HomeMy WebLinkAboutA005 - Agreement for Public Improvements dated July 24, 1998 AGREEMENT FOR PUBLIC IMPROVEMENTS
The parties to this Agreement are Airport Road Developers, L.C., hereinafter re-
ferred to as "Owner," and the City of Ames, hereinafter referred to as "City."
WHEREAS, the Owner is in the process of platting real estate to be known as Air-
port Road Subdivision to Ames, Iowa;
WHEREAS, the Owner is required to construct certain improvements and utilities
within the real estate, to wit: Street, water main, sanitary sewer, storm sewer, sidewalk,
and streetlights; and to pay reasonable engineering and inspection fees therefor, all as part
of the platting procedure of the City;
Now, THEREFORE, in consideration of the premises, it is hereby agreed that the
Owner shall deposit with the City a letter of credit in a form approved by the City Attor-
ney in the amount of$256,032.00, conditional upon the completion of the improvements
and utilities as required by the City for said Subdivision.
IT Is FURTHER AGREED that the City reserves the right to construct said im-
provements and utilities in the event the Owner fails to do so as herein agreed, and to
cover the cost thereof with the letter of credit.
IT Is FURTHER AGREED that upon satisfactory completion of the said improve-
ments and utilities, including the paying of reasonable engineering and inspections fees
therefor, the letter of credit shall be released and returned to the Owner.
Dated this P4t� day of July, 1998.
CITY OF AMES, IOWA AIRPORT ROAD DEVELOPERS, L.C.
BY. �, _ BY:
Paul D. Wiegand U Marvin J. Wa r
Public Works Director Manager
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