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South Bend Redevelopment Commission <br />Regular Meeting -September 15, 2006 <br />6. NEW BUSINESS (CONT.) <br />D. Airport Economic Development Area <br />continue ... <br />that net profit of $651,000 and apply that to <br />the first portion of the bunker renovations <br />and to fund the balance of the bunker <br />renovations from future profits from the golf <br />course. The total bunker renovations are <br />expected to be about $450,000, so about <br />$200,000 of future profits will be needed to <br />fund the balance of the bunker <br />improvements. Staff also recommends the <br />Commission authorize the Board of Public <br />Works to bid and award up to $450,000 for <br />the bunker renovations. This will still mean <br />that there may still be some short delays in <br />meeting some of the capital needs because <br />even with the $250,000 from prior years' <br />profits there will be some shortfall in 2006 <br />and 2007. By the end of 2008 everything <br />will even out and all capital needs will have <br />been met based on the capital plan submitted <br />and there should be a small reserve of about <br />$25,000. <br />Mr. Peterson asked, related to the Board of <br />Public Works bidding and awarding the <br />project, whether the bids would include a <br />base bid with alternate options, because the <br />entire $450,000 wouldn't be available until <br />later years. Mr. Inks responded that that was <br />correct. What we will do at the staff level is <br />work with the BPW to make sure that the <br />cash is there at the golf course for whatever <br />bids are awarded. If we need to split it into <br />to contracts over two years, we'll do that. Or <br />if there's a way to bid it out as alternates, and <br />structure it so we can do it as one contract, <br />we will do that. But the basic concept is <br />15 <br />