Today, staff is recommending an added layer of oversight and control around the Agency’s plan to expand office space in the Dallas and Atlanta Regional Offices and acquire additional office space at headquarters.
This added layer of control would involve the development of two implementation plans for presentation to members of the Board.
The first implementation plan would address office space improvements in the Dallas and Atlanta Regional Offices and would be presented to Board members by July 2, 2024.
The second implementation plan would address the acquisition of additional office space at headquarter and would be presented to Board members by July 23, 2024.
The implementation plans will provide:
- Detailed cost information including expected costs of changing existing plans,
- Timelines for completing work,
- Justifications for pursuing both projects,
- Key tasks associated with each project, and
- Recommendations for moving forward with each project.
With regard to the first project involving the expansion of office space at the Atlanta and Dallas Regional Offices, currently the FDIC is working with various contractors and our landlords to initiate construction efforts at both locations.
Between now and October 31, 2024, staff expects to spend approximately $4.7 million on this effort. Remaining costs to complete this effort would be incurred between October 31, 2024 and sometime during the first quarter of 2025.
With regard to the second project involving the acquisition of additional leased space at headquarters, staff recommends suspending leasing efforts until the headquarters leasing implementation plan is prepared and presented to Board members no later than July 23, 2024.
Staff’s proposal would allow the FDIC to continue its progress on the first project involving construction at the Atlanta and Dallas Regional Offices with a strong emphasis on completing construction required regardless of the Agency’s Return to the Office policy.
I believe staff’s proposal offers a prudent and responsible approach for addressing these two projects. Staff’s approach provides an added layer of oversight and control by FDIC’s Board of Directors by requiring the Division of Administration to prepare and present detailed implementation plans to Board members for approval.
For this reason, I support Staff’s proposed Board case and thank them for their work in this area.