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South Bend Redevelopment Commission <br />Regular Meeting — Thursday, May 30, 2013 <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />(4) continued... <br />the bid to the lowest responsive responsible bidder. Staff requests approval of an additional <br />$25,000 to bring the project budget to a total of $320,214.20 from the SBCDA TIF. <br />Mr. Varner asked if the cost of $150 per square foot is a reasonable cost for such a project. <br />Mr. Inks responded that the city spent approximately $400,000 on the Key Bank Plaza. <br />Mr. Downes noted that the Key Bank Plaza was not nearly as intricate as this. <br />Mr. Relos noted that we spent approximately $600,000 on the Oliver /Plow project, of which <br />a large part was the cost of the sculpture. <br />Mr. Downes noted that this is a very useful public space. It will be used a lot. The Key <br />Bank Plaza, although it is used occasionally, does not have the high traffic flow this corner <br />does. <br />Mr. Relos noted that although we are requesting this increase to the budget, we always hope <br />that the actual bids come in lower. <br />Mr. Downes noted that this public investment has a percentage of private investing which <br />has taken place in the building which is really significant. <br />Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br />Commission approved the Request for Increase in Budget for Studebaker Plaza Project <br />(Southwest corner Michigan & Jefferson). <br />C. Airport Economic Development Area <br />(1) Confidential Settlement Agreement with the Continental Casualty Company and the <br />Continental Insurance Company concerning the former Oliver Plow property. <br />Ms. Kolata noted that our environmental attorneys, Plews Shadley Racher & Braun, have <br />negotiated a Confidential Settlement Agreement with Continental Casualty Company and <br />The Continental Insurance Company (Continental) related to environmental claims made by <br />the Commission concerning the former Oliver Plow property. Continental is willing to pay <br />the Commission and the City of South Bend an amount that has been approved by our Legal <br />Department to settle this claim. This Agreement covers Continental Casualty Company and <br />the Continental Insurance Company and settles all claims related to this matter. Your <br />approval of this Confidential Settlement Agreement is requested. <br />0 <br />