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South Bcnd Rede~~elopment Commission <br />Regular ;Meeting-No~~ember ? 1.2008 <br />6. A'E~b' BI~SINESS {CON"f.) <br />D. West ~~1'ashiugton-Chapin Devclopmeut Arcs <br />(1) continued... <br />~~~hich started in 2007. <br />Mr. Inks was not sure if the form of [his <br />a~rccmcnt ~~~-ill be an nddcndum to the <br />original contract, or a completely new <br />contract. Mr. lnks referred Commissioners <br />to the pre~~ious contract and noted the <br />changes that would be made going fon~~ard. <br />Chances to the contract terms in a ne~~~ <br />contract or Addendum would be the <br />t~>llo~-~~in~. The a~~recmcnt ~~~ould be fii~r t~~~o <br />wars, 2008 and 2009. Exhibit C (Project <br />f3udgct) ~~ould charge so that 2008 ~~~ill <br />sho~~~ the ti~atatorium at 5>90.000. "phis <br />amount represents a 590,000 encumbrance <br />for Phase I from 2007. and 500.000 for <br />Phase II pre~~iously appropriated by the <br />Redevelopment Commission as the <br />Dc~elopmcnt Opporhmity Rescue. On <br />February 1 ~. 2008 the Commission appro~~cd <br />Sq~0.000 from the Dc~~clo~~mcnt Opportunity <br />Rescn~c to be used on Phase It. Since that <br />time, higher than expected bids along with <br />some unforeseen costs such as an <br />undcr~rround stora~ac tank. ha~~c added about <br />S4,.000 to Phase II costs. An additional <br />57.000 is requested in the event anv more <br />unanticipated costs arise. The ZUU9 bud~~et <br />would be for S?70.000 t<~r future projects to <br />be agreed upon by the Rcde~elopment <br />Commission and SBI IF. <br />5[3HF has been acti~el~ ~~orkine on <br />dc~~elupment in the West Washington urea <br />for the post three decades. SBHF bus an <br />exemplury~ dc~clopmcnt record during that <br />