Project Evaluation for Bishop's University

7/24/2019 Project Evaluation for Bishop's University

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Developing for the Future:Residence Project Evaluation26.11.2015

Alexia Addona

Ahmed Al-Own

Jonathan Beaudoin

Elric Boisvert


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Executive SummaryBishops University is a small institution of learning, known for its personal

approach and the development of their students as a whole person. Being small has

many advantage for the university, but also many challenges. Limited classrooms lead to

lower enrollment, which then leads to lower income compared to large universities such

as McGill and Concordia. Due to these low income levels, Bishops has had to allocate

funding to emergency causes, this has caused funding to residences to be extremely low

and renovations to be pushed. The University has now come to the point where it cannot

push the renovations of its residences, and all need major renovations. With this time of

major renovations, an opportunity to consider the building of a new 125-bed residence

comes into play.

In

this

report,

two

possible

scenarios

for

Bishop

s

are

analyzed:

scenario

1

involves

building a new residence and demolishing Mackinnon, whereas scenario 2 involves

majorly renovating Mackinnon. Through NPV analysis, as well as various other financial

analysis techniques like payback and IRR, the desirability of each scenario is looked into.

A sensitivity analysis and financial break-even were also conducted to see what intervals

created a better environment for each scenario to be desirable. We found that scenario 2,

that is not to build a new residence, under the given circumstances was best according to

the NPV of the project. However, due to many different factors such as reputation,

valuation and student satisfaction, we recommend scenario 1 to be carried out.


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Table of Contents

Executive Summary 1

Overview 3Goals 3

Assumptions ..4

Rental Income ...4

Cash Flows4

Amortization.4

Inflation Rate5

Tax Rate 5

Discount Rate ...6

Introduction ....6

Description of Scenarios 1 & 2 ....7

Cash Flow Projections ..8

Cash Inflow .8

Costs .9

Amortization ...10

Scenario Analysis ..11

Discounted Payback ....11

IRR ...11

NPV ..11

NPV Profile .12

Sensitivity Analysis ..13

Financial Break-Even ...14

Final Recommendations 14

Conclusion ...16

References ....17

Appendices ...18
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Overview

Bishops University has longstanding reputation as one of the most personalundergraduate study experiences in Canada, encouraging the education of the whole

person. It had an enrollment of 2,360 full-time students in 2014 ( Bureau de coopration

interuniversitaire, 2014). Comparatively, universities such as Concordia and McGill had

an enrollment rate of 21,310 and 22,890 full-time students respectively, which is

approximately 900% higher than that of Bishops (Bureau de coopration

interuniversitaire, 2014).

Being a small university gives students a unique experience that cannot be found

in the larger institutions around Canada. However, it does come with some consequences.

The idea of less income being a major concern. Due to this, Bishops has had to focus on

investing their funds into affairs that needed to be addressed immediately. The campus

residences have now become one such affair that is in desperate need of renovations.

One residence which requires special attention is that of Mackinnon. Instead of a major

renovation (scenario 2), a new residence of 125 beds could be built (scenario 1).

Goals

1. Determine the possible cash flows, cost amortization and net present value (NPV)incrementally (taking into account both scenarios) for 10 years.

2. Explore what outcomes of scenario 1 and scenario 2 would create an environment

of economic viability by looking at various possible interest rates and occupancy

rates.

3. Describe in which cases each scenario would be best for the university, by looking

at findings in the NPV sensitivity analysis, break-even analysis, payback,

discounted payback and internal rate of return (IRR).

4. Discuss reasons for choosing one scenario over another, taking into account allcalculations and projections, as well as current facts about the university and its

plans for the future.


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Assumptions

To develop our cash flow projections and amortizations, we had to make manyassumptions with regards to residences, interest rates, inflation rates, etc. These

assumptions will be explained in more detail later on in the report.

Rental Income

1. Residences are rented over a period of 8 months, and monthly rent is to be paid in

8 equal installments.

2. After any given residence is renovated, it is assumed that the monthly rate charged

will be equal to that of the Paterson residence.

3. The monthly rate that would be charged in the new residence would be equal tothat of the Paterson residence.

4. After each of the renovations to Abbott, Kuehner and Munster, 4 additional beds

will be made available, increasing the maximum occupancy from 90 to 94 per

residence.

