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South Bend Redevelopment Commission <br />Regular Meeting -November 21, 2008 <br />6. NEW BUSINESS (CONT.) <br />D. West Washington-Chapin Development Area <br />(1) continued... <br />which started in 2007. <br />Mr. Inks was not sure if the form of this <br />agreement will be an Addendum to the <br />original contract, or a completely new <br />contract. Mr. Inks referred Commissioners <br />to the previous contract and noted the <br />changes that would be made going forward. <br />Changes to the contract terms in a new <br />contract or Addendum would be the <br />following. The agreement would be for two <br />years, 2008 and 2009. Exhibit C (Project <br />Budget) would change so that 2008 will <br />show the Natatorium at $590,000. This <br />amount represents a $90,000 encumbrance <br />for Phase I from 2007, and $500,000 for <br />Phase II previously appropriated by the <br />Redevelopment Commission as the <br />Development Opportunity Reserve. On <br />February 15, 2008 the Commission approved <br />$450,000 from the Development Opportunity <br />Reserve to be used on Phase II. Since that <br />time, higher than expected bids, along with <br />some unforeseen costs such as an <br />underground storage tank, have added about <br />$43,000 to Phase II costs. An additional <br />$7,000 is requested in the event any more <br />unanticipated costs arise. The 2009 budget <br />would be for $370,000 for future projects to <br />be agreed upon by the Redevelopment <br />Commission and SBHF. <br />SBHF has been actively working on <br />development in the West Washington area <br />for the past three decades. SBHF has an <br />exemplary development record during that <br />10 <br />