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UW Trustees Approve Maximum Price for Visual Arts Facility
May 7, 2010 — The University of Wyoming Board of Trustees today (Friday) approved a guaranteed maximum price (GMP) for construction of a Visual Arts Facility.
Trustees approved a GMP of $26.674 million, as proposed by GE Johnson Construction Inc., the project's construction manager-at-risk. A GMP ensures the costs of the project will not exceed the agreed-upon price.
The trustees' approval will allow construction of the facility to begin in August, with completion scheduled 18 months after construction begins. The Visual Arts Facility will be located east of the Centennial Complex building that houses the UW Art Museum and American Heritage Center. It will replace overcrowded and out-of-date facilities for visual arts and will include studios for ceramics, drawing, painting, printmaking, graphic design, art history and sculpture.
The Wyoming State Legislature approved issuing revenue bonds for the project not to exceed $33 million, to be paid for by UW's share of federal mineral royalties, which are restricted by law to use for capital facilities purposes.