Car-park to cost $5.3 million

Press, 17 June 1986, Page 9

Car-park to cost $5.3 million

The Lichfield Street car-park extension will cost about $5.3 million.

The Christchurch City Council has approved a tender from Fletcher Development and Construction, Ltd, for $4,079,667 for the project The land cost $423,500 and design and supervision fees will amount to $285,600. With inflation of $500,000 that brings the total cost to about $5.3 million.

Finance for the building will come from the cash in lieu of parking account, sale of land account, revenue funds and loans.

The council is waiting for approval from the Loans Board for $2,917,500 from loans. The board meets today. A special council meeting will be held oh Friday to begin Special Order pro-

cedures. Fletchers has indicated that building' would take 17 . months and could be finished in November next year.

The contract for the project will contain a.pen-alty-bonus clause per week for each of the 10 stages to encourage early completion. The amount is $9OO a week, the sum expected from the parking rental of each new deck. The tender and b. the most recent total cost estimate is well below, .the $6,288,000 cost presented to the council earlier this . year. Other tenders ranged as high as $5,082,001. The project is subject to loan approval. If that is not forthcoming the council will reconsider the project.