Edge Renovation

Augusta_Jacket

Augusta_Jacket

Moderator
Staff member
Messages
8,094
Location
Augusta, Georgia
The money is there. As always in large fundraising drives, there is some money that is promised, but I wouldn't worry about it. ALL the necessary money is pretty much available now. We had a goal of 125 million. We raised just over 175 million. With over 50 million extra raised, we don't need to worry about whether all promised funds are actualized before beginning. The EDGE center was projected at 70 million and 85 million was donated for it. For once, money is not the issue.
 
ChristoGT

ChristoGT

Jolly Good Fellow
Messages
298
Augusta_Jacket said:
The money is there. As always in large fundraising drives, there is some money that is promised, but I wouldn't worry about it. ALL the necessary money is pretty much available now. We had a goal of 125 million. We raised just over 175 million. With over 50 million extra raised, we don't need to worry about whether all promised funds are actualized before beginning. The EDGE center was projected at 70 million and 85 million was donated for it. For once, money is not the issue.
Click to expand...
We'll see. Our projects right now are approximately 150% higher construction cost than pre-pandemic. That's 2.5 times the cost of 2019 prices. I'm so tired of being the "low bidder" (as the designer providing estimates). And to make matters worse, they are taking 50% longer to complete because the materials are not available - everything from PVC pipe to pumps to electrical parts/controls - you name it, which tends to create additional costs from extra time for construction observation, etc. It used to be a delay in materials was "you'll get it in 14-16 weeks". Now that's the starting point with some items taking 8 months to be delivered. While an annoyance for me, I'd hate to be a contractor right now trying to schedule out work.
 
85Escape

85Escape

Helluva Engineer
Messages
1,450
ChristoGT said:
We'll see. Our projects right now are approximately 150% higher construction cost than pre-pandemic. That's 2.5 times the cost of 2019 prices. I'm so tired of being the "low bidder" (as the designer providing estimates). And to make matters worse, they are taking 50% longer to complete because the materials are not available - everything from PVC pipe to pumps to electrical parts/controls - you name it, which tends to create additional costs from extra time for construction observation, etc. It used to be a delay in materials was "you'll get it in 14-16 weeks". Now that's the starting point with some items taking 8 months to be delivered. While an annoyance for me, I'd hate to be a contractor right now trying to schedule out work.
Click to expand...
Ug. Tell me about it. Steel prices went up 2.5% per month last year. A project we are working on is up well over 50% of the initial estimate from last spring. This is what's going to burst the bubble...inflation will put a stop to new construction projects, which will see a huge drop in jobs that just cascades.
 
GTLorenzo

GTLorenzo

Helluva Engineer
Messages
1,553
Augusta_Jacket said:
The money is there. As always in large fundraising drives, there is some money that is promised, but I wouldn't worry about it. ALL the necessary money is pretty much available now. We had a goal of 125 million. We raised just over 175 million. With over 50 million extra raised, we don't need to worry about whether all promised funds are actualized before beginning. The EDGE center was projected at 70 million and 85 million was donated for it. For once, money is not the issue.
Click to expand...

I give you the DuPree College of Management......or, maybe not...... Things happen sometimes. Like 7 year contracts..... I kid, I kid!!! ;)

Georgia Tech is dropping the name of Tom E. DuPree Jr. from its College of Management after the former chairman of Avado Brands said it was unlikely he could fulfill a pledge to donate $25 million. We are going to name a scholarship program in his honor and take the name off the college, Georgia Tech President Wayne Clough said Friday. Tom is an honorable man, and he stepped up at an important time for the college. DuPree made the pledge after making millions in the restaurant business by building the nations largest franchise, Applebees, through the name Apple South.

A 1974 graduate of Tech, he made an initial $5 million gift in 1994 for the DuPree Center for Entrepreneurship and New Ventures. Later, DuPree pledged to give another $20 million that led to renaming the entire business school after him. But Clough received a letter from DuPree last month saying it was unlikely he could make the final payment when it was due in October 2005. DuPree gave primarily through Avado Brands stock, which has declined sharply in recent years. The Madison, Ga.-based company sold Applebees, McCormick & Schmicks and Canyon Cafe chains as the share price fell from a high of $28 in 1996 to less than 20 cents last fall, when DuPree resigned as chairman and chief executive. Last month, the company filed for Chapter 11 bankruptcy protection. Avado, which operates Don Pablos Mexican Kitchen and Hops Grillhouse & Brewery, said it would continue to operate its restaurants while it restructures.
 
TooTall

TooTall

Helluva Engineer
Messages
3,281
Location
Vidalia
ChristoGT said:
We'll see. Our projects right now are approximately 150% higher construction cost than pre-pandemic. That's 2.5 times the cost of 2019 prices. I'm so tired of being the "low bidder" (as the designer providing estimates). And to make matters worse, they are taking 50% longer to complete because the materials are not available - everything from PVC pipe to pumps to electrical parts/controls - you name it, which tends to create additional costs from extra time for construction observation, etc. It used to be a delay in materials was "you'll get it in 14-16 weeks". Now that's the starting point with some items taking 8 months to be delivered. While an annoyance for me, I'd hate to be a contractor right now trying to schedule out work.
Click to expand...
So the 175 million dollars is in a bank earning interest, not a great amount but it will mean more money when we do start vs if we just kept the 175 mil in the checking account.
 
GTLorenzo

GTLorenzo

Helluva Engineer
Messages
1,553
TooTall said:
So the 175 million dollars is in a bank earning interest, not a great amount but it will mean more money when we do start vs if we just kept the 175 mil in the checking account.
Click to expand...

I believe a lot of it was in multi year commitments, like 5 years. So some portion of it is in the bank, but some of it is still to be collected.
 
iceeater1969

iceeater1969

Helluva Engineer
Messages
9,651
Jerry the Jacket said:
Better to use that money to buy players and coaches.

Go Jackets!
Click to expand...

Spot on.

Why we didnt raise or fund a yearly football coach salary pledge to go with this edge is sad. Engineers like building stuff.

We fell in the deadend trap of having an inexpensive special system run by a genius. By the time he left us we had become used to getting something for nothing and had way under estimated the cost to be a real football team.

When we get serious and likely move on from collins, the engineers will want to save money and hire a high school coach and rebuild bds!
 

g0lftime

Helluva Engineer
Messages
5,915
So we can raise that kind of money for a new Edge but where is all the other debt from past projects? McCamish Brock BDS locker room renovation? Says we didn't have enough from pledges on prior projects so had to borrow for them? Not a good way to run a railroad.
 
Top