5. BUDGET
Estimated 1% for Public Art Requirement $1.8 million (Total Project Density: 814,360 sf)
10% Administration Allowance
As per the Section 37 Agreement, a 10% Administration Allowance has been allocated to bring to completion the phase consisting of artist selection. This process includes: artist research, preparation of competition materials (Invitation for Expression of Interest, Stage 2 Finalist Brief, jury briefing and contract), competition coordination and preparation of draft artist agreement.
15% Allowance for Consultant, Professional and Services
Landscape Architect (coordination with base landscape) Architect (coordination with base building)
Structural and Electrical consultants
Site preparation and contractor mark ups
Legal fees
5% Project Documentation and Documentary Allowance
5% Maintenance Endowment Allowance
May be adjusted depending on the final artwork program. Usually a reserve of up to 10% of fabrication cost is set aside to ensure condo corporation has the funds to maintain the artwork. Must be used exclusively for art maintenance. This will be incorporated into the condo docs by the lawyer.
65% Artwork Allowance
For design, supply, fabrication, delivery and installation of the public art.