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The City's cost share amount of $141,740.15 is proposed to be paid from TIF 14. The Developer is responsible for <br />their share of project costs in the amount of $12,410.85 as outlined in the attached amendment. These costs are <br />based on the estimated project costs outlined in Exhibit B of the attached amendment, which is a not -to -exceed <br />amount. Since the developer's contractor will be completing the work it is fully anticipated that project costs will be <br />less than the estimated project costs, meaning both parties cost shares are anticipated to be less than the amounts <br />identified within Amendment No. 1. <br />Recommendation: <br />Staff recommends adoption of Resolution #21-221 approving Amendment No. 1 to the Development Agreement for <br />COR Sapphire Addition. These improvements were intended to be constructed first thing this spring but due to <br />various circumstances are not yet under construction. The developer and the City have received numerous <br />complaints this year regarding the overall lack of pedestrian facilities along this segment of Center Street. <br />Outcome/Action: <br />Motion to adopt Resolution #21-221 approving Amendment No. 1 to the Development Agreement for COR <br />Sapphire Addition. <br />Amendment No. 1 <br />COR Sapphire Development Agreement <br />Center Street Plans <br />Resolution 21-221 <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kathy Schmitz 07/22/2021 04:22 PM <br />Form Started By: Bruce Westby Started On: 07/22/2021 05:37 AM <br />Final Approval Date: 07/22/2021 <br />