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°4�uT Department of ' Community Investment Memorandum Tuesday, May 28, 2013 TO: Redevelopment Commission FROM: Jitin Kain SUBJECT: Amendment to the Addendum to the Master Agency Agreement - Studebaker Plaza Project, Supplement #1 Attached with this memorandum are Resolution #3147 and Amendment to the Addendum to the Master Agency Agreement for the Studebaker Plaza Project, Supplement #1. On June 11, 2013, the BPW opened bids for the Studebaker Plaza project in downtown South Bend. The bid received from the lowest responsive, responsible bidder is higher than the resources currently allocated for the project. The following provides a breakdown of the activity till date: REVENUE Activity Cost Initial appropriation by Redevelopment Commission (November 2012) $295,214 Budget Increase prior to bid opening (May 2013) $25,000 CURRENTTOTAL $320,214 EXPENSES Activity Cost Architectural Services & Construction Documents $29,600.00 Lowest Bid Received at BPW $318,095.52 Advertising, Printing, Miscellaneous expenses 500.00 TOTAL NEEDED $348,195.52 The attached Amendment to the Addendum to the Master Agency Agreement - Studebaker Plaza Project, Supplement #1 establishes a project budget of $348,195.52. This equates to an additional increase of about $28,000. Note that Great Lakes Capital that owns the plaza and is investing over $6 Million in the rehabilitation of the former Wells Fargo building has agreed to split the additional costs and will reimburse the Commission for $14,000 of the new expenses. Staff requests approval of Resolution #3147 and Amendment to the Addendum to the Master Agency Agreement for the Studebaker Plaza project, Supplement #1. 227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV