A project construction budget for the football/soccer Stadium and Exhibition Center totaling $430,000,000 was approved unanimously this afternoon by the seven-member Board of the Washington State Public Stadium Authority.
The public portion of the construction budget is capped at $300 million in public funds, as approved by the state's voters last year in Referendum 48. The $130 million balance, including all cost overruns, will be contributed by the private partner, First & Goal Incorporated, the entity created by Seattle Seahawks' owner Paul Allen to be the project's developer.
"This budget reflects the addition of $14.2 million in significant enhancements to the project's design beyond the initial concept proposed to the state's voters," commented Lorraine Hine, Chair of the PSA Board. "I want to acknowledge and thank Paul Allen and First & Goal for their commitment to the project by funding these important project improvements."
Other adjustments to the budget include $11.1 million in design development and technical refinements and an increase in the project contingency of $4.7 million.
During the Referendum 48 process, Stadium and Exhibition Center advocates estimated it would cost $400 million to build the complex. Since then, input from the public, consumer show tenants, residents of the adjacent neighborhoods, and professional sports leagues has improved the project's design.
"We are confident these budget figures are responsible, and we have increased the contingency budget to ensure we are able to cover unexpected events," noted Bob (MORE)
Collier, First & Goal's Vice-President and Senior Project Manager. "We believe these project enhancements will create a better facility for sports fans and the public in general."
Among the enhancements added to the project were:
- $4.9 million for increased exhibition space and improved finishes in the stadium swing space and Parking Garage
$3.06 million for an enhanced Stadium north plaza to accommodate many important civic events, including concerts, festivals, public speeches, rallies, markets and fairs
- $736,000 for a mezzanine level in the Exhibition Center
- $1.75 million for project art
- $576,000 for parking garage speed ramps, allowing quicker exiting and loading docks in the Exhibition Center.
The project budget includes a Guaranteed Maximum Price (GMP) on the Exhibition Center and Parking Garage and 100% Design Development of the Stadium. Further review of the budget may occur upon completion of a GMP for the Stadium, currently scheduled for the end of 1999.
The budget's $430 million includes:
Pre-Construction $44,904,811
Construction 355,719,457
Project Management 3,720,000
Contingency 25,655,732
When complete, the facility will include the Stadium with 67,000 seats; a six story, 2,000 car parking garage; and a 325,000 gross square foot Exhibition Center, to be built on the site of the Kingdome in Seattle.
