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South Bend iRedevelopment Commission <br />Special Meeting - May 13, 1987 <br />2. OLD BUSINESS (Cont.) <br />a. Continued... <br />building and a parking structure with the <br />re is received from both. <br />Mr. Clark indicated that they would begin <br />construction on Phase I in approximately <br />15 months, which would allow time for <br />their One Michiana Square (OMS) building <br />to be completely leased. Phase II would <br />be in 24 months later. For the second <br />site plan, Phase I would cost $10.4 <br />million, Phase II would cost $6.2 <br />million, totalling $16.5 million. <br />Mr. Hunt asked if the 15 month start date <br />was firm or if it was contingent upon the <br />100% leasing of the OMS building. Mr. <br />Clark stated that they expected to have <br />no problem leasing OMS but the 15 months <br />was also the time necessary to prepare <br />the plans and take bids on the <br />con racting. <br />Ms. Auburn asked if the square footage of <br />the total project has been amended from <br />130,000 s.f. to 150,000 s.f. to comply <br />with the bid specifications. Mr. Clark <br />stated that in the original bid, the <br />cov r letter stated that the project <br />would total 150,000 s.f. but the proposal <br />its if contained a clerical error stating <br />130,000 s.f. <br />Ms. Auburn also asked about the change in <br />total project cost. Mr. Clark stated <br />that Mr. Phair gave the original estimate <br />($9 /s.f.) and that it was on the low <br />sid . He said a project of this type <br />cos s $110 /s.f. which would total $16.5 <br />mil ion. <br />Mr. Hunt again requested clarification on <br />the project schedule. He asked if the <br />con truction start date was July 1988 and <br />com letion approximately July 1989, would <br />the start date for Phase II be 24 months <br />fro the completion date of Phase I? Mr. <br />Cla k stated that it would be 12 months <br />-3- <br />