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South Bend Redevelopment Commission Regular Meeting—August 14, 2014 3. APPROVAL OF CLAIMS (CONT.) 430 FUND SOUTH SIDE DEVELOPMENT TIF AREA#1 DLZ 3,280.00 Fellows St. Right of Way Jackson Services 8,500.00 Demo of 4404 Fellows St DLZ 280.00 Ireland Right of Way Christopher B. Burke Engineering, LLC 1,556.25 South Side Corridor Improvements 426 FUND SOUTH BEND CENTRAL MEDICAL DISTRICT Reith Riley Construction Memorial Parking Ph. 3B Total $853,392.14 Ms. Schey asked for an update on the Ivy Tower project as there is a significant claim for that project on the Claims List. Mr. Zeeb responded that to date the Commission has spent $1,265,940 on the project, including PCU removal, asbestos removal, the environmental consultant fees, and the Phase I and Phase II site assessments. That large claim was the first charge for lead based paint removal. Mr. Zeeb also addressed another question Ms. Schey had posed: whether the Ivy Tower has received any other public funding. Any project of this size would always apply for state and federal credits. Kevin Smith and his team have done that. Those applications are under review and pending approval. We are optimistic those funds will be coming into the pipeline shortly. Ms. Schey also asked what taxes Ivy Tower currently generates. Mr. Zeeb noted that the building generates $48,379 in tax revenue. That includes all the parcels that are owned by Kevin Smith. Ms. Schey asked when the building is expected to be fully functional. Mr. Zeeb responded that there are too many pending issues to give an accurate timeline, the largest being the environmental remediation. Mr. Smith and his team are anxious to get into the building to start remodeling. The contract for lead based paint remediation is anticipated to be completed in January 2015. Ms. Schey asked about the potential expressed in 2012 for residential units on the top floors. Mr. Peterson responded that there is a high demand for market rate housing in the downtown and this building has some of the best views of the downtown and the skyline. The difficulty in pursuing residential development is the large amount of environmental work that still needs to be done. You can't talk specifics with individuals who would be interested when you are two years out from being able to develop it. Upon a motion by Mr. Downes, seconded by Ms. Schey and unanimously carried, the Commission approved the Claims submitted August 14, 2014. 4. COMMUNICATIONS There were no Communications. 3