City staff presented the guaranteed maximum price contract, a cap for some city expenditures on the construction cost, for the library renovation project to Richardson City Council during its Feb. 5 meeting. According to staff estimates, the contract is worth a little over $31.4 million.
The overview
The library renovation will include a refreshed interior, asbestos mitigation and exterior improvements, Director of Engineering and Capital Projects Jim Dulac said.
The overall project budget, which includes relocation and furniture costs among other things, remains in line with the January 2023 estimate of $48.1 million, City Manager Don Magner said. Funding for the project comes from two sources: $36.1 million from the 2021 bond and $12 million from certificates of obligation issued in 2023.
Once complete, the renovated library will remain in the same location as the existing structure, which closed in September, to allow for construction to take place and staff to relocate. The temporary library space opened last October next to the temporary City Hall and will remain in use until the renovations are complete.
What’s next?
Council is expected to consider awarding the guaranteed maximum price construction contract for over $31.4 million during the Feb. 12 meeting.
If approved, Dulac said construction on the old library facility is expected to begin in March with an estimated completion in January 2026.
