HomeMy WebLinkAbout~Master - Refund of escrow balance for South Duff Avenue K-Mart Development Project RESOLUTION NO. 01-104
RESOLUTION APPROVING REFUND OF ESCROW BALANCE
FILED IN ACCORDANCE WITH THE AGREEMENT FOR THE
SOUTH DUFF AVENUE K-MART DEVELOPMENT PROJECT
FOR THE CITY OF AMES,IOWA
WHEREAS,in 1993,the City and the developer of the K-Mart site entered into an agreement
that provided for the owner to undertake certain public improvements in conjunction with the
development of the K-Mart and associated retail activities; and,
WHEREAS, one of the requirements was to have the developer, Dalan/Jupiter, Inc., place
funds in an account for the future development of a traffic signal at the access drive from their site
to South 16th Street; and,
WHEREAS, the South 16th Street area is expected to continue to develop, however, the
expectation is that the level of service will remain at an acceptable level without a traffic signal;and,
WHEREAS, the only future event that is expected to have a great impact on the quality of
movement along South 16th Street and the ability to exit from the K-Mart site is the extension of
Grand Avenue from 5th Street to South 16th Street; and,
WHEREAS, that project is not expected until the later stages of the 20-year Transportation
Plan, and based on that timing, it does not appear reasonable to continue to hold the money placed
on deposit by Dalan/Jupiter, Inc.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the request of Dalan/Jupiter, Inc., for return of the balance of the funds ($37,143.32) that was
deposited for the traffic signal at the south access from the K-Mart site to South 16th Street is hereby
approved.
ADOPTED THIS 27th day of March, 2001.
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Diane R. Voss, City Clerk Ted Tedesco, Mayor
Introduced by: Goodhue
Seconded by: Cross
Voting aye: Campbell, Cross, Goodhue, Hoffman, Quirmbach, Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 27th day of March, 2001.