Board sets aside the YMCA expansion's last $83,000 as an owner contingency fund

What happened

The Terre Haute Board of Public Works and Safety approved a third amendment (GMP 3) to the construction contract for the YMCA expansion, creating an owner-contingency fund — money set aside for problems outside the contractor's control, like unexpected asbestos — that the project's budget didn't have until now. (7:29) Mark Merrill, presenting the project, told the board GMP2 (the contractor's prior guaranteed maximum price — a construction contract that caps what the contractor can charge) was $11,517,000 against a total project budget of $11,600,000, leaving about $83,000 with no line item; this amendment assigns that remainder to the new contingency fund. (7:37) He said the project has already drawn on a separate construction-contingency fund for smaller asbestos-abatement work, which is the owner's responsibility rather than the contractor's. (8:10)

The outcome

Approved on a voice vote; no per-member tally was recorded.

Sources

• GMP 3 introduced, 7:29
• GMP2 vs. total budget figures, 7:37
• Asbestos abatement as owner responsibility, 8:10
• Voice vote approval, 9:56

Also known as: YMCA expansion · Garmong YMCA project · GMP 3 · GMP3 amendment · owner contingency allowance · Vigo County Y renovation