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C <br />6pUTH <br />O�g1i;QClr ~O <br />Community & Economic Development'`' °, <br />227 West Jefferson, Suite 1200, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: South Bend Redevelopment Commission <br />From: Jitin Kain, Senior CED Specialist �* <br />Subject: License Agreement for Citizen's Bank & Trust Plaza Renovation <br />Date: November 5, 2012 <br />Attached with this memo is a license agreement between the Redevelopment Commission and 112 West Jeff, <br />LLC for renovation work on the plaza that is situated on the SW corner of Michigan St. and Jefferson Blvd., <br />formerly known as the Wells Fargo Plaza. <br />112 West Jeff, LLC is investing approximately $6 million in both the interior and exterior renovations of the <br />historic building located at 112 W. Jefferson Blvd. They have requested assistance with the renovation work <br />of the plaza which is estimated at $256,708. <br />The spreadsheet below shows the cost breakdown for the plaza work: <br />Item <br />Amount <br />Earthwork <br />$52,584.00 <br />Electric <br />$50,372.00 <br />Foundations <br />$13,625.00 <br />Slab <br />$28,971.00 <br />Lndscp /h-rg Allowance <br />$38,650.00 <br />Masonry <br />$69,771.00 <br />Plumber <br />$2,735.00 <br />Project contingency (15 %) <br />$38,506.20 <br />TOTAL <br />$295,214.20 <br />The renovated plaza will be another defining public plaza space in the core of downtown South Bend. It will <br />provide opportunities for public use throughout the year, and especially with events such as the Red Table <br />Plaza concerts, First Friday events and Art Beat. <br />Staff requests approval of the attached License agreement and appropriation of $295,214.20 from the SBCDA <br />TIF towards this project. <br />