Current through Register Vol. XLI, No. 50, December 13, 2024
Section 164-3-4 - Renovations4.1. For renovation projects, an analysis of the replacement cost versus the renovation cost will be an important factor in determining funding priority. The renovation must not exceed the product of the approved gross square footage of the project multiplied by the SBA's square footage cost allowance.4.2. For a renovation project that requires an addition, the cost of the additional square footage shall not be included in the replacement cost versus renovation cost comparison.4.3. Contingency allowance for each renovation project shall be established as six percent (6%) of the renovation budget.