5. The rental occupancy rate (o-rate) is assumed to be 94% of available beds.

6. During the Abbott renovation, the 90 beds in that residence are unavailable.

However, 30 temporary beds have been made available and are rented at the

Abbott rental rates. A similar arrangement will be made next year if the Kuehner

residence is renovated.7. During the major renovations of Munster, Mackinnon, Norton & Pollack, no beds

will be available at all, 0 beds are assumed.

8. Inflation is taken into account by assuming an increase in rent by the amount of

inflation (3% assumed) per year.

9. In the case of scenario 2 (building the new residence), it is assumed that

Mackinnon residence will stay open fully at the 94% o-rate until all major

renovations are completed on all of the residences and is then demolished.

10. Double rooms are assumed to be 15% less in rent that single rooms.

Cash Flows

Amortization

1. Under both scenarios all of the renovations and/or the new construction and

demolition will all be financed through debt.

2. These long-term loans will be taken individually once each renovations or

construction or demolition begins.


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3. The debt repayment begins once each project is completed.

4. Bishops University borrowing power and credit history allows them to have 3

types of financing depending on whether it is for a renovation, a new

construction, or a demolition.a. Renovation: Long-term loan with a fixed monthly principal payment, a

10-years term, a 4.20% fixed interest rate for the term, and a 25-years

maximum amortization.

b. New construction: SWAP loan with a fixed monthly principal payment, a

1-year term, a 4.00% variable interest rate, and a 30-years maximum

amortization.

c. Demolition: Long-term loan with a fixed monthly principal payment, a

10-years term, a 4.20% fixed interest rate for the term, and a 10-years

maximum amortization.5. These loans cover for the construction costs, furniture and equipment costs,

contingencies and professional fees, as can be seen in more detail in the appendix.

Inflation Rate

1. Inflation rate is assumed to be 3%.

2. Inflation rate has a yearly impact on:

a. Rental fees

b. Equipment cost

c. Minor renovationd. Major renovations

e. Demolition fee

Tax Rate

1. The Goods and Sevice Tax (GST) Rate is 9.975%.

2. The Quebec Sales Tax (QST) Rate is 5.00%.

3. Given that Bishops University is a non-for-profit institution it beneficiates from

tax refunds both on GST and QST for its capital expenditures and non-capital

expenditures.

a. Tax refund on GST for capital expenditures of 73.77%

b. Tax refund on GST for non-capital expenditures of 67.00%.

c. Tax refund on QST for capital expenditures of 57.87%.

d. Tax refund on QST for non-capital expenditures of 47.00%


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Discount Rate

1. The discount rate is assumed to be 4.20%, an average rate of return for risk-free

assets such as Bank of Canada treasury bills.

IntroductionBishops University was established in 1843 and over the years expanded. On its

campus several well-known buildings and halls were built and renovated which increased

Bishops Universitys prestige. Among them is St. Marks Chapel, Bishops Williams Hall,

the Centennial Theatre, the John Bassett Memorial Library, and more recently, Paterson

Hall, and the John H. Price Sports and Recreation Centre. These new constructions, along

with their maintenance and renovations, helped Bishops University grow in size and in

prestige and allowed it to remain a very relevant institution over the years.

Bishops University is now facing a problem. All of its residences, except for the

Paterson Residence, are in great need of repairs, and would require major renovations in

order to continue to accommodate students for years to come. One residence in

particular, the Mackinnon Residence, is in such a state of disrepair, that it is questionable

whether it would be more beneficial to renovate it or to demolish it and build a new

residence. Given that Bishops University does not have a choice and needs to make

major renovations on most of its residences, it is left with two scenarios that relate to the

Mackinnon Residence. For the first scenario Bishops University demolishes theMackinnon Residence to build a new residence, and for the second scenario, Bishop's

University fully renovates the MacKinnon Residence.

In order to help Bishops University to see more clearly which scenario is best, we

will look more in detail into each scenarios and what they imply. We will look at the cash

flow projections under both scenarios. We will do a scenario analysis with regards to the

payback period, the discounted payback period, the internal rate of return (IRR), and the

net present value (NPV). We will also look at sensitivity analyses with regards to

occupancy rates, inflation rates, and interest rates. And we will look at the financial

break-even point for both scenarios. Ultimately we will be offering our final

recommendation based on these analyses, which will offer us a clear idea of which

scenario is best under which circumstances.


