Under the agreement, Specht Development will build two plazas, a City Hall and a library for a guaranteed maximum price of nearly $29 million, including a 5.75% development fee that Specht lowered from 6.50% in exchange for 25% of any ultimate cost savings and a nearby two-acre parcel for which apartments are planned. The rest of the project's development cost will be spent outfitting the space.
In April, the city asked Specht, the high bidder and winner of its Downtown civic center design-build competition, to shave $5 million off its $36.4-million proposal in order to bring it in line with a budget that was kept secret during the competition for the project, which includes a new city hall, a library, a public plaza and mixed-use development.
"We were hoping to give them creative license, but we missed on a couple of key features," Hillsboro Capital Planning Director Marion Hemphill told GlobeSt.com at the time. "It probably had to do with we haven't built this big before."
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