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PACC: City revisits past cost analysis
As Federal Way moves ahead on the work for a schematic design for the proposed performing arts and conference center (PACC) for the downtown core, city staff want to revisit a pro forma document put together a few years ago in anticipation of the project.
A pro forma is a detailed analysis of a project and its anticipated costs, from construction to maintenance and operations.
The PACC is anticipated to have an approximate $32 million construction cost, and a figure as high as $200,000 a year has been discussed regarding the city’s cost for maintenance and operations in the first few years.
“We talked about the need to do an updated pro forma with Webb Management Services, who did a pro forma a few years ago based on this prospective project,” said Patrick Doherty, community and economic development director, on March 26 at the Finance/Economic Development/Regional Affairs Committee (known as FEDRAC).
Doherty said he spoke to P.J. Santos, the head of Lorax Partners, the firm the city has partnered with for the PACC, about this notion.
Doherty said Santos recommended bringing in the director of the Edmonds Center for the Arts to help them review the previous pro forma. The reason for this, is the Edmonds Center for the Arts is of a comparable size to the proposed PACC, and is already running “in the black” a few short years after it was built. Doherty indicated the city would help pay for any consulting fees, etc., if the cost doesn’t go too high. But, the city not needing to contribute any money to revisiting the pro forma is also a possibility.
“There’s so much interest on their side, we may be able to work out a pretty good deal and use very minimal resources on our side,” Doherty said, citing the fact that the possible hotelier for the overall PACC project had expressed an interest in helping out as well.
Council member and FEDRAC chair Dini Duclos asked Doherty what the timeline might be to revisit the pro forma. Doherty hopes it can be as soon as possible.
“I think we want it very quickly. I want it in six weeks,” Doherty said. “We need it for everything. It’s an important thing to do.”
Earlier this month, the Federal Way City Council voted 6-1 to approve moving forward with a schematic design for the proposed performing arts and conference center (PACC). Click here to learn more.