BY COUNCILOR GILBERT:
RESOLVED, that the proper city officials are hereby authorized to enter into an amendment, substantially in the form of the copy on file in the office of the city clerk as Public Document No. ___________, to the development agreement with CC San Marco, LLC, relating to the San Marco residential development increasing the amount payable thereunder by $110,470 for a total amount payable of $235,170, payable from 262-020-5434-CD03CD-HOUS-HS06.
STATEMENT OF PURPOSE: The purpose of this resolution is to amend the development agreement between the city and Center City Housing to increase the amount of CDBG funds granted to the new San Marco project. The increase is due to higher costs than anticipated for the removal and appropriate disposal of asbestos, lead-based paint, and other hazardous materials from the demolition of the condemned buildings on the project site. The acquisition of the property from Mary Anderson was $300,000 over the estimate and the demolition costs were $80,470 over the estimate. The additional funds are being reprogrammed from a number of CDBG funded projects, as detailed in Resolution 05–0855.