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What the Brackenridge proposals cost
Some readers have asked how much the University of Texas System Board of Regents is spending for the Brackenridge tract development proposals by Cooper, Robertson & Partners LLP and its subcontractors.
I’ve previously reported that the maximum possible total of fees and expenses under the Cooper firm’s contract with the regents is $5.1 million.
Here is some additional detail from Florence Mayne, the UT System’s director of real estate:
The total budget is $5,139,882. That budget consists of a professional fee component and a reimbursable expense component.
The total professional fee budgeted is $4,590,782. Of that budgeted amount, $87,552.77 remains to be paid when all work is completed.
The total amount of the fee that Cooper Robertson earned was $2,060,920; the remainder of the budgeted amount (which remainder is $2,529,862) was budgeted for Cooper Robertson to pay its subcontractors (almost all of whom are here in Austin). (UT pays Cooper Robertson, and Cooper Robertson then pays its subs.)
The total expense amount budgeted is $549,100. Of that budgeted amount, a total of $299,481.83 in expenses has been reimbursed.
So, a total of $4,802,711.06 of the overall budgeted amount of $5,139,882 has been paid.
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