Tag Archives: Urbacon

Financial review of City Hall, courthouse construction project complete

Guelph, ON, September 9, 2015– An independent financial review has confirmed the final cost of building Guelph’s new City Hall and provincial offences court, including legal costs and settlement fees, is $65,069,735. The findings confirm the values previously reported by the City. The report was presented this afternoon to the Corporate Services Committee. “The financial review, conducted by Deloitte LLP, verified the City of Guelph’s financial tracking of project costs and its record-keeping were sufficient to provide detailed, accurate costing information,” says Guelph’s chief administrative officer Ann Pappert. With the exception of legal and settlement fees, the Civic Administration Building and Provincial Offences Court was within one percent of budgeted construction costs. “This is the final of three deliverables we promised earlier this year,” says… Continue reading Financial review of City Hall, courthouse construction project complete

Guelph City Hall and courthouse financial overview

Project funding (City Hall and Provincial Offences)   Approved budget          $54,850,100 Plus: unbudgeted additional funding            $1,783,248 A. Total project funding          $56,633,348 Project expenses (City Hall and POA)   Project cost          $56,968,414 Settlement costs: Urbacon Limited            $6,635,000 HST                $495,450 Input Tax Credit              ($451,186) Aviva Insurance Company of Canada                $100,000 Moriyama & Teshima Architects              ($150,000) Money paid back from lien claims ($828,427) Total settlement costs            $5,800,837 Legal fees            $2,300,484 B. Total project cost          $65,069,735 Additional cost to the City (B – A)            $8,436,387 Funding the additional cost Settlement Legal/OMB Reserve            $1,693,100 Capital Tax Reserve            $1,500,000 Capital Asset Renewal Reserve            $5,243,287  Total $8,436,387 Resources View the staff report and final accounting of… Continue reading Guelph City Hall and courthouse financial overview