At its Nov. 13 meeting, the Carrboro Board of Aldermen voted 5-1 to approve a budget amendment to allocate more funds for the construction of the Dr. Martin Luther King Jr. Park.
The amendment includes reallocating$863,542 from the town's $2 million fund balance for future capital projects, which will allow the town to reach the lowest construction bid of $2,193,200.
It also establishes a $21,952 contingency fund to cover future unforeseen expenses.
The town received sealed bids on Oct. 15 for the construction of the park, although all bids exceeded the estimated cost prepared by Stewart Inc., the developers for the project.
Bethany Chaney, a Board of Aldermen member, said at the meeting the cost has been increasing quickly.
“We’re talking about how construction prices have gone up a percentage and a half for each of the last 12 months," Chaney said. "So we can’t afford not to build it, because I think the price is not going to go down.”
Alderman member Jacquelyn Gist said the price is skyrocketing for a reason.
“It’s basically because the cost of equipment and materials are going up, and that is being driven by two things,” she said.
She said she suspects it is due to the tariffs passed by the Trump administration and Hurricane Florence because a lot of the contractors are working in that area.