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(Q -b (Z) 5 UTq 4 Department of s us',z Community Investment Memorandum Monday, March 11, 2013 TO: South Bend Redevelopment Commission FROM: Bill Schalhol SUBJECT: Resolution 3127 & Amendment to the Addendum to the Master Agency Agreement Main /Lafayette Corridor Project - Supplement #8 Attached to this memorandum is Resolution 3127 and Amendment to the Addendum To Master Agency Agreement for the Main - Lafayette Corridor Project, Supplement #8. On November 21, 2011, the Commission and the BPW approved Resolution 2954 -11 and Amendment #4 to create a $1,225,000 budget. With the addition of these 8 acquisitions, there is a need to finalize the acquisition budget. The original estimate for acquisition was $1,224,565 but there have been changes in values associated with some of the purchases (such as relocation expenses), and the addition of costs like with the Gates transaction approved at the last Commission meeting, that have created the increase in the total project budget. The original estimate was a projection of values to be used for budgeting and it was recognized that an adjustment would likely be needed. The purpose pf this supplement is to add funding in the amount of $347,637.00 to the acquisition right of way line item to cover the final acquisitions associated with the Main - Lafayette project. The amount of all acquisitions is the final value and all of the acquisitions have been negotiated and the total acquisition amount will be $1,501,315. Property Owner Amount 389 Wend 's $26,400 426 Jack Ellis (Republican HQ) $17,130 374/005 South Gateway (Sears Hometown Store) $14,890 302 AMC Theaters $81,299 364 -427 Gates /Caroline Partners $79,090 003 Jeffery Nickerson (Honkers) $41,535 475 Falls Creek Development (NW Ireland & Lafayette) $71,193 758 Lock Joint Tube $11,100 Closing Costs Project Design — S3 $5,0000 Total Value To Complete 1 $347,637 The following is a table with the actions and costs to date: Action Resolution Exhibit Date TyELFA/DDLZ t Addendum 2749 -10 A 8/30/10 Project Design- 0.00 Amend #1 2838 -11 B 2/14/11 ROW Acquisition- 0.00 Amend #2 2873 -11 C 5/9/11 ROW Acquisition S2 0.00 Amend #3 2953 -11 D 11/21/11 Project Design — S3 0.00 4147,00000 Amend #4 2954 -11 E 11/21/11 ROW Acquisition B0.00 Amend #5 3023 -12 F 5/15/12 Construction Bud e0.00 Amend #6 3058 -12 G 8/9/12 Demolition of 3 ro0.00 Amend #7 3098 -12 H 12/20/12 Project Design — S4 LFA 0.00 Amend #8 3127 -13 1 Pending ROW Acquisition Budget adjustment 1 347,367.00 Staff requests approval of Resolution 3127 and the Addendum To Master Project, Supplement #8. _ ddgk