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Project Status Report
PROJECT STATUS REPORT
Site Visit No. 5 Sample Project South Salem, New York
February 14, 2016 ABC Project No. V5221 909
910
Project Status Report
February 14, 2016 Mr. John Doe, Assistant Vice President Client, Inc. 222 Main Mall White Plains, New York 12603 (914) 444-4444 (tel), (914) 444-4441 (fax) (914) 444-4444 (tel) (914) 444-4441 (fax) Sent-by-Fax & U.S. Mail Re: ABC Project No.V5221 Sample Project South Salem, New York Dear Mr. Doe:
A. STATUS OF CONSTRUCTION The project was visited on February 12, 2016 by ABC International. A copy of the Borrower’s Application No. 1, dated February 11, 2016, was received on February 12, 2016.At the time of our site visit, it was partly cloudy with the temperature about 55°F. Construction progress was as follows:
Site Work The site work performed thus far includes the installation of the water, sewer, gas, electric and storm utility mains. Erosion control and wetland protection measures have been put in place and are being maintained. Construction of the entrance road asphalt base coarse is complete up to and including all parking for Building No. 2. Landscaping around the perimeter of Building No. 1 has been completed.
Building No. 1 (Units 1–5) Work in this building is essentially complete except for the installation of carpeting, painting and appliances, which will be installed upon the sale of each unit.
Building No. 2 (Units 6–12) The building exterior is complete with the asphalt shingles, doors, and windows, with vinyl siding and trim work-in-place. The interiors of each unit are in the process of being taped, spackled, and painted. Rough electrical
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Project Status Report
work is complete with finish electrical work progressing. The mechanical system is basically complete with final hook-ups in progress. Interior plumbing is essentially complete with fixture connections on-going.
Building No. 3 (Units 12–18) The foundation and slab-on-grade has been cast and in-slab plumbing is in-place. No work has been performed during the period covered.
B. CERTIFIED VALUES OF WORK-IN-PLACE Based upon our site visit of February 12, 2016, the Borrower’s Application No. 9, dated February 11, 2016, (Exhibit “B”) and supporting documentation, ABC has determined the current value of work-in-place to be as follows. Direct Cost Budget ................................................................. $ 2,565,360.00 0.00 Adjustments (Authorized by PSB) ........................................ + Adjusted Direct Cost Budget ................................................. $ 2,565,360.00 Total Value of Work Completed to-Date ............................. Less Retainage ...................................................................... Total Completed Less Retainage .......................................... Less Previous Certifications .. ............................................... Current Certification .....................................
$ $ $
890,088.82 89,008.88 801,079.94 754,333.05 46,746.89
Cost-to-Complete Direct Cost Budget Including Retainage ................................................... $ 1,764,280.06 ABC's Cost-to-Complete Including Retainage ................................................... $ 1,866,894.06 (1) (1)
Based upon ABC’s recommended budget of $2,667,974.
C. ACTUAL CONSTRUCTION COSTS VERSUS DIRECT COST BUDGET At this point in time, the project is presently 66% bought out and is within the direct cost budget of $2,565,360; however, the Borrower has not submitted a cost report formatted similar to the loan budget. Of note, the Borrower has adjusted the line items located within the unit construction costs to reflect the actual contract amounts and changes in the scope of work documented within submitted invoices. In general, ABC finds the changes to be appropriate and acceptable to complete the scope of work outlined in the plans.
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Project Status Report
D. REQUISITION RETAINAGE The Borrower’s current application identifies that 10% retainage being withheld on the value of work-in-place.
E. QUALITY OF CONSTRUCTION Overall, the quality of construction to date is satisfactory and is in general conformance with the construction documents reviewed by ABC. During our site visit, we did not observe any significant areas of unsatisfactory workmanship regarding the construction. In addition, construction has been performed in accordance with generally accepted construction industry standards.
F. WAIVERS OF LIEN ABC has received a single combined waiver of lien executed by each of the trade contractors receiving payment during the previous period (Exhibit “C”).
G. CHANGE ORDERS
During the PC, no change orders were provided for our review.
