phase II Contract Number Location Letting Completion Letting Completion Letting Completion Letting Completion Letting Completion Letting Completion 60X77 I-290 WB Mainline (from I-90/94 to Racine Ave.) Jun-15 Dec-16 Nov-15 Nov-16 NC NC Jun-16 Aug-18 NC NC NC Sep-19 60X78 Congress Parkway Bridge Westbound & I-290 Westbound Jun-15 Dec-16 Jul-15 Oct-16 NC NC Jun-16 Aug-18 NC NC NC NC Bridge over I-90/94 62B87 Congress Parkway Bridge Painting N/A N/A N/A N/A N/A N/A Apr-19 May-20 NC NC Jun-19 Jul-20 60X79 Ramp EN Jun-15 Mar-17 Oct-16 Nov-17 NC NC Jun-18 Jun-20 NC NC Nov-18 May-21 62B76 Ramp NE N/A N/A N/A N/A N/A N/A Jul-16 Oct-18 NC NC NC NC 60Y00 Interchange High Mast Lighting and Jun-16 Mar-18 Jul-16 May-19 NC NC Jun-19 Dec-21 NC NC Apr-20 Nov-22 ITS 60X94 Adams Street over I- 90/94 Jun-16 Jun-17 Dec-16 Dec-17 NC NC Nov-18 May-20 NC NC Jun -20 Nov-22 60X95 Monroe Street over I-90/94 Jun-16 Dec-16 Nov-15 Dec-16 NC NC Jun-17 Oct-18 Sep-17 Jun-19 Nov-17 Aug-19 60X99 Van Buren Street over I-90/94 Jun-16 Dec-16 Nov-15 Dec-16 NC NC Mar-17 Oct-18 Jun-17 Jun-19 NC NC 62A78 Jackson Boulevard over I-90/94 Jun-16 Jun-17 Nov-17 May-19 NC NC Apr-20 Oct-21 NC NC Jun-20 Nov-22 62A75 Jackson Boulevard Utility Relocation N/A N/A Jan-16 Nov-16 NC NC Jun-17 Sep-18 NC NC NC NC September

31 IFP Phase II Contract Number Location Letting Completion Letting Completion Letting Completion Letting Completion Letting Completion Letting Completion 62A77 Southbound I-90/94 from Roosevelt Rd to Lake St/Madison Jun-16 Mar-18 Jul-17 Dec-18 NC NC Jun-19 Nov-20 NC NC Apr-20 Nov-22 St 62A76 Northbound I-90/94 from Roosevelt Rd to Lake St/Madison Jun-16 Mar-18 Sep-17 May-19 NC NC Jun-19 Nov-20 NC NC Apr-20 Nov-22 St 62A74 Watermain Relocation/Rehabilit ation and Retaining N/A N/A Sep-15 Nov-16 NC NC Jun-17 Sep-18 Aug-17 NC NC Nov-18 Wall - UIC 60X93 Interchange Ramp Completions Jun-17 Jun-18 Dec-16 Aug-18 NC NC Jun-18 Oct-20 NC NC Nov-18 Dec-20 60W49 Congress/Jane Byrne Interchange N/A N/A Jan-14 Jul-14 NC NC NC NC NC NC NC NC Surveillance 60X62 Peoria Street Aesthetics N/A N/A Nov-14 Oct-17 NC NC NC NC NC NC NC NC 60X98 Green Space Contract (Greek Town & Other N/A N/A Nov-16 Oct-17 NC NC Sep-19 Oct-20 NC NC Sept-20 Nov-22 Locations) 60X37 Tree Planting (#1) N/A N/A Jan-14 Jul-14 NC NC NC NC NC NC NC NC 60Y66 Tree Planting (#2) N/A N/A Nov-14 May-16 NC NC NC NC NC NC NC NC 60Y67 Tree Planting (#3) N/A N/A Nov-15 Oct-16 NC NC Jan-16 May-17 NC NC NC NC 60Y68 Tree Planting (#4) N/A N/A Nov-16 Oct-17 NC NC Jun-18 Oct-19 NC NC Jan-19 NC September

32 IFP Phase II Contract Number Location Letting Completion Letting Completion Letting Completion Letting Completion Letting Completion Letting Completion 60Y69 Tree Planting (#5) N/A N/A Nov-17 Oct-18 NC NC Jun-19 Aug-20 NC NC NC NC Contract lettings dates in bold refer to contracts already let. NC denotes that there is no change from the previous FPU. September

33 7. PROJECT COSTS This section summarizes the actual costs to date and estimation of future costs that have been conducted throughout the study process. The Initial Financial Plan (IFP) included a 2013 contingency-based cost estimate. The contingency-based cost estimate was then converted into a risk-based cost estimate through an FHWA cost estimate review (CER). The contingency-based estimate was then adjusted such that the Year-of-Expenditure (YOE) total matches the risk-based estimate from the CER. This includes cost modifications based on changes during construction of on-going projects, projects let during Fiscal Year 2018, and updated construction cost estimates d Project Estimate For the State Fiscal Year ending June 30, 2018, the Annual cost estimates have been refined to reflect the current anticipated costs for the project based on continuing project development. These are based on bid prices experienced for the initial twenty-two contract lettings, engineer s estimates, and consideration of schedule, market, and other influential factors. Inflation and YOE were also accounted for in the Original Project Estimate In the IFP, the total cost of the project in YOE dollars was estimated to be $535.5 million. Of that, $459.5 was estimated to be construction, change orders and utilities; $0.5 million for Right-of-Way (ROW) acquisition; and $75.5 million for Preliminary and Construction Engineering Project Estimate s As of June 30, 2018, twenty-two of the thirty-three contracts have been let and awarded. Initial contract bid total amounts were higher than originally estimated in the IFP. Recent bids have been lower than engineer s estimates. In addition, several of the construction contracts are underway and have incurred additional costs during construction due to change orders. Preliminary and construction engineering costs continue to be updated based on continuing project development. All of the cost increases denoted in this update have been accounted for in the State s Multi-Year Improvement Program (MYP). A summary of the IFP and Annual s 2014, 2015, 2016, 2017, and 2018 cost estimates are shown in Table 7-1. A comparison of overall cost estimates by contract are shown in Table 7-2. Total cost breakdowns by contract including construction and utilities, right-of-way and engineering are shown in Appendix A. In this Annual, the total cost of the project in YOE dollars is estimated to be $713.0 million, an increase of approximately 5% over the FPU 2017 estimate. Of that, $569.5 million is estimated for construction, change orders, and utilities; $6.8 million for ROW acquisition; and $136.8 million for Preliminary and Construction Engineering. September