Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - July 2, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Mrs. Kolata noted that Trammell Crow <br />proposes to construct two 60,000 square foot, <br />four -story office buildings, built in phases, <br />sharing a public plaza. They intend to <br />maintain the visual corridor between Century <br />Center and the Courthouse. They propose <br />that the City commit to providing the funds to <br />build and maintain the public plaza; ensure <br />that a total of 400 parking spaces are available <br />to the project in a parking garage to be built <br />adjacent to Teachers Credit Union; and <br />provide tax abatements normally available to <br />projects of this size in a redevelopment area. <br />The construction schedule submitted is as <br />follows: execution of a contract for Sale of <br />Land within 30 days of the award of bid; <br />complete marketing materials within 60 days; <br />have formal commitments from tenants for <br />phase one in 180 days; and break ground on <br />phase one in 240 days. With early tenant <br />commitment and good construction weather <br />the schedule could be reduced up to 120 days. <br />The second building would be built upon <br />substantial leasing and completion of the first <br />phase, hopefully within one year of the first <br />phase. The plaza would also be built in <br />phases, with 60 percent built in connection <br />with the first building and the remaining 40 <br />percent in connection with the second <br />building. <br />The preliminary cost estimate for the City for <br />phase one of the plaza. is $421,500 plus <br />sculpture costs. Phase two is projected to <br />cost $183,500. <br />-4- <br />