HomeMy WebLinkAboutA017 - First Amendment to Contract Rezoning for 798 N. 500th Avenue dated January 24, 2023 i
Instrument 0: 2023-00574
'41/30/2023 17 51.23 PM Total Pages 4
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-ABC3e Herridge, Recorder, Story County Iowa
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S P A C E A B O V C RESERVED FOR OFFICIAL _USE
Legal daenption:See pgc 4.
Return document to: City Cleric,51 S Claris Avenue,Ames 1.A 50010
Document prepared by: Marls O.Lambert,City ofAmes Legal Deparb=t,515 Claris Ave„Ames,1A 5001 0—5 15-239-5 146
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FIRST AMENDMENT TO CONTRACT REZONING AGREEMENT
FOR ADOPTION OF THE MASTER PLAN FOR 798 N. 500T"
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AVENUE
THIS IS AN AMENDMENT to an Agreement made by and between the City of
Ames, Iowa and Hunziker Development Group, LLC, upon the following terms and
Conditions:
{ 1 DENNPrtoNS. When used in this AmendInCnt, unless otherwise required by the
context:
1.1 "City"means the City of Ames, Iowa, an Iowa Municipal Corporation,the
seller of the property herein.
1.2 "Developer" means Hunziker Development Group, LLC, an Iowa limited
liability company.
1.3 "Agreement" means the recorded Agreement, presently in force between
the City and Developer, filed in the office of the Recorder of Story County, Iowa,
on August 15, 2022, as Instrument No. 2022-08152, which was a contract
rezoning agreement with master plan, which set certain conditions for a rezoning
of real property locally known as 798 N. 500t1 Avenue,Ames, Iowa.
1,4 "Site" means the real property located at 798 N. 500", Avenue, Ames,
Iowa, the legal description for which is set forth in Exhibit 'A' attached hereto.
2 CIRCUMSTANCES. Under the terms of the Agreement made by Developer and the
City; specifically Part II(c), Developer is obligated to pay to the City the sum of
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$604,725 as of January 24, 2023. The funds are Developer's share of the cost of a
public improvements project that must timely be in the hands of the City to meet
City's contractual obligations, As a convenience to Developer, Developer requests to
provide the City with a letter of credit(a "LOC") in lieu of the cash requirement owed
to the City for its sanitary sewer obligation for a temporary period.
3 AMENDMENT. The Agreement is amended at Part I1(c) to allow Developer to
provide a LOC payable to the City and in a form acceptable to the City in lieu of a
cash payment in the amount of$604,725. By noon on March 31, 2023, the Developer
shall make the full cash payment to the City. Upon receipt of the full cash payment
required, the City shall return said LOC to Developer. Said LOC shall be acceptable
to the City if it is delivered to the City Clerk on or before noon on January 24, 2023,
and if the LOC contains no contingencies or conditions that must be satisfied by the
City to draw upon the LOC; that is, it shall be payable upon the City's demand at any
time, for any reason. City shall draw upon the LOC provided if any part of the
required cash payment has not been delivered to the City as required. If Developer is
unable to provide a timely and acceptable LOC as described herein, Developer shall
make the full escrow cash deposit in cash to the City on or before January 24, 2023,
as required by the Agreement.
4 CONTINUED FULL FORCE. The Agreement shall continue to have full force and
effect in accordance with the terins thereof, subject, however, to this Amendment.
IN WITNESS WHEREOF, the City and the Developer have executed this
Amendment on this day of January 2023.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed effective as of the date first above written.
DEVELOPER:
HUNZIKER DEVELOPMENT
GROUP,LLC
BY
Justin Dodt-e, Manager
STATE OF IOWA,COUNTY OF STORY,SS.:
This instrument was acknowledged before me on Q �� , 2023, by Justin
Dodge,as Manager of Hunziker Development Group, LLC.
MY
Norh►Q.�
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NOTARY PUBLIC
Passed and approved on January of'1,2023,by Resolution No.23- adopted by the City
Council of the City of Ames, Iowa.
CITY OF AMES,IOWA
gy.
John A.Haile,Mayor
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Attest:
Renee hall,City Clerk
STATE OF IOWA,COUNTY OF STORY,SS.:
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This instrument was acknowledged before me on January ,2023,by John A. Haila and
Renee Hall,as Mayor and City Clerk,respectively, of the City of Ames, Iowa.
NOT Y UBLIC
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LEGAL DESCRIPTION OF SITE— Exhibit `A'
Parcel "N" a part of the N 1/3 of the N 1/2 of the SW Fri. 1/4 and of the N 113 of the
West 1/2 of the NW 1/4 of the SF 1/4 of Section 6, Township 83 North, Range 24 West
of the S" P.M., Story County, Iowa, as shown on the Plat of Survey recorded on
December 15, 2003, as Instrument No. 03-24892, Slide 191, Page 1 - AND - Parcel "P"
a part of the N 1/3 of N 1/2 of the SW Fri. 1/4 and of the N 1/3 of the W 1/2 of the NW
1/4 of the SE 1/4 of section 6, Township 83 North, Range 24 West of the 511 P.M., Story
County, Iowa, as shown on the Plat of Survey recorded on December 15, 2003, as
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Instrument No. 03-24992, Slide 191,Page 2.
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