MDD Resolution No. 415RESOLUTION NO.415
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN
MUNICIPAL DEVELOPMENT DISTRICT REPEALING RESOLUTION NO.
410, 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. 410, which approved a budget for the Baytown Hotel and
Convention Center Project and was adopted on March 4, 2021.
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 151h day of April, 2021.
Wr
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DON CAPETILLO, President
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AN
APPROVED AS TO FORM:
KAREN L. HORNER, General Counsel
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R:%Karen HomerDocuments Files City Council Municipal Development District Resolutions\2021\Apnl 15 MDD Resolution for budget for the Baytown Hotel Convention Center Project doc
Exhibit "A"
Baytown Hotel and Convention Center
Revised Budget - April 2021
Funding Sources:
Hotel
Convention
Island Utilities
Total
Hotel Revenue Bonds
$42,576,797
$42,576,797
Sales Tax Revenue Bonds
$17,100,000
$3,400,000
$20,500,000
HOT Fund
$4,000,000
$4,000,000
MDD Cash Contribution
$2,037,640
$962,360
$3,000,000
Transfer from Debt Fund - for additional contingency
$1,200,000
$600,000
$1,800,000
Total Funding:
$45,814,437
$22,662,360
$3,400,000
$71,876,797
Hard Costs
Design Build Contractor - Hotel/Convention Center
$28,847,476
$14,898,065
$43,745,541
Lift Station
$2,400,000
$2,400,000
Utilities
$600,000
$600,000
Owner's Construction Contingency (hold for construction)
$1,872,444
$600,000
$298,000
$2,770,444
FF&E/ OS&E/ IT/ Equipments
FF&E
$4,199,118
$1,660,216
$5,859,334
OS&E
$1,470j230
$1,082,202
$2,552,432
IT
$956,696
$454,864
$1,411,560
Kitchen/Laundry Equipment
$1,300,492
$307,607
$1,408,099
Total Hard Costs:
$38,446,456
$19,002,954
$3,298,000
$60,747,410
Soft Costs (Net of Financing and Working Capital)
Site
Land
$1
$1
Due Diligence/ Market studies
$51,000
$51,000
Survey, Geotech, etc
$24,960
$14,040
$39,000
Design Fees
Architectural and Engineering Fees
$2,454,527
$1,108,897
$3,563,424
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
$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
$1S0,000
$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
City Permit, Impact and Tap Fees
$131,083
$87,389
$218,472
Development Manager costs
GPP Developer Fees (4.25%)
$1,594,491
$1,010,392
$102,000
$2,706,883
Cedar Trinity
$32,400
$21,600
$54,000
GPP accrued reimbursable expenses / ongoing developer travel
$21,090
$11,861
$32,951
Construction Manager
$263,517
$146,668
$410,185
Developer's Insurance
$71,928
$1,072
$73,000
Project Contingency (owner's)
$ 977,374
$
977,374
Total Soft Costs:
$7,367,981
$3,659,406
$102,000
$11,129,387
Total Costs (Net of Financing & Working Capital)
$45,814,437
$22,662,360
$3,400,000
$71,876,797