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HomeMy WebLinkAbout~Master - Revision to Developer's Agreement for Grand Aspen Subdivision, 4th Addition DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER Prepared by:Douglas R.Marek,Ames City Attorney,515 Clark Avenue,Ames,IA 50010 Phone:515-239-5146 Return to:Ames City Clerk,P.O.Box 811,Ames,IA 50010 Phone:515-239-5105 RESOLUTION NO. 11-389 RESOLUTION APPROVING REVISION TO DEVELOPER'S AGREEMENT FOR GRAND ASPEN SUBDIVISION,4TH ADDITION FOR THE CITY OF AMES WHEREAS, on August 4, 2011, the City Council received a letter on behalf of the Randall Corporation and Campus Crest Ames, LLC, requesting modification to Paragraph No. 3 of the Developer's Agreement for Grand Aspen Subdivision, 4t'Addition,recorded as Instrument No.2010- 00011012 on November 3, 2010; and, WHEREAS,the City Council had previously approved a request from the Randall Corporation to facilitate the development of the Campus Crest Apartment development by accelerating the construction of the Grand Avenue Extension project from South 16t' Street north to serve as the entry road to the new apartment complex; and, WHEREAS,in return for this accelerated commitment to construct this segment of public street, the City required the property owner at that time, the Randall Corporation, to commit to construct a second land on the south side of South 16th Street to complete the widening of the street adjacent to non- university property; and, WHEREAS, rather than require a bond or letter of credit to secure this commitment, the Developer's Agreement provided that"the City shall not issue any occupancy permits for the site until the construction of the fourth lane is completed to the satisfaction of the City's Engineer;" and, WHEREAS,time is of the essence in this instance,as the new owner,Campus Crest Ames,LLC, has indicated to the City's Inspections Division that it intends to be ready for occupancy of the first building by August 15, 2011, which is prior to the Council's next meeting; and, WHEREAS,in order to avoid a detrimental situation for the new owner,the Randall Corporation and Campus Crest Ames, LLC, are requesting that the last line of Paragraph 3 be stricken; and, WHEREAS, it is their position that this security is no longer needed since the required fourth lane is under contract to Con-Struct, Inc., of Ames,Iowa,to be completed by November/December of this year—which work is in conjunction with its contract to extend Grand Avenue; and, WHEREAS,the Council can revise the Developer's Agreement by eliminating the last line of Paragraph 3,but add a requirement for a bond or letter of credit to secure the promise to complete the street widening. NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa,that the revision to the Developer's Agreement for the Grand Aspen Subdivision, 4th Addition,which is to eliminate the last line of Paragraph 3, is hereby approved,with the requirement that a bond or letter of credit to secure the promise to complete the street widening by October 1, 2011. ADOPTED THIS 9'day of August, 2011. . Lo-d& A. V1- Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Larson Seconded by: Goodman Voting aye: Davis, Goodman, Larson, Mahayni, Orazem, Wacha Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 9t' day of August, 2011.