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Description of Scenarios 1 & 2

Under the first scenario a new residence would have to be built, and theMacKinnon residence, which is in a greater state of disrepair, would ultimately be

demolished. Under this scenario all of the residences would have to be renovated over a

five year period, even the MacKinnon residence would have a minor renovation in order

to accommodate students until its demolition. Under scenario 1, the renovations schedule

would begin in September 2015 with the Abbott Residence. This major renovation would

last 8 months. Then in June 2016, the Mackinnon Residence would require a minor

renovation that would last 3 months, followed by a major renovation of the Kuehner

Residence that would last 8 months, starting in September 2016. The construction of a

new residence would begin in September 2017 and last one year. There would then be a 8

months major renovation for the Munster Residence starting in September 2018, and

another 8 months major renovations for the Norton and Pollack residences starting in

September 2019. After the renovations and new construction are completed, the

Mackinnon Residence would be demolished over a 8 months period, starting in

September 2020.

Under the second scenario all of the residences would face major renovations. The

Mackinnon Residence which is inn a greater state of disrepair would require both a

minor renovation, in order to remain in working order in the short-term, and a majorrenovation, in order to accommodate students for years to come. Under scenario 2, the

renovations schedule would begin in September 2015 with the Abbott Residence. This

major renovation would last 8 months. Then in June 2016, the Mackinnon Residence

would require a minor renovation that would last 3 months. The Kuehner Residence

would then undertake a major renovation that would last 8 months starting in September

2017. The Munster Residences major renovation would then begin in September 2018

and would last 8 months. Then the Mackinnon Residence would require a major

renovation that would last 8 months starting in September 2019. Finally, the Norton and

Pollack residences would undertake major renovations starting in September 2020, andwould last 8 months as well.

A detailed schedule can also be found in the Appendix section of this document.

This detailed schedule also includes construction costs and furniture and equipment costs

for each residences.


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Cash Flow Projections

Cash Inflows (Rental Income)1

We used the principle of incremental cash flows for this particular project. This

means that we subtracted all cash flows of scenario 2 from scenario 1. This means that in

our analysis, we would only have one number for the Net Present Value (NPV) of the

project. If this number is positive under the circumstances given, the better scenario to

choose would be scenario 1 because it is higher than scenario 2`s cash flows and NPV. If,

on the other hand, the number is a negative one, the better scenario would be the second.

A timeline of both scenarios of the renovations is available in the appendix to be

able to facilitate comprehension of all the renovations and differences between bothscenarios. With regards to cash inflows, we applied the concept of inflation by increasing

rent by 3% per year. In the case of scenarios 1 and 2, we considered that all residences

who were undergoing major renovations and had not be arranged to have 30 beds

available during their major renovations would be completely closed. For those who had a

30 bed arrangement, we considered the 30 beds to be at a 94% o-rate. In scenario 1, we

also considered Mackinnon to stay open until the end of all major renovations so that as

many beds as possible could be available even when the new residence was built, so that

students from residences in major renovations could still stay in residence. We also

considered in scenario 1 Mackinnon to be occupied at a 94% o-rate, at its old rate, butincreasing by 3% every year.

We estimated the cash inflows for 10 years. At the end of the 10 year projection,

scenario 1 would bring in a total of $36,454,775.03, whereas scenario 2 would bring in

$34,156,347.79. It is normal for scenario 1 to be bringing in more money in the first 10

years, because they have the advantage of keeping Mackinnon open in addition to the

new residence. However, this increase is not much higher than that of scenario 2.

Costs

The costs for both scenarios can be broken up into 4 categories: construction costs,

furniture and equipment costs, contingency costs and professional fees. With the

information given to us, we developed the tables below with the total costs of both

scenarios.

1 Full detailed cash flow projections is provided in appendix VI through VIII


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Scenario 1

Year Equipment MinorRenovation

MajorRenovation

Contingencies ProfessionalFees

Year1(2015-2016) $389,820.00 - $3,933,000.00 $393,300.00 $1,179,900.00

Year2(2016-2017) $401,514.60 $447,923.31 $4,274,500.00 $427,450.00 $1,282,350.00

Year3(2017-2018) $695,670.32 - $10,611,304.27 $530,565.21 $2,652,826.07

Year4(2018-2019) $425,966.84 - $4,534,817.05 $453,481.71 $1,360,445.12

Year

5

(2019-2020)

$532,259.87

-

$3,915,664.28

$391,566.43

$1,174,699.29

Scenario 2

Year Equipment MinorRenovation

MajorRenovation

Contingencies ProfessionalFees

Year1(2015-2016) $389,820.00 - $3,933,000.00 $393,300.00 $1,179,900.00

Year

2

(2016-2017)

