MDD Resolution No. 389RESOLUTION NO. 389
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN
MUNICIPAL DEVELOPMENT DISTRICT REPEALING RESOLUTION NO.
359, WHICH APPROVED A BUDGET FOR THE BAYTOWN HOTEL AND
CONVENTION CENTER PROJECT; APPROVING AN UPDATED BUDGET
FOR THE BAYTOWN HOTEL CONVENTION CENTER PROJECT; AND
PROVIDING FOR THE EFFECTIVE DATE THEREOF.
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BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE BAYTOWN
MUNICIPAL DEVELOPMENT DISTRICT:
Section 1: That the Board of Directors of the Baytown Municipal Development
District hereby repeals Resolution No. 359, which approved a budget for the Baytown Hotel and
Convention Center Project and was adopted on September 13, 2018.
Section 2: That the Board of Directors of the Baytown Municipal Development
District hereby approves an updated budget for the Baytown Hotel and Convention Center
Project. A copy of said budget is attached hereto as Exhibit "A," and incorporated herein for all
intents and purposes.
Section 3: This resolution shall take effect immediately from and after its passage by
the Board of Directors of the Baytown Municipal Development District.
INTRODUCED, READ and PASSED by the affirmative vote of the Board of Directors
of the Baytown Municipal Development District, this the 9`h day of April, 2020.
BRANDON CAPETILL , President
A ST:
LETICIA BRYSCH, Assi'srAt Secretary
APPROVED AS TO FORM:
/r47
NACIO RAMIREZ, SKASeneral Counsel
cobfs0l legal Karen Files City Council Municipal Detelopment District Resolutions 2020 April 9 MDD Resolution for budget for the Baytown Hotel Convention Center Project doc
Exhibit "A"
Design Build Contractor
3/3/2020
$ 27,629,021 $ 14,294,229 $ 41,923,250
Owner's Construction Contingency (hold for construction)
$
672,444
$0
$
672,444
FF&E/OS& E/IT/Equipment
FF&E
$
4,128,577
$
1,625,257
$
5,753,834
OS&E
$
1,395,342
$
1,045,090
$
2,440,432
IT
$
861,616
$
407,744
$
1,269,360
Kitchen/Laundry Equipment
$
877,073
$
196,888
$
1,073,961
Soft Costsof • and Working Capital
Site
Land
$
1
$
0
$
1
Due Diligence / Market studies
$
51,000
$
-
$
51,000
Survey, Geotech,etc
$
24,960
$
14,040
$
39,000
Title Policy
$
-
$
-
$
-
Design Fees
Architectural and Engineering Fees
$
2,331,163
$
1,047,761
$
3,378,924
DPR Design Team management fee (1.2%)
$
28,009
$
13,339
$
41,348
KPFF (tower structure design)
$
65,000
$
65,000
Fee Contingency
$
95,979
$0
$
95,979
Inspections
3rd Party Testing & Inspection
$
136,600
$
84,400
$
221,000
3rd party fire life safety and commisioning
$
108,000
$
72,000
$
180,000
Other Soft Costs
Brand, Technical Service and Construction Services Fees
$
150,000
$
100,000
$
250,000
Brand Application Fee
$
87,400
$
-
$
87,400
Pre -Opening Budget
$
898,622
$
888,748
$
1,787,370
Legal Fees
$
176,000
$
99,000
$
275,000
Property Taxes during Construction
$
-
$
-
$
-
City Permit, Impact and Tap Fees
$
131,083
$
87,389
$
218,472
GPP Developer Fees
$
1,448,211
$
964,660
$
2,412,871
Cedar Trinity (come out of the addl $235,400 Dev. Fee)
$
32,400
$
21,600
$
54,000
GPP accrued reimbursable expenses / ongoing developer travel
$
21,090
$
11,861
$
32,951
Construction Manager
$
219,638
$
124,922
$
344,560
Developer's Insurance
$
71,928
$
1,072
$
73,000
Project Contingency (owner's)
$
935,640
$0
$
935,640
Total Soft Costs
$
7,012,724
$
3,530,792
$
10,543,516
Subtotal Net of Financing & Working Capital
$
42,576,796
$
21,100,000
$
63,676,797