[Q.16] What is included in the $40M-$42M cost of the project?
[A.16] Most of that cost is in the construction budget (about $35M). That amount includes all site work, running a sewer line to Dadeland, all audio-visual equipment, landscaping, parking areas and 185,000 square feet of construction. This calculates out to about $189/sq.ft. which is below what the average building of this type would normally cost. We will go out to bid for final construction costs after plans are approved by Miami Dade County and appropriate revisions are made. Some costs are going down at
this time because of a slowing in construction work in S. Florida, however some equipment related costs are increasing. We are hopeful that this number will ultimately decrease. In addition to the basic construction
cost (hard cost) we also have soft costs. These include additional professional fees due and other miscellaneous items (i.e. permit fees, etc.) of around $2M. We anticipate incurring interest charges on construction financing that will vary based on giving levels. We have budgeted for telephone system, data system, security and the theme-ing of areas (FamJamz, Elementary and Preschool) and $1M for furniture, fixtures, and equipment. Additionally there are start-up expenses we expect to incur. These anticipated costs include increased staffing and ministry expense, and operational costs for our first years in the new facility. It is anticipated that in time our growth and giving will sustain our operating expenses. Please note that certain statements made in these responses reflect our expectations regarding future events and economic performance. They are forward-looking in nature and, accordingly, are subject to change and uncertainties. These forward-looking statements are only our best estimates based on our current expectations and projections about future events. Important factors could cause our actual results, performance or achievements to differ, positively or negatively, from those expressed or implied by these forward-looking statements.
