District of Columbia: Status of the New Convention Center Project

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Correspondence issued by the General Accounting Office with an abstract that begins "The Washington Convention Center Authority will build, maintain, and operate the new convention center as well as maintain and operate the existing convention center. This report reviews (1) the status of the new convention center project as of July 2001 and (2) the guaranteed maximum price (GMP) agreement. The revised GMP has not yet been set because WCCA and the construction manager haven't agreed on the project schedule and the estimated cost of pending charges. The GMP--which covers most of the hard costs of actual construction, such as ... continued below

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United States. General Accounting Office. November 30, 2001.

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Description

Correspondence issued by the General Accounting Office with an abstract that begins "The Washington Convention Center Authority will build, maintain, and operate the new convention center as well as maintain and operate the existing convention center. This report reviews (1) the status of the new convention center project as of July 2001 and (2) the guaranteed maximum price (GMP) agreement. The revised GMP has not yet been set because WCCA and the construction manager haven't agreed on the project schedule and the estimated cost of pending charges. The GMP--which covers most of the hard costs of actual construction, such as masonry, carpentry, and metals, but excludes soft-cost items--is based on a set of agreed-upon assumptions about work quantities and unit costs of performing such work. The GMP amount of $500.6 million will be adjusted as the project progresses. As of July 2001, WCAA's monthly report estimates total construction costs at $778.2 million, including a $14.6 million contingency amount as a cushion against unforeseen future increases. This represents a nine-percent increase over the original estimate of $714 million. WCCA included a project contingency of $30.5 million in the September 1998 cost estimate. The estimated project cost of $778.2 million as of July 2001 does not include ongoing negotiations between WCCA and the construction manager regarding their cost estimates for pending changes and different estimates for the substantial and final completion dates of the new convention center. GAO summarized this report in testimony before Congress; see District of Columbia: Status of the New Convention Center Project, by Jeanette M. Franzel, Acting Director for Financial Management and Assurance, before the Subcommittee on the District of Columbia, House Committee on Government Reform. GAO-02-335T, Jan. 18 (seven pages)."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • November 30, 2001

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  • June 12, 2014, 7:50 p.m.

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United States. General Accounting Office. District of Columbia: Status of the New Convention Center Project, text, November 30, 2001; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc300099/: accessed October 20, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.