Title
Heartwood Update (NB)
Explanation
At the March GCRA Advisory Board meeting, the board requested that staff bring back a discussion on the construction costs for the Dreams2Reality homes in the Heartwood Neighborhood. The City has executed a cost plus construction contract with the builder for each of the 11 homes. The contract price is based on the estimated project costs and the final cost of each home will be known closer to the completion of construction. Some of the materials have increased in price since the end of 2021 when the estimates were created. The final cost of the homes may exceed the current construction contract prices and additional funding would need to be identified. The Dreams2Reality homes are currently in the beginning stages of construction, and staff expects to have more concrete numbers in three to four months.
Fiscal Note
None.
Recommendation
The GCRA Board hears a presentation and provide feedback.