Wednesday, December 29, 2004

Cost Overruns Watch--First In A Continuing Series

Yeah, I found it last night. The initial estimates for the RFK renovations was $13 million--Thanks google!

According to the initial contract, cost overruns in this phase must be paid by the city. I'm assuming this is still in play--unless something was changed by the agreement last week (Which the mayor signs today).

According to this Times article, the contract was awarded to Turner Construction Co. for $18.4 million.

I'm sure they'll claim that the reason for the overruns is because of the late start due to the council's actions over the last month. But we're barely a month into the process and we're 40% overbudget on renovations. The final pricetag is sure to go higher in the end.

As our friends in Milwaukee and Seattle can attest, cost overruns are another one of the prices you have to pay to play. Sigh.


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