10/18/2005 LIBRARY BUILDING COMMITTEE Minutes

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i j TOWN OF MASHPEE LIBRARY BUILDING COMMITTEE -Minutes from the meeting of Tuesday, October 18, 2005 Committee Attendees: Also Attending: Sheldon Gilbert Helene DeFoe, Library Director Diana Lannon Torte O'Neill Members Absent: Jane Dolan Bonnie Barrett Maureen Rounds ' David Burton Ed DeFoe Steve Cook Chairman Sheldon Gilbert called the meeting to order' t 7:40 PM. REVIEW OF MINUTES Minutes from the meeting of 9129105 were unanimously approved by the Committee. FUNDRAISING BUDGET—PROPOSED REVISION Sheldon Gilbert stated that the budget for the library building project currently provides for a standard % per year escalation in-construction costs. That comes out roughly to$546,000 for two years. Sheldon Gilbert spoke to Stewart Roberts, who informed hire that in working with cost esbmators for current projects, his firm is now using a 10% per year cast escalation provision for the next couple of years. Sheldon spoke to Tori O'Neill regarding a fundraising goal increase up to $2,599,090. Torn stated that he would suggest ars increase in that amount to Martha Moore. There is no feedback a yet regarding Martha's reaction to the suggestion. Sheldon made a motion that the LBC recommend to the Fundraising Committee an increase in their fundraising goal from $1,800,000, by a minimus of$548,099, the equivalent of the 5%escalation for two years which is in the current budget, up to as high as$2,500,000 for the total fundraising goal. The amount of the goal increase will be at the discretion of the Fundraising Committee. The reason for , raising the fundraising goal is to allow the LBC a margin of safety in the event that construction costs escalate. Discussion followed. Sheldon Gilbert read a letter received from Stewart Roberts, in which Stewart stated that he felt it was the prudent thing to do to increase the project escalation by another $516,759, which would increase the total budget to$8,283,176 based on the continued increases seen in construction costs. Stewart further stated that while there is no way to predict exactly what will happen to construction costs, they have been increasing by 10%over the last year and a halt. Sheldon stated that he would prepare a leiter to the fundraising committee with the LBC rec mmendabon, attaching a copy of Stewart Robert's letter. After the motion discussion, Maureen Rounds seconded the motion. The committee unanimously approved the motion. ENERGY PLANNING PROPOSAL--Jane Dolan Cape and Islands Self-Reliance, and Cape Light Compact have been contacted as possible resources for inforrnabon on other sources of help. Jane pians to arrange an informal meeting with the two organizations in order to gauge ghat they can provide us.