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46°U <br />Department of <br />z Community <br />INS <br />Memorandum <br />Tuesday, May 28, 2013 <br />T0: Redevelopment Commission <br />p <br />FROM: Jitin Kain qr <br />Investment <br />SUBJECT: Increase in Budget for Studebaker Plaza Project <br />In November 2012, the Commission approved a budget in the amount of $295,214.20 for the <br />Studebaker Plaza project in the downtown. Since then, staff has brought forward two professional <br />services contracts to the Commission for approval - for architectural services in the amount of <br />$3,000 and for Construction drawings in the amount of $26,600. These contracts have been <br />awarded from within the approved project budget. <br />We recently received a probable construction cost estimate from Joseph Dzierla & Associates, the <br />consultants preparing construction documents for the plaza. The probable construction costs were <br />much higher than the approved project budget so staff has been value engineering the project to <br />bring costs down. These efforts have resulted in a reduction of approximately $50,000 in expenses <br />but there is a budget deficit of $25,000. <br />The Board of Public Works has advertised the Studebaker Plaza project and is expected to open bids <br />by their June 11th meeting. Adequate funding needs to be in place in order to award the bid to the <br />lowest responsive responsible bidder. <br />Staff requests approval of an additional $25,000 to bring the project budget to a total of <br />$320,214.20 from the SBCDA TIF. <br />