Public Building Commission Announces Q1 2012 Results

PBC Program Authority Under Budget By 7.67%, or $164 Million

FOR IMMEDIATE RELEASE
5/08/2012
Mimi Simon, Public Building Commission, (312) 744-9277

CHICAGO – The Public Building Commission of Chicago (PBC) presented its First Quarter 2012 Staff Report to the PBC Board of Commissioners at its monthly board meeting today. This standard report provides detailed information on the PBC program and highlights standard metrics on cost and schedule performance, market trends, environmental sustainability, and the PBC M/WBE program.

In First Quarter 2012, the PBC reports 22 projects in development, four projects in design and 12 projects in planning. The current program authority exceeds $2 billion in project development costs, and the program is currently under budget by 7.67%, representing a variance of $164 million under the original undertaking budget. 

Project highlights include the final phase construction of the new 31st Street Harbor expected to open in spring 2012 and the new Engine Company 16 and 12th District Police Station scheduled for completion in summer 2012. 

Two PBC projects achieved LEED Gold certification in Q1 2012 – the new South Shore International College Prep High School and the new Greater Grand Crossing Branch Library.

Other Q1 2012 highlights include:

  • Approximately $46 million of construction work was awarded, with a total M/WBE commitment of 28.05%, or $11 million.
  • Nearly $184,000 in professional consulting services was awarded for four vertical construction projects, with a total M/WBE commitment of almost 100%.
  • The completion of one construction project, with a total contract value of $2.3 million.  To date, the M/WBE participation for this project is 34.67%, or $455,000.
  • Change orders for construction reflecting an average change order of 2.4%, below the industry standard of 3-5%.
  • An indirect to direct cost percentage averaging 13.3%, also well below industry average of 25%.

The Public Building Commission of Chicago manages construction and renovation projects for the City of Chicago and its sister agencies. Mayor Rahm Emanuel serves as the PBC’s chairman. Erin Lavin Cabonargi serves as the Executive Director of the PBC.  Additional information about the PBC and its projects can be found at www.pbcchicago.com.  You can also follow the Public Building Commission of Chicago on Twitter: @PBCChi and on Facebook: http://www.facebook.com/PublicBuildingCommissionofChicago

 

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