CIP Budget

Posted December 2, 2020.

A comprehensive analysis, guided by principles of fiscal stewardship, yielded an all-inclusive budget for the Lake Forest Library Capital Project. This $24 million budget delivers a turn-key library that has been historically restored, expanded to accommodate new program offerings, and fully furnished with the needed technologies and furnishings expected of a 21st century library. The project budget aggregates several important cost metrics beyond direct construction costs. These include:  

  • Direct Construction Costs
    The costs paid directly to the general contractor and related subcontractors for building construction.
  • Design and Construction Contingency
    Unforeseen costs that may arise during the design process (scope items not previously considered but needed) and the construction phase. Most of this contingency is intended to carry forward into the construction phase. Restoration and renovation of historic buildings requires particular sensitivity and it is not uncommon to discover previously hidden issues requiring repair and remediation without compromise to the quality and architectural expression of the historic structure.
  • Escalation Allowance
    Based on market indicators, this figure accounts for the escalation of construction costs from the time the budget was prepared to the time of bidding and construction. The budget assumes a construction start in Q2/Q3 2022.
  • Project Soft Costs
    Non-construction project costs represent a significant portion of a project budget. The Soft Cost allowance, based on a standard percentage of construction for library projects, includes the following: furniture, shelving, technology, surveys, geotechnical reporting, inspections, professional services fees, and other administrative costs.

The project team has been committed to a process of thoughtful planning and forecasting, factoring all known costs and accounting for them judiciously. The goal is to budget responsibly and deliver a newly restored and energized Lake Forest Library building within the $24 million budget established.

Nicolai Remisoff Murals

The purpose of the $24 million capital campaign is to deliver outstanding library services to the Lake Forest community. The twelve Remisoff murals feature writers of ancient Greece and Rome. The figures of Homer, Sappho, Aesop, Aeschylus, Aristophanes, Euripides, Xenophan, and Virgil are a unique aspect of the building that requires additional funding and exploration. It is the Library’s intent that any needed restoration or preservation will be funded with a separate campaign focused on grant organizations that fund fine art restoration.

Public-Private Partnership

At this time, no funding request has been made to the City of Lake Forest. However, we estimate making an eventual funding ask. This project will be funded through the combination of philanthropy, Library reserve funds, and City funds. This is in line with the strong tradition of public-private partnerships as outlined by The Hodge Group at the October 19, 2020 City Council meeting.