2 Minutes 06-16-13 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting —June 26, 2013 6. NEW BUSINESS A. South Bend Central Development Area (1) continued... REVENUE Activity Cost Initial appropriation by Redevelopment Commission (November 2012) $295,214 Budget Increase prior to bid opening (May 2013) $25,000 CURRENT TOTAL $320,214 EXPENSES Activity Cost Architectural Services & Construction Documents $29,600.00 Lowest Bid Received at BPW $318,095.52 Advertising, Printing, Miscellaneous expenses $500.00 TOTAL NEEDED $348,195.52 The Amendment to the Addendum to the Master Agency Agreement, Supplement #1 establishes a project budget of $348,195.52. This equates to an additional increase of about $28,000. Note that Great Lakes Capital that owns the plaza and is investing over $6 Million in the rehabilitation of the former Wells Fargo building has agreed to split the additional costs and will reimburse the Commission for $14,000 of the new expenses. Staff requests approval of Resolution No. 3147 and the Amendment to the Addendum to the Master Agency Agreement for the Studebaker Plaza project, Supplement #1. Mr. Downes asked when the project would be completed if the Redevelopment Commission approves this. Mr. Kain responded that construction will take approximately three months. The goal was to finish by August. The sooner it gets started, the sooner it will be finished. Ms. Schey asked if this is a park concept. Mr. Kain responded that it is a public plaza park which has two components, one being an outdoor seating area for a restaurant that will be in the former Wells Fargo building; the second, 2/3 of the plaza is public space where the chess board will be the centerpiece. This will engage residents and businesses in the downtown area to come. A large Studebaker emblem from one of the old factories will be installed in the plaza as well. Ms. Schey asked if the park will essentially cost $350,000. Mr. Kain responded that the construction cost of the park is $318,000. The rest is engineering expenses. Ms. Schey asked whether the cost of the park might go up further, since it has gone from $290,000 to $350,000. Mr. Kain responded that at this point, staff has to award the project to the lowest bidder at $318,000. We do not expect any other increases; however, if the cost is increased, staff has the ability to decrease costs elsewhere. It will be our goal to maintain it