HomeMy WebLinkAbout~Master - Assessment of Costs of Improvements for Traffic Signal on Airport Road RESOLUTION NO. 99-309
RESOLUTION APPROVING COVENANT
AND AGREEMENT FOR ASSESSMENT OF
COSTS OF IMPROVEMENTS
WITH SAM'S CLUB
FOR A TRAFFIC SIGNAL ON AIRPORT ROAD
FOR THE CITY OF AMES, IOWA
WHEREAS,when Sam's Club was proposed for development in 1994,the City and Wal-Mart
Stores, Inc., entered into an agreement addressing several off-site improvements; and,
WHEREAS, one of the items dealt with in the agreement was construction of a traffic signal;
and,
WHEREAS,the agreement provided for Wal-Mart Stores,Inc.,to pay their proportionate share,
up to $65,000, of the traffic signal when it is installed; and,
WHEREAS, they provided financial security in the form of a Payment bond; and,
WHEREAS, the agreement also provided that if the signal is not warranted in five years, an
assessment agreement would be completed; and,
WHEREAS, since five years have elapsed and the traffic signal has not been constructed, it is
necessary to enter into a Covenant and Agreement for Assessment of Costs of Improvement; and,
WHEREAS,the Agreement will extend for 21 years with the option for extension.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa, that
the Covenant for Assessment of Costs of Improvements made by Wal-Mart Stores, Inc., for a traffic
signal on Airport Road is hereby approved and the release of their Payment Bond is authorized.
ADOPTED THIS 24th day of August, 1999.
Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Hoffman
Seconded by: Cross
Voting aye: Campbell, Cross, Hoffinan, Parks, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 24th of August, 1999.