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go <br />At I <br />Cha <br />and <br />by <br />Mic <br />Ite <br />Ite <br />pro <br />the <br />The <br />NEW BUSINESS (Cont'd) <br />;his point, the Chair presented another Press Release: <br />Indiana R -56, Industrial Expansion Urban Renewal <br />Project <br />The Redevelopment Commission is proud to announce <br />that the Industrial Expansion Urban Renewal Project, <br />designated as Indiana R -56, was officially closed <br />and financial settlement completed between the De- <br />partment of Redevelopment of the City of South Bend <br />and the Federal Government on April 20, 1972. <br />The 13.6 acre project, located generally at Cotter <br />Street and East of Prairie Avenue, is a total clearance <br />project involving the acquisition and demolition of five <br />(5) commercial and sixty (60) residential structures. <br />The gross cost of the project was $739,758. Of this <br />cost, $130,250.73 was recovered in the sale of land, <br />leaving a net project cost of approximately $609,500. <br />After clearance, new streets and utilities were in- <br />stalled, and the land subdivided. The land was then ac- <br />quired by two local firms for the construction of new <br />wholesale and retail facilities, resulting in an improve- <br />ment of $1,460,000. <br />The assessed valuation of the area prior to renewal was <br />approximately $71,180. The renewal process resulted in <br />an increase of the assessed valuation of the area approxi- <br />mately seven times that which existed prior to renewal. <br />* * * * * * * * * * ** <br />b. Change Order No. 1 to Phase II -B, Part C: This CHANGE ORDER NO. 1 <br />ige Order is for the revision of scope of work to support TO PHASE II -B, PART <br />protect 13 conduits instead of four conduits as provided C, APPROVED, R -66 <br />iddendum No. 1. All conduits are owned by Indiana and <br />J gan Electric Company. This change deletes Contract <br />1 #110, Protection of Power Conduits, and adds Contract <br />1 #111, Protection of Power Conduits Revised. This is to <br />:ect the main power line into the downtown area during <br />demolition and re- construction of the Colfax Bridge, R -66. <br />Change Order increases the contract amount in estimated <br />of $21,500.00, with Rieth -Riley Construction Co., Inc. <br />On otion by Mr. Wiggins, seconded by Mr. Wade, Change <br />Ord r No. 1 to Phase II -B, Part C, was approved for an <br />inc ease in contract amount of $21,500.00, with Rieth -Riley <br />Con truction Co., Inc. Motion unanimously carried. <br />- 7 - <br />