HomeMy WebLinkAboutA018 - Agreement for Installation of Required Public Improvements AGREEMENT FOR INSTALLATION OF
REQUIRED PUBLIC IMPROVEMENTS
THIS AGREEMENT is made this 23rd day of August , 1994,
by and between the City of Ames, Iowa, party of the first part, and
Erben A. Hunziker, as Trustee of the Erben A. Hunziker Revocable
Trust dated July 28, 1992; and Donald M. Furman and Ruth W. Furman,
as Trustees of the Donald and Ruth Furman Revocable Trust dated
March 1, 1991, party of the second part, WITNESSETH:
WHEREAS, the party of the second part is the developer of the
real estate described as follows, to-wit:
SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF
CONTAINING THE CORRECT LEGAL DESCRIPTION, and
WHEREAS, the party of the second part is in the process of
platting said real estate described as First Addition, Bentwood
Subdivision, in the City of Ames, Iowa, and the plat of the same
together with all supporting instruments, having been submitted to
the City Council of the City of Ames for approval, and
WHEREAS, the party of the second part has not completed the
following operations as described and set forth in the plat of the
First Addition, Bentwood Subdivision, in the City of Ames, Iowa:
Street Construction $350,000.00
Electric Utility Installation $ 57,368.00
TOTAL $407,368.00
and it is desired by the parties hereto to make provisions
therefore, and
WHEREAS, the party of the second part shall assume the
responsibility for making said improvements, and
WHEREAS, it has been estimated that the cost of completing
2
said improvements will not exceed the sum of $407,368.00.
NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES AS
FOLLOWS:
1. That the party of the second part has executed a
Letter of Credit for the street construction and electric
utility installation in the amount of $407,368.00 to complete
the above described improvements pursuant to said Agreement.
2. That upon the completion of all of the said
improvements to the satisfaction of the party of the first
part, said Letter of Credit for $407,368.00 shall be released.
IN WITNESS WHEREOF, this Agreement is signed the day and year first
written above by the Public Works Director on behalf of the City of
Ames, Iowa, and by the party of the second part.
CITY OF AMES, IOWA
By
Donald M. F rman as Trustee E ben A. Hunziker as Tr stee
of the Donald and Ruth Furman of the Erben A. Hunziker
Revocable Trust dated March 1, Revocable Trust dated July 28,
1991 1992
th W. Furman as Trustee of
the Donald and Ruth Furman
Revocable Trust dated March 1, 1991
SCHEDULE A
PROPERTY DESCRIPTION.-
An irregular/y shaped portion of the East one—half of the
Northwest Fractions/ 114 of Section 7, Township 83 North,
Range 24 West of the 5th P.M., in Ames, Story County, lows
is described as: Commencing at the Northeast Corner of the
Northwest Fractional 114 of Section 7, Township 83 North, Range
24 West of the 5th P.M., in Ames, Story County, lows; thence,
S00 °-00'-00"W o%nq the East Line of the N. W. Fractions/ 114
Of said Section 7, a distance of 350.00 feet to the Point of
Beginning; thence, continuing S00 °-00'-00"W along the East
Line of the NW. Fractional 114 of said Section 7, a
distance of 2297.29 feet to the Southeast Corner of the N. W.
Fractional 114 of said Section 7; thence, S890 —23'-44"W
along the South Line of the N. W. Fractional 114 of said
Section 7, a distance of 1321.09 feet to, the Southwest
Corner of the East one—half of the lV. W. Fractional 114 of
said Section 7; thence, NOO °—O2'-00"W along the West Line of
the East 1/2 of the N. W. Fractional 114 of said Section 7, a
distance of 2330. 75 feet; thence, S87°- 12'-28"E, a distance
Of 0.69 feet; thence, N00 °-21 '-03"E, a distance of 229. 00
feet to the South Right—of—Way Line West Lincoln Way as it
-is presently established; thence, N89 °-04'-00"E along the
South Right—of—Way Line said West Lincoln Woy, a distance of
921. 77 feet; thence, N83°-21 '-22"E along the Southerly
Right—of—Way Line of said West Lincoln Way, o distance of
100.50 feet; thence, N89 °-04'-00"E along the Souther/y
Right—of—Way Line of said West Lincoln Way, a distance of
58.86 feet; thence, SOO 0-00'-00"E along a line parallel with
and 240.00 feet West of the East Line of the N. W. Fractional
1/4 of said Section 7, o distance of 280.00 feet; thence,
N890 —04'-00"E along a line parallel with and 350.00 feet
South of the North Line of the NW. Fractional 114 of said
Section 7, a distance of 240. 00 feet to the Point of
Beginning.
Said tract of land being subject to and together with any
and all easements of record.
Said tract of land contains 76.32 acres more or less.