H. CONSTRUCTION PERMITS ABC has received a building permit for Building No. 1 issued May 24, 2015 and a building permit for Building No. 2 issued September 12, 2015. According to the Borrower, a foundation permit has been issued by the City of North Salem but not received for Building No. 3. This permit will be forwarded to ABC upon receipt by the Borrower.
I. CERTIFICATES OF OCCUPANCY (“CO”) During the PC, ABC has received two (2) COs (Exhibit “D”) issued by the South Salem, New York Department of Buildings dated October 25, 2015, both for Unit No. 2 located within Building No. 1. CO No. 25862 approves for occupancy a single family condominium with a finished basement family room, and CO No. G-25468 approves for occupancy a one (1) car garage and an unfinished basement with laundry area. To date, ABC has received COs for Unit Nos. 2, 4, and 5 located within Building No. 1.
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Project Status Report
J. AS-BUILT SURVEY IVI has received an as-built survey from Surveying Associates, P.C., dated November 15, 2015 identifying the location of Building No. 1, 2, and 3. ABC has reviewed the site plan and has confirmed that the constructed location corresponds to that planned.
K. CONSTRUCTION SCHEDULE ABC has received and reviewed the trade-by-trade construction schedules submitted by the contractor for Building Nos. 2 and 3. According to the schedules and based upon site observations, it appears that construction of Building No. 2 is approximately 1 week behind schedule. In addition, construction of Building No. 3 has not yet begun and is approximately 7 weeks behind schedule. ABC recommends that we receive a schedule update to reflect the current construction status.
L. OUTSTANDING DOCUMENTATION
• Foundation Permit for Building No. 3; • Additional Building Permits (as issued); • Updated Construction Schedules; • Executed Subcontracts (on-going); and • Certificates of Occupancy (as issued). If you have any questions, please contact me at (914) 644-1999. Sincerely,
ABC INTERNATIONAL
RobertDoe, Jr. Project Manager RD/sk Attachments
Reviewed by:______________________ Sam Kubba , R.A., LEED AP Vice President
Site Visit No. 5 Sample Project South Salem, New York
February 14, 2016 ABC Project No. V5221 909
910
Project Status Report
February 14, 2016 Mr. John Doe, Assistant Vice President Client, Inc. 222 Main Mall White Plains, New York 12603 (914) 444-4444 (tel), (914) 444-4441 (fax) (914) 444-4444 (tel) (914) 444-4441 (fax) Sent-by-Fax & U.S. Mail Re: ABC Project No.V5221 Sample Project South Salem, New York Dear Mr. Doe:
A. STATUS OF CONSTRUCTION The project was visited on February 12, 2016 by ABC International. A copy of the Borrower’s Application No. 1, dated February 11, 2016, was received on February 12, 2016.At the time of our site visit, it was partly cloudy with the temperature about 55°F. Construction progress was as follows:
Site Work The site work performed thus far includes the installation of the water, sewer, gas, electric and storm utility mains. Erosion control and wetland protection measures have been put in place and are being maintained. Construction of the entrance road asphalt base coarse is complete up to and including all parking for Building No. 2. Landscaping around the perimeter of Building No. 1 has been completed.
Building No. 1 (Units 1–5) Work in this building is essentially complete except for the installation of carpeting, painting and appliances, which will be installed upon the sale of each unit.
Building No. 2 (Units 6–12) The building exterior is complete with the asphalt shingles, doors, and windows, with vinyl siding and trim work-in-place. The interiors of each unit are in the process of being taped, spackled, and painted. Rough electrical
911
Project Status Report
work is complete with finish electrical work progressing. The mechanical system is basically complete with final hook-ups in progress. Interior plumbing is essentially complete with fixture connections on-going.
Building No. 3 (Units 12–18) The foundation and slab-on-grade has been cast and in-slab plumbing is in-place. No work has been performed during the period covered.
