The final price for Ivy Tech-Frankfort will total about $3.5 million.
The cost for the new community college site was calculated after the Frankfort Board of Public Works and Safety accepted bids for the final three construction categories at a special meeting Thursday. This was the second round of bidding for the public side of the project, after officials were dissatisfied with first-round bids.
The bids accepted Thursday place the public side about $250,000 above initial projections. Though officials were hoping for a $2.5 million cost, total project cost were projected as high as $4.1 million.
“I am pleased. We are spending within our means,” said Mayor Chris McBarnes. “If we had to go out and bond this money out and we had to acquire debt service for this project, I would be very upset.
“But right now, it's just like a household budget,” he added. “We're spending what we can afford, we're spending within our means, and we're doing it with the best of intentions.”
The Board of Works approved the bids for the site work and lighting/landscaping categories. The bid for the stone and asphalt category was accepted, pending an amendment to the inter-local agreement between the City and County councils.
Both entities are working together on the public side of the project, which includes parking and landscaping. The current combined contribution from the two government bodies is about $1.1 million, but the total public cost has now risen to about $1.35 million.
With the final cost now known, an additional $125,000 is needed from both the city and county.
McBarnes said the city already has the money appropriated, and the County Council appropriated an additional $200,000 for the project in February. County Council President Alan Dunn could not be reached for comment by press time.
Project Manager Stan Smith said, having re-advertised the bids, officials are saving money in the long run by going with more experienced businesses.
“I think we’re in much better condition with the team that is being selected here,” he said. “I think all in all we’re much better off. Obviously it’s going to cost a little bit more in parts of it, but also I think we would say we dodged a major bullet with the lower bidder from last time.”
Site work category bids came in higher the second round, but Smith said the lowest bidder in round one had an inadequate understanding of the project.
Smith added that the timeline for the school’s August 19 opening will not be affected by postponing acceptance of the stone and asphalt bid, category number two.