[Q.2.] I realize that construction costs change, but what is the cost estimate for the total project if we were to build it all right now?
[A.2.] In the Fall of 2007 we received cost estimates based on existing Construction Drawings. The estimates at that time totaled $34M. Since then, we have completed the construction drawings and have submitted them to the county for permitting. After the county officials make their comments, our architects will make the adjustments on the drawings to bring them in line with what the county requires to give us a building permit. When we have “permitted” plans (sometime in the first half of 2008), we will go out into the construction market again to finalize our cost projections. We have some reason to believe that costs are changing (more down than up) because of the slowing in the economy. In addition to those “hard costs” we have “soft costs” (all professional fees, permitting and impact fees, furniture, fixtures, equipment, interest charges on the construction financing, etc.) which push the total cost up around $42M.