-

$447,923.31

-

-

-

Year3(2017-2018) $413,560.04 - $4,402,735.00 $440,273.50 $1,320,820.50

Year4(2018-2019) $425,966.84 - $4,534,817.05 $453,481.71 $1,360,445.12

Year5(2019-2020) $513,325.43 - $6,906,253.74 $690,625.37 $2,071,876.12

Year6(2020-2021) $548,227.67 - $4,033,134.21 $403,313.42 $1,209,940.26

Total costs for scenario 1, including the demolition costs of $1,739,509 add up to a

total of $40,009,024.37 over a period of 5 years. Total costs for scenario 2 add up to total

of $29,878,123.73. The $11 million difference is large but it must be taken into account

that the university will have the asset of a new building that has more rooms that can

bring in more revenue. This high difference in costs may also result in results favoring

scenario 2. This is because the new residence may not pay off after 10 years under

conditions given. If rent is changed and operating costs were taken into account, results

may vary. This will be further discussed later on in this evaluation.


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Amortization

Under the first scenario six different loans will be taken. The first loan is of$6,046,020 that will be paid in 300 fixed monthly payments (25-year period) of

$32,584.56. The second loan is of $7,908,164.40 and will also be paid in 300 fixed

monthly payments of $42,620.44. The third loan is a swap for the new construction

worth $ 16,738,027.47 that will be paid in 360 monthly fixed payments (30-year period)

of $79,909.90. The fourth loan is of $7,905,434.77 and will also be paid in 300 fixed

monthly payments of $42,605.73. The fifth loan is of $7,034,819.03 that will also be paid

over a 25-year period through monthly payments of $37,913.62. And the sixth loan, which

is for the demolition, is worth $2,016,567.69 and will be paid in 120 fixed monthly

payments (10-year period) of $20,608.99.

Under the second

scenario five different

loans will be taken. The

first loan is exactly the

same as the first loan

from the first scenario.

The second loan is

worth $7,679,548.32 that will be paid in 300 fixed monthly payments of $41,388.34. The

third loan is the exact same as the fourth loan from scenario one, which is worth

$7,905,434.77 and is to be paid over a 25-year period in monthly instalments of

$42,605.73. The fourth loan is worth $11,806,064.13 and will also be paid in 300 fixed

monthly payments of $63,927.88. And the fifth loan is of $7,241,363.60 and will also be

paid over a 25-year period paid in fixed monthly instalments of $39,026.77.


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Scenario Analysis

To figure out which scenario is better for Bishops University, three methods wereused to analyze both scenarios. 2

Net Present Value

The Net Present Value was calculated by forecasting the cash flows for a 10-year

period that would incur in each scenario. Once the forecasted net income for each

scenario was found, we discounted the net incomes with the risk free rate of 4.2% to

finally find a Net present value. The Net present value that we obtained was

approximately -6 million dollars. The NPV is negative because we subtracted the scenario

2 cash flows from the scenario 1. If the number were to be positive, it would have meantthat scenario 1 is better than scenario 2. In our case, we got a negative number, which

would mean that using the NPV method only; scenario 2 is better than scenario 1 by

approximately 6 million dollars.

Discounted Payback

The discounted payback was used to figure out when the initial costs of both

projects would be recovered. Once again, we used a discount rate of 4.2%. For scenario 1,

the discounted payback is approximately in year 2048, which is in 32 years. Scenario 2

has a discounted payback that would occur approximately in year 2045, which is in 29years. Using the discounted payback method, once again, scenario 2 seems to be better

than scenario 1.

Internal Rate of Return

The internal rate of return is the rate a project would need to be discounted at to

have a net present value equal to zero. The higher the internal rate of return the more

attractive the project is. The internal rate of return that was obtained for scenario 1 was a

rate of 32% and scenario 2 was 42%.The IRR for incremental cash flows was -8%. Using

the IRR method, scenario 2 seems more attractive due to the internal rate of return being

negative.

Profitability Index

The last metric for measuring performance we used was profitability index.

Anything above 1 is a profitable project. Both scenarios individually have a good

2 Internal rate of return and profitability index were used to confirm findings from the NPV.


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profitability index. Scenario 1 has a profitability index of 5.50, while scenario 2 has a

profitability index of 6.51.

The table shows a summary of the methods we used to confirm NPV.

Scenario 1 Scenario 2

The graph above shows the movement of the discounted cash flows of the incremental.3

As it goes to a negative value it means scenario two is better. we can see that that

scenario one start to stabilize and becomes more attractive starting from the perpetuity.

