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5. NEW BUSINESS (Cont'd <br />President Wiggins stated if the value of the property <br />chang d substantially from the time appraisal was <br />made--for instance, a fire loss - -the property should <br />be re appraised. On major improvements, the property <br />owner would get added value, but not the total cost <br />of thE actual improvements. He stated the best ad- <br />vice vould be to tell the people to contact this <br />OffiCE and, at least, the people would have the best <br />estim tes that our staff can give. <br />b. Chapin Street Urban Renewal Project, R -29: <br />A Certificate of Completion and the gross and net <br />project cost, for the Chapin Street Urban Renewal <br />Project, R -29, has been received from the Federal <br />Government. The total net cost of the project is: <br />$1,835,635.57. The City's share of this cost is <br />$503,641.00, and the Federal Grant is $1,331,994.57. <br />$43,217.00 will be returned by HUD representing Cash <br />Grant -In -Aid provided and no longer needed. This <br />amount will revert to District Capital Fund for use <br />in other projects, such as the Downtown Project. A <br />pooling Credit of $44,732.11 will be available for <br />use ir any future project. President Wiggins asked <br />if this credit can be applied toward the Downtown <br />Project, for example? Mr. Barbe apprised that it <br />can bel. <br />Presi ent Wiggins raised the following question: <br />"Do you have any information as to how many com- <br />munities, within the State of Indiana, have com- <br />plete two (2) urban renewal projects, other than <br />South end ?" Mr. Barbe stated that he did not know <br />but would try to get that information. <br />C. <br />for th <br />1969, <br />ment, <br />Urban <br />was as <br />Demolition Contract No. 5: The bid opening <br />s contract was at :00 .M., E.D.T., July 30, <br />in the Office of the Department of Redevelop - <br />:overing demolition work in the LaSalle Park <br />tenewal Project, R -57. The bid tabulation <br />follows: <br />1) Woodruff & Sons, Inc. <br />Michigan City, Ind. $ 34,695.00 <br />2) O'Neal Trucking Company <br />South ['end, Ind. 35,899.50 <br />3) Cleveland Wrecking Company <br />Chicago, Ill. 64,220.00 <br />4) Dore Wrecking Company <br />Kawkawlin, Mich. 64,920.00 <br />-5- <br />CHAPIN STREET URBAN <br />RENEWAL PROJECT, <br />R-29 <br />DEMOLITION CONTRACT <br />NO. 5, LASALLE PARK <br />URBAN RENEWAL PROJECT, <br />R -57 <br />