The wrecking crew that has been demolishing Academy Square the past week was told Monday night not to touch a brick on the Education Building.
The city treasurer's office said the $5.4 million needed by the Brigham Young Academy Foundation to save the historic building was easily raised by Monday's 5 p.m. deadline.In fact, the foundation actually had the money raised last week and spent most of Monday converting the pledges into cash and letters of credit.
"To say we are thrilled or excited is the understatement of the decade," foundation spokesman Lee Bartlett said.
Now that the foundation has met its initial commitment, the city will proceed with plans to renovate the Education Building into part of a new multimillion-dollar library. The foundation's portion will go with $16.8 million approved by voters to build the 90,000-square-foot facility.
On Friday, an unnamed California foundation pledged $1 million toward the project, basically completing the foundation's obligation. The group also received $200,000 from the Willard L. Eccles Foundation and $150,000 from San Francisco 49er quarterback Steve Young.
"The spirit of pioneerism and sacrifice is alive and well in Utah County," foundation president Douglas Smoot said.
Many foundation members had pledged money to the project raised by mortgaging their homes. Because the group easily met its commitment, many of those mortgages will no longer be exercised.
The foundation originally was responsible for raising $6.6 million by Monday. However, the amount was reduced two weeks ago when the group said it had overestimated construction costs by $1.2 million. Many opponents to the project felt city officials gave a concession that was not consistent with the spirit of the issue presented to voters.
Regardless of whether the reduction was justified, the foundation will have to come up with any additional money should construction bids come in higher than estimated. According to the agreement between the city and the foundation, if bids are higher than the amount available, the foundation has 60 days to raise the difference or the Education Building would still come down.
Many, including Provo Mayor George Stewart, don't believe the project can be done for the amount the foundation is estimating. Most recent renovation projects in Utah have cost much more than originally estimated.
"Who knows what is going to happen when they dig into this project," Stewart said.
City officials also will require a fixed bid for the project, so the foundation knows the total of its financial obligation before any construction work begins.
"The city can't put any more money into this, and they have to be sure that this is all that can be spent," the mayor said.
The possibility of added costs is the reason the foundation will not be specific about how much it has raised. The group is still continuing with fund-raising efforts and does not want people thinking its commitment is over.
The City Council is expected to award a design contract Tuesday night to Max J. Smith Architects. The $800,000 in design costs will come out of money raised by the foundation and will not be returned to donors should the project fail. The city also spent about $280,000 on demolition costs, but the money will be repaid by bond proceeds.