3 More graphs available at Appendix III


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Sensitivity Analysis

In order to further understand the factors affecting incremental NPV, we decidedto run some sensitivity analysis. There are two sensitivity analysis that show an

alternation between incremental NPV.

One of the switching points between scenario one and two begins when inflation

hits 3.5% and occupancy rate hits 85%. Oddly enough, once inflation hits 4.5% its

skyrockets towards scenario 2. The reason this happens, is due to the fact that all of the

project is financed by debt. Therefor inflation has a strong impact on interest rates (real

Interest Rate = nominal interest rate - inflation (expected or actual)).

One sensitivity analysis we choose to pursue, was between rental price increase of

the new Mackinnon building and occupancy rates. To accomplish this, we assume thatthe rental price of the new mackinnon building was the same as to that of Patterson. We

then increased the rental price per room of the new mackinnon building with respect to

certain percentages. This means that in fall 2018 the price of Mackinnon in scenario one

would be $693.88x(1+%increase). An example of this, if the rental price were to increase

by 2%. This would amount to 693.88x(1.02)=707.75. We choose to do a one time increase

in price in fall 2018 to account for inflation.

As we can see in the above figure, if the price increases by 10% scenario one

becomes more attractive. As long as occupancy rate does not fall below 85% it is more
http://www.investopedia.com/video/play/interest-rates-nominal-and-real/


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attractive to build a new Mackinnon edifice. The rental price is one factor the University

can control. The figure helps us detect how much price increase is needed, in order to

make scenario one more financially appealing. More multivariable sensitivity analysis can

be

found

in

appendix

X

Financial Break-Even

It can be concluded from the sensitivity analysis that scenario one and two reach a

point of financial break-even within a range of variables. As was mentioned earlier, when

using interest rate and occupancy rate as the main variables to conduct a sensitivity

analysis, we reach a financial break-even point when the interest rate variable ranges

between 3.0% and 3.5% and that the occupancy rate variable ranges between 85% and

100%. Within this range both scenario one and two have equal net present values, and are

equally satisfactory.

Final Recommendations

Through-out this report, we focused on the quantitative side of the project. Until

now we have ignored all aspect of qualitative data. There are many qualitative factors that

affect the viability of each scenario. We believe before making any sorts of

recommendation we should look at non financial factors that could help in the valuationof each scenario.

Reputation

An important element for the success of any university around the globe is its

reputation. One of the components used to measure the reputation of a university is its

campus. Fortunately Bishops University has one of the most beautiful campuses in

Canada. When assessing both scenarios, evidently building a brand new edifice is much

more beneficial to the overall charm of the university.

Student Satisfaction

One of the universitys strengths, is its ability to keep student satisfaction. We

truly believe this is Bishops Universitys main competitive advantage compared to other

universities in Canada. Allowing student to in live in best possible environment is a big

contributor toward students being happy with their university.


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Quality

Students often make their decision on whether to use residences on their first year

based on the quality of the room. This is heavily shown in the application process of

residences. Most of the students first choices are the new rez (Paterson, Abbott,

Munster, Kuehner), which fill up the quickest. Scenario one will influence students to

stay on residence for their first school year. It will also give returning students an

incentive to return to residences.

External

On this capital budgeting report, we have not accounted for external customers.

During off-school year, the universitys residences is rented out to camps, conferences

and sports teams. Having more luxurious and up to date rooms, could lead to an increase

in rental income.

Valuation

Ultimately, the value of the overall university would increase if a new Mackinnon

is built. Similar to the new gym, having a new residence building will increase the assets

on the balance sheet. therefore increasing the valuation of the university.

However, the university is running on a tight budget. Due to this we have to take

into consideration the financial aspect of this project. Throughout this report with thehelp of net present value, internal rate of return and profitability index, we explained that

scenario two was the best to undergo in terms of profitability. Nonetheless, scenario two

is better due to the assumptions that were given to us in the guidelines yet, there are still

changes that could be made that will increase the viability of scenario one.

Finally, our recommendation to Bishops University is to undergo scenario one

(build a new Mackinnon) and increase its

rental price. After careful review and

discussions we suggest increasing its

price by 10%. As we can see in the

incremental npv profile figure, scenario

one becomes more advantageous

financially when its increase in rental

price surpasses 7.5%.

