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ION - Waterloo Region's Light Rail Transit
#60
(10-20-2014, 12:50 AM)nms Wrote: I know this Waterloo Chronicle article may be a couple year's out of date, but it lists the project construction contingency at $48 million.  In the report that Council accepted on March 4, 2014, the project construction contingency has been reduced to $10 million (see Table 3), or just over 1% of the project construction cost. Some might argue that the contingency has been reduced because more unknowns have since become known, but I'm skeptical that everything can ever be accounted for.

As far as I can tell, those figures are from 2009 and predate the choice of a public-private partnership to build the system. They would have been based on standard design-bid-build pricing. The Region essentially spent several years putting together a design-build-finance-operate-maintain structure in which the project co takes on a large portion of the risks of the project and which requires them to cover contingencies. That radically changes what makes sense to budget for.

The section of the agreement on variation does not, as far as I understand, speak to contingencies. It covers extra asks by the Region rather than something unexpected that came up in GrandLinq's ability to execute the plan.
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RE: ION - Waterloo Region's Light Rail Transit - by mpd618 - 10-20-2014, 08:58 PM
[No subject] - by Spokes - 08-28-2014, 04:16 PM

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