B. CERTIFIED VALUES OF WORK-IN-PLACE Based upon our site visit of February 12, 2016, the Borrower’s Application No. 9, dated February 11, 2016, (Exhibit “B”) and supporting documentation, ABC has determined the current value of work-in-place to be as follows. Direct Cost Budget ................................................................. $ 2,565,360.00 0.00 Adjustments (Authorized by PSB) ........................................ + Adjusted Direct Cost Budget ................................................. $ 2,565,360.00 Total Value of Work Completed to-Date ............................. Less Retainage ...................................................................... Total Completed Less Retainage .......................................... Less Previous Certifications .. ............................................... Current Certification .....................................
$ $ $
890,088.82 89,008.88 801,079.94 754,333.05 46,746.89
Cost-to-Complete Direct Cost Budget Including Retainage ................................................... $ 1,764,280.06 ABC's Cost-to-Complete Including Retainage ................................................... $ 1,866,894.06 (1) (1)
Based upon ABC’s recommended budget of $2,667,974.
C. ACTUAL CONSTRUCTION COSTS VERSUS DIRECT COST BUDGET At this point in time, the project is presently 66% bought out and is within the direct cost budget of $2,565,360; however, the Borrower has not submitted a cost report formatted similar to the loan budget. Of note, the Borrower has adjusted the line items located within the unit construction costs to reflect the actual contract amounts and changes in the scope of work documented within submitted invoices. In general, ABC finds the changes to be appropriate and acceptable to complete the scope of work outlined in the plans.
912
Project Status Report
D. REQUISITION RETAINAGE The Borrower’s current application identifies that 10% retainage being withheld on the value of work-in-place.
E. QUALITY OF CONSTRUCTION Overall, the quality of construction to date is satisfactory and is in general conformance with the construction documents reviewed by ABC. During our site visit, we did not observe any significant areas of unsatisfactory workmanship regarding the construction. In addition, construction has been performed in accordance with generally accepted construction industry standards.
F. WAIVERS OF LIEN ABC has received a single combined waiver of lien executed by each of the trade contractors receiving payment during the previous period (Exhibit “C”).
G. CHANGE ORDERS
During the PC, no change orders were provided for our review.
H. CONSTRUCTION PERMITS ABC has received a building permit for Building No. 1 issued May 24, 2015 and a building permit for Building No. 2 issued September 12, 2015. According to the Borrower, a foundation permit has been issued by the City of North Salem but not received for Building No. 3. This permit will be forwarded to ABC upon receipt by the Borrower.
I. CERTIFICATES OF OCCUPANCY (“CO”) During the PC, ABC has received two (2) COs (Exhibit “D”) issued by the South Salem, New York Department of Buildings dated October 25, 2015, both for Unit No. 2 located within Building No. 1. CO No. 25862 approves for occupancy a single family condominium with a finished basement family room, and CO No. G-25468 approves for occupancy a one (1) car garage and an unfinished basement with laundry area. To date, ABC has received COs for Unit Nos. 2, 4, and 5 located within Building No. 1.
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J. AS-BUILT SURVEY IVI has received an as-built survey from Surveying Associates, P.C., dated November 15, 2015 identifying the location of Building No. 1, 2, and 3. ABC has reviewed the site plan and has confirmed that the constructed location corresponds to that planned.
K. CONSTRUCTION SCHEDULE ABC has received and reviewed the trade-by-trade construction schedules submitted by the contractor for Building Nos. 2 and 3. According to the schedules and based upon site observations, it appears that construction of Building No. 2 is approximately 1 week behind schedule. In addition, construction of Building No. 3 has not yet begun and is approximately 7 weeks behind schedule. ABC recommends that we receive a schedule update to reflect the current construction status.
L. OUTSTANDING DOCUMENTATION
• Foundation Permit for Building No. 3; • Additional Building Permits (as issued); • Updated Construction Schedules; • Executed Subcontracts (on-going); and • Certificates of Occupancy (as issued). If you have any questions, please contact me at (914) 644-1999. Sincerely,
ABC INTERNATIONAL
RobertDoe, Jr. Project Manager RD/sk Attachments
Reviewed by:______________________ Sam Kubba , R.A., LEED AP Vice President