Cobb Commission adopts resolution capping final construction price for SunTrust Park | News
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Cobb Commission adopts resolution capping final construction price for SunTrust Park
MARIETTA, GA (WXIA) – The Cobb County Board of Commissioners on Tuesday adopted a resolution guaranteeing a final maximum construction price of $462,202,065 for SunTrust Park.
The resolution was required by the May 2014 development agreement with the Atlanta Braves that permitted construction of the ballpark.
At that point, the Cobb County Board of Commissioners approved the agreement with the Braves and American Builders for construction of the ballpark. The agreements established the stadium project budget at $672 million. Under the agreements, the board agreed to approve a "final guaranteed maximum price." Based on the construction management agreement, American Builders submitted a construction price for the footprint of SunTrust Park.
The final guaranteed maximum price submitted for approval is $462,202,065. That figure falls within the projected budget of $482 million, providing adequate budget for the balance of the work not associated with the ballpark construction footprint. It does not include related site improvements tied to the ballpark, including, but not limited to site utilities and associated landscaping.
The county's capped contribution will remain at $300 million.
SunTrust Park is slated for completion by Opening Day 2017.
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