10-28-19 Community Investment - Laserfiche WebLink

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®CITY OF SOUTH BEND I OFFICE OF THE CLERK not exceed five percent (5%) on the bonds. Again, given current market conditions we would expect to do quite a bit better than that when the bonds are issued. Councilmember Jake Teshka asked, The $205 million, right?That's the State contribution? Is that on top of another, I guess, what's the scope of this entire project? The City and the County are throwing in$18.2,you know, LaPorte County is throwing in x,the Northwest Regional is throwing in x and then the state FDA, what's this overall? What does this double tracking cost? Mr. Nolan replied, Sure. We're going to be slightly above $400 million in total project cost. And so, the quick numbers I have right here between the two (2) counties, which is St. Joseph and LaPorte, you're $18.25 million each. And then you're going to have Northwest Regional Development Authority, which is Lake and Porter County. They're going to be in for $18.25 million as well. So, it's roughly between $73 million between the four (4) counties. I have the Federal Government coming in for grants should we be approved that somewhere around $160 million, and then the State contribution that $205 for both West Lake and double track. So, a portion will be used for double track. But that will also be an increase from what the State had already been putting in. So, the State's going to be roughly around $180 to $185 million dollars into the project. So, you can see that State is the largest contributor. Councilmember Jake Teshka followed up, So, our approval is the last piece of this puzzle, and then it goes to the timeline, the Redevelopment Commission, and then the RDA. When does track actually start getting laid on this, if all goes well? Mr. Nolan stated, I'll add one (1) piece on that $400 million price tag, the FTA requires us to put a thirty percent (30%) plus contingency on so we're looking to bring this project in substantially lower than that, but that's part of the process that the FTA looks for. It's that you have not only your base cost, but you have a sizable contingency on that process as well. If we maintain our current schedule, we hope to be getting a construction contract in summer of 2021 and finish up in summer of 2023. We also are required to put on schedule contingencies so you may see us talk about April of 2024 in certain documents,that's because like price contingency,the FTA also asks us to put schedule contingency on, but we drive to our base budget we drive to our base schedule. Councilmember Tim Scott stated,this is in light of Karen White and Oliver Davis. Two(2)things. This is for the public more than anything,this is setting the bond,this the financial side to it. It has nothing to do with the location of a station whether downtown or anywhere else in the City, correct? Mr. Nolan replied, That's correct. Councilmember Tim Scott Stated, Okay, and then this does not have anything to do with routing of that double track through any neighborhoods or any other land through this,right?This has only to do with the financials. Right? Mr. Nolan replied, This has to do with the double track project, no taking of any land in South Bend, no change of location from the east end of the airport or routing. Councilmember Tim Scott stated, Thank you. I just want to make sure that was that was for the public more than me. I just want to make sure that was out there. EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 455 County-City Building 227 W.Jefferson Bvld South Bend,Indiana 46601 p 574.235.9221 f 574.235.9173 TTD574.235.5567 www.southbendin.gov 4