Slumping construction markets in California could mean reduced costs for the upcoming renovation and building plans on campus.

City College officials gathered Thursday to talk about updates to the bond, lagging funds from the state, and possibly saving money on fast approaching projects, in a Measure V bond forum on East Campus.

Steve Massetti, the newly hired project manager of the projects, spoke about the number of contractors that have been pouring into his office to place bids.

“We’re talking to 20 contractors versus two or three a couple years ago,” Massetti said. “These contractors are hungry for work.”

Massetti received bids for the new press box in La Playa Stadium ranging from $1.1 to 1.4 million, down from the original estimate of $1.6 million. The new press box is the first of a long list of deferred maintenance projects under the $77.2 million Measure V bond.

“When the market drops, prices drop,” Massetti said.

The Luria family has donated more than $600 thousand for the press box modernization project.

Massetti also said there’s a chance the bids for the Drama/Music remodel could be lower than the original estimate of $20.6 million.

“It’s a possibility,” he said.

The college will begin accepting bids for the remodel on March 16.

College leaders recently chose to front $11 million of the project, which the state promised to pay after Gov. Arnold Schwarzenegger froze funding of capital construction projects.

Serban said the recently passed budget should have a positive effect on the future of project funding, but blamed the lack of construction funding on the state’s ability to sell only a third of their general obligation bonds. California’s bond rating ranks last in the nation.

“Now that a budget has passed, some of the credibility of the state has been restored,” Serban said. “The state has no guarantee that they can sell the bonds, but we’re not relinquishing our right to receive these funds.”

Serban continued to stress the impact of the state budget mentioning that California State University at Channel Islands ceased construction work on $105 million of state-backed projects.

If matching funds are not received within three years, Serban said other projects under Measure V would be pushed back, which includes the new School of Media Arts Building.

“If we do not have the state matching funds for SoMA, we cannot proceed,” Serban said.

Regardless of current budget constraints, Massetti is inclined to see what the construction market has to say about SoMA.

“I wish we could put SoMA up for bid right now,” Massetti said. “This is a really good time to build.”

Before bidding the Division of State Architects must first approve SoMA plans before construction can begin. If everything goes as planned, SoMA is set to break ground in January 2010.

California Public Contract Code Section 10126 calls for public institutions to award contracts to the lowest and most qualified bidder.