Most of the work has been put out for bid. The building base is being laid. The contingency fund appears adequate.
By most accounts, the new Mariners baseball stadium appears on track to come in on budget, the public board overseeing the project was told Monday.
The stadium board, formally known as the Washington State Major League Baseball Stadium Public Facilities District, unanimously approved an updated $417 million budget for the stadium and adjacent parking garage.
“Overall, we’re very pleased of where we are today, that we have a bottom line that hasn’t moved since January,” board executive director Ken Johnsen said.
Actually, the January figure was about $414 million. An extra $3 million became available because King County’s closing cost for selling bonds to pay for the project came in lower than expected.
The budget figures unveiled Monday were the first to be released publicly since November, when the 45,500-seat ballpark and parking garage was estimated to cost $384.5 million.
Since then, the Mariners have asked for more public money to cover potential cost overruns. That and other contingency money brought the total available for the stadium to the current $417 million. The total includes $45 million contributed by the Mariners.
Johnsen said most of the $260 million in bid work for the project has been let since the last budget estimate - including the bid for the retractable roof. The winning bid for the roof, one of the items considered at greater risk for potential overruns, came in $3.5 million less than architects originally estimated.
The remaining work that’s available for bid is less prone to drastic cost changes, and the updated contingency fund of $20.4 million should be adequate for such things as contract change-orders and emergencies, Johnsen told the board.
He noted the county’s agreement calls for the Mariners to cover any overruns above $417 million.
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