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� ( L) <br /> ;'�.45oU;I e�4 ': <br /> ,,� ` i% r`, Department of <br /> aW �•�rc%_ >c <br /> '"1. :4*- • �,_' Community Investment <br /> . labs <br /> Memorandum <br /> July 18, 2014 <br /> TO: Redevelopment Commission <br /> FROM: Jitin Kain <br /> SUBJECT: Resolution No. 3224 & Amendment to the Addendum to the Master <br /> Agency Agreement - Hill & Colfax Drainage Improvements, Supplement 2 <br /> f. <br /> t <br /> On August 15, 2013, the Redevelopment Commission approved an Amendment to the <br /> Master Agency Agreement for consulting services related to Drainage work on <br /> Commission owned property at the NW corner of Hill and Colfax. <br /> Subsequently on January 30th, the Commission amended the addendum to the Master <br /> Agency agreement, setting a project budget for improvements to the Hill & Colfax <br /> project site as well as street improvements between Niles and Hill that included <br /> changes to pavement marking as well as new lighting to benefit all the businesses on <br /> the node. <br /> Earlier this year, the Board of Public Works bid out improvement to the project site per <br /> the Commission's commitment. However the bids came in higher and have not yet been <br /> awarded. <br /> F <br /> During this time, staff has renegotiated the site improvement portion of the project with <br /> the development team of Colfax Hill Partners, LLC to support new project pricing that <br /> the developers are working with. The additional resources still keep the Commission <br /> commitment towards the project to less than 15% of the total development costs and <br /> ensures a payback in less than 10 years. <br /> Staff requests approval of an additional $170,000 from the SBCDA TIF towards the Hill <br /> and Colfax site improvement portion of the project as well as the attached resolution <br /> and amendment to the addendum to the master agency agreement. <br /> 227 W.JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTHBENDIN.GOV <br />