Word: overrun
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Even Harvard's newest building, Canaday Hall, has financial problems. The beleaguered Faculty must pay between $250,000 and $300,000 for an overrun on the construction costs of the building. The reason for the overrun is Canaday's expensive "fast-track" construction, a method the University used to get the building finished by the time this year's freshman class arrived in Cambridge...
...Faculty must assume a cost overrun of between $250,000 and $300,000 above the initial projected cost of Canaday Hall...
President Bok acknowledged in a news conference yesterday that there will be an overrun on Canaday Hall, but he said that it would be "under 10 per cent...
...Faculty must borrow from the treasury to cover the overrun, Lawton said it would look to special construction funds or to unrestricted funds...
Part of the overrun, Lawton said, is due to a decision to expand the Canaday cellar from a "slab construction" to a "full basement...