SM 05-13-87 - Laserfiche WebLink

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South Bend iRedevelopment Commission Special Me ting - May 13, 1987 2. OLD BUSINESS (Cont.) a. Continued... schedule, public assistance requirements, start dates, financing packaging and all aspects of each bid. He stated that both development groups have presented good bids. A representative from each group is here today to summarize each proposal. Mr. Clark, representing Washington /St. Joseph Associates (W /SJA), summarized their bid for parcels C4 -3 and C4 -30 as follows: He distributed copies of two site plans to the Commissioners. He indicated that the first, part of the original bid, called for an atrium connecting Phase I and Phase II which would block the existing service drive between parcel C4 -3 and C4 -30. He indicated that the total square footage of the two projects (130,000 s.f.) given in the original bid was a clerical error and that the cover letter submitted with the bid was accurate when it stated that the 150,000 s.f. minimum would be met. Phase I would cost $7.15 million, Phase II would cost $9.35 million, totalling $16.5 million. The second site plan showed Phase I, a seven story, 94,000 s.f. structure with 13,500 s.f. of first floor retail, and Phase II, a seven story, 56,000 s.f. structure both to be constructed on parcel C4 -3, leaving the existing service drive open. Parcel C4 -30 would be used to supply 87 parking spaces for tenants. The plan also included 32 parking spaces south of and 50 spaces below the proposed building. Mr. Clark noted that Phase I would require the commitment of 114 parking spaces from the Jefferson Street parking garage. He indicated that the additional parking needed upon the completion of Phase II would require some type of joint venture between a government agency or the City, such as a UDA , since a private developer cannot sup ort the cost of a commercial office -2-