Our recommendation is solidified

with strong qualitative information. We


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believe that all the advantages a new building will carry accompanied with a rental price

increase, will make the univeristy more profitable in the long run and create more

economic value.

Conclusion

The need to keep up with larger English universities in Quebec is becoming more

and more crucial for Bishops University to be able to stay afloat, but more than that,

they need to keep trying to build a reputation of excellence in their academics as well as

student life. Without the massive funding that McGill and Concordia have, it seems quite

a difficult thing to do. However, they must gather their resources and be extremely

efficient with their use of them. One of doing so is through the renovation of its campus

to attract students by residence life. By building a new residence, it may encourage

students to stay on campus in residence after their first year instead of moving into an

apartment.

A campus that is altogether is one major advantage that Bishops has and can use

to attract more students. The school needs to be careful though, in its pursuit to increase

enrollment and size of the school, Bishops must not lose sight of what separates it from

other universities: the personal approach. To keep this, more teachers will need to be

hired, more classrooms will need to be found or built. The process of becoming a larger

institution is one that seems very long and very complicated. The building of a new

residence is simply the beginning of a long, but enlightening, journey.


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References

Bank of Canada. (2014, November 18). Selected Treasury Bill Yields. Retrieved fromhttp://www.bankofcanada.ca/rates/interest-rates/t-bill-yields/

Bureau de coopration interuniversitaire. (2014). 2014 full-time and part-time fallenrolment

at

Canadian

universities.

Retrieved from http://www.univcan.ca/universities/facts-and-stats/enrolment-by-university/

Revenu Qubec. (2015). Tables of GST and QST Rates. Retrieved from http://www.revenuquebec.ca/en/entreprises/taxes/tpstvhtvq/reglesdebase/historiquetauxtpstvq.aspx
http://www.revenuquebec.ca/en/entreprises/taxes/tpstvhtvq/reglesdebase/historiquetauxtpstvq.aspxhttp://www.revenuquebec.ca/en/entreprises/taxes/tpstvhtvq/reglesdebase/historiquetauxtpstvq.aspxhttp://www.revenuquebec.ca/en/entreprises/taxes/tpstvhtvq/reglesdebase/historiquetauxtpstvq.aspxhttp://www.univcan.ca/universities/facts-and-stats/enrolment-by-university/http://www.univcan.ca/universities/facts-and-stats/enrolment-by-university/http://www.bankofcanada.ca/rates/interest-rates/t-bill-yields/


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Appendices


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Appendix

III


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Appendix IV

Scenario1 Starting Date Duration(Months)

ConstructionCosts

Furniture &Equipment Costs

Major Renovation -Abbott Residence

Sept. 2015 8 $ 3,933,000 $ 389,820

Minor Renovation -MacKinnon Residence

June 2016 3 $ 434,877 $ -

Major Renovation -Kuehner Residence

Sept. 2016 8 $ 4,150,000 $ 389,820

New Construction -125 Beds Residence

Sept. 2017 12 $ 10,002,174 $ 655,736

Major Renovation -Munster Residence

Sept. 2018 8 $ 4,150,000 $ 389,820

Major Renovation-Norton/Pollack

ResidencesSept. 2019 8 $ 3,479,017 $ 472,906

Demolition - MacKinnon Residence

Sept. 2020 8 $ 1,739,509 $ -

Scenario2 Starting Date Duration(Months)

ConstructionCosts

Furniture &Equipment Costs

Major Renovation -Abbott Residence

Sept. 2015 8 $ 3,933,000 $ 389,820

Minor Renovation - MacKinnon Residence

June 2016 3 $ 434,877 $ -

Major Renovation -Kuehner Residence

Sept. 2017 8 $ 4,150,000 $ 389,820

Major Renovation -Munster Residence

Sept. 2018 8 $ 4,150,000 $ 389,820

Major Renovation -MacKinnon Residence

Sept. 2019 8 $ 3,479,017 $ 456,083

Major Renovation-Norton/Pollack

ResidencesSept. 2020 8 $ 3,479,017 $ 472,906


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Contingencies Professional Fees

Major Renovation 10% of the basic constructioncosts

20% of the basic constructioncost plus contingencies

Minor Renovation None None

New Construction 5% of the basic constructioncosts

20% of the basic constructioncost plus contingencies

Demolition None None

Appendix VTimeline Scenario 1

Timeline Scenario 2


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Appendix VI


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Appendix VII


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Appendix VIII


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Appendix IX


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Appendix X


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Documents

Project Evaluation for Bishop's University