LAWTON – Two projects at the FISTA Innovation Park are expected to cost no more than $2.38 million altogether.
The FISTA Development Trust Authority, which oversees the Innovation Park, voted May 6 to approve guaranteed maximum price amendments to the construction contracts for those projects.
The first amendment was to the authority’s contract with QUAD Construction, which is handling the buildout of tenant suites in the Innovation Park. Under the amendment, QUAD Construction will do the work for a guaranteed maximum price of approximately $1.63 million.
The second amendment was to the authority’s contract with CDBL Professional Construction Services, which is building space for the defense company Picogrid as well as a fire vestibule space in the Innovation Park as a single package. The fire vestibule space will serve as the Innovation Park’s mechanical room.
The guaranteed maximum price for that package is approximately $753,369, according to the amendment. The GMP may subsequently be divided into two separate project agreements, depending on budgetary limitations and strategic considerations.
The authority has a little more than $2 million remaining in its construction budget, plus a slight overage in that budget of about $355,000, said FISTA President and CEO Dr. Krista Ratliff. She added that FISTA is currently negotiating with another tenant and has offered to cover half of that company’s construction costs, for which funding is available.
Ratliff said the authority also has some funds sitting in other accounts, so the authority should be able to cover construction costs out of its operating budget.
“That’s if both items are approved today,” she said.