RM 04-10-87 - Laserfiche WebLink

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South Bend edevelopment Commission Regular Mee ing - April 10, 1987 6. NEW BUSINESS (Cont.) C. Continued... Combined Capital Associates XVI submitted a bid of $100,000 for parcel C4 -3. That exc eded the minimum bid requirement of $94,900. They have submitted a per ormance guarantee in the form of a letter of credit in the amount of $10,000. They propose to build a 65,000 s.f. office building to house business, pro essional service and financial service tenants and possibly a restaurant. A drive - through bank will alSD be included. They propose to con ect to the Jefferson St. garage with a p destrian walkway. The estimated project cost is $5 - 6 million. October 198 is the proposed completion date for the project. was ington - St. Joseph Associates, whose pri cipal partners are Walter Holladay, Johi Phair and Charles Clark, submitted a bid of $94,901 for parcel C4 -3 and $113,751 for parcel C4 -30 for a total of $210,652 for both parcels. They have submitted a performance guarantee in the forin of a check for $21,065.20. There needs to be some clarification regarding theer bid. The letter states they will bui d a total of 150,000 s.f. in two pha es while thier site plan shows 60,000 s.f on parcel C4 -3 as a first phase and 70,)00 s.f on parcel C4 -30 as a second pha e. A public atrium would connect the two buildings and they would connect pha e one to the Jefferson St. parking garage. The estimated project cost is $13,360,152. The proposed completion date for phase one is between July 1989 and April 1990. Phase two would begin between July 1990 and April 1991 and be com leted between July 1991 and April 199 . Their proposal requires the vac tion and relocation of the existing se ice drive. Mr. Hunt noted that both bids will req ire some clarification before the sta f can make a recommendation. -5-