HomeMy WebLinkAbout5B1 Budget Increase for Gemini (WashingtonColfax)
Redevelopment Commission Agenda Item
DATE: July 10, 2019
FROM: Kyle Silveus, Assistant City Engineer
SUBJECT: Amendment to Gemini (Washington/Colfax)
Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington
PURPOSE OF REQUEST: Increase in funding amount of $230,000 to cover higher than anticipated bids
and the inclusion of water connection infrastructure in the amount of $230,000.
The Commission and the Developer entered into a Development Agreement dated effective June 28,
2018. The Commission agreed to expend an amount not to exceed $1,000,000 of tax increment finance
revenues, with $500,000 allocated for expenditure in 2018 and the remaining $500,000 allocated for
expenditure in 2019.
Bids were received and opened on June 11, 2019 for a portion of the improvements by the City of South
Bend Board of Public Works, and the lowest responsive bid from a responsible bidder exceeded the
Funding Amount. Additionally, the parties desire to include an amount in the Funding Amount Increase to
accommodate the cost of water connection infrastructure for the Project.
In order to award the contract to the winning bidder the Board requires an increase in the Funding Amount
of $230,000 from the 2019 allocation, to be used solely for the contract award and water connection
infrastructure.
INTERNAL USE ONLY: Project Code: _______________________________________________;
Total Amount new/change (inc/dec) in budget: _$2300,000_________; Break down:
Costs: Engineering Amt: ______________________; Other Prof Serv Amt_________________;
Acquisition of Land/Bldg (circle one) Amt: ___________; Street Const Amt ________________;
Building Imp Amt_________; Sewers Amt_________; Other (specify) Amt: ________________
___________________________________________. Going to BPW for Contracting? Y/N
Is this item ready to encumber now? ____ Existing PO#________ Inc/Dec $_____________