The contingency. But it does make sense, to me if we are seeing these contracts come in at higher levels than we expected, which is understood, and it is the market. Why is there not a construction contingency that is much better than the cmg, based on what we are expecting. Because we are utilizing the construction contingency to award the packages. But you spent it. Yeah. But it seems like that maybe, when we do the budget, there is and there needs to be a whole realignment of what is based on it. Yeah. And i would think. Yeah. Because, at this point, the numbers dont seem to. Coordinate, the way that they did, originally, when we said, here is our construction, and here is our cmg and our others and, it seemed to bear, a reasonable relationship. Yeah. And yeah, this is the, and where we are at right now is the second column and the and this is our current contingency balance which is the 123, and in that balance, we have 54. 5 million dollars, in construction contingency and 32. 9,
Million dollars. Which basically utilizing the and that the current construction should be 55 million and we should have 57 million in Program Reserves. It would be helpful if you could share that report with us. It would put some of this i think in context. And i guess to some extent we are where we are and expecting that we are going to be able to close out the rest within the estimate given what this one looks like, and i am not sure that is a good assumption, but with regard to this, and i take your point, that this is on the critical path, and this reflects the current Market Conditions, and but when i, and the staff report seems to suggest that, the time line, for this procurement has been long from when the first rfq was issued and the first rfp and in the meantime the market has continued to escalate, and it sounds like we are losing bidders because other projects are locking them down, as our what seems like very long process with the very significant adenda continue and could
Say is relatively small, and then the full funding condition. The recognition of formation of the cfd, and alleviates quite a bit of that risk, and we are able to use, the proceeds towards the phase one, and so, and of course, it is mentioned that we are talking with the Mayors Office, about and your second question was about the net tax increments take out and i will let, bryant it is going to be a function of hopefully, if the block and the block 8 and five, closed, and then, be able to generate more proceeds and deem out the bridge loan and i think that the more conservative read would be that if we are in that position where we need to go out for the tax increment financing and something, on the Development Schedule is probably and that will be a function of the market and we are in the period of low Interest Rate and that is not to say what the market will be in 2019. We are in the high threes. If that is goes the one year. That is the full term. Everything . Sorry . For everythin
Budget, you know, if we didnt have a budget issues we would have everything that we wanted in here and all of the things that are involved and not to greatly effect the aesthetic of the building and i think that we have managed to do that and we are satisfied and we are happy with it and we think that the public will be happy with it if we can continue on the path that we are on, and finish this project out. And maybe it will be good, i am glad to hear that it is a prioritization of what is important and what isnt and it will be good to get that in front of us, and does that make, you know, especially when supervisor kim is here to say yes, that is a good priority list. And there is no problem here, with respect to the priorities that you have, prioritis that we would agree to, i doubt that there will be a difference. I would be happy to do that. And i think that it is a good idea. And we as our group, have established that, and i dont think that you know what that is, and that will be
Yeah. But it seems like that maybe, when we do the budget, there is and there needs to be a whole realignment of what is based on it. Yeah. And i would think. Yeah. Because, at this point, the numbers dont seem to. Coordinate, the way that they did, originally, when we said, here is our construction, and here is our cmg and our others and, it seemed to bear, a reasonable relationship. Yeah. And yeah, this is the, and where we are at right now is the second column and the and this is our current contingency balance which is the 123, and in that balance, we have 54. 5 million dollars, in construction contingency and 32. 9, and 15 million in Program Reserves. And the design of the 2. 7, and the 18. 7 escalation and it will be utilized as we award the trade package and what remains is the 54 and the 32 and 15. And so fund the difference between the estimates and the budgets for the upcoming trade packages we will expect that we need to draw, 22. 7 million from the construction contingency