HomeMy WebLinkAbout~Master - Supplemental Funding Agreement for South Fork Subdivision DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER
Prepared by:Judy K Parks,Ames Acting 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. 12-653
RESOLUTION APPROVING SUPPLEMENTAL AGREEMENT FOR SOUTH FORK
SUBDIVISION INTERSECTION IMPROVEMENTS (LINCOLN WAY AND DOTSON
DRIVE) FOR THE CITY OF AMES, IOWA
WHEREAS,on August 14,2001,the City Council approved a Development Agreement for the
South Fork Subdivision with Terra Firma,LP,forthe installation ofvarious public improvements associated
with the development; and,
WHEREAS, one of those improvements identified was the construction of turn lanes and a traffic
signal at the intersection of Lincoln Way and Dotson Drive; and,
WHEREAS, the developer is responsible for 50% of the actual construction costs, and the City
would pay the other 50%plus any engineering/inspection fees; and,
WHEREAS, it was also determined in an updated traffic study dated June 2010 that the Level of
Service (LOS) had dropped below the threshold outlined in the Development Agreement, which has
triggered the need for the improvement; and,
WHEREAS, a portion of South Fork has been sold to Pinnacle Properties Ames, LLC, in care of
Keith Arneson,thereby transferring the public improvements costs to Mr. Arneson; and,
WHEREAS,therefore,a Supplemental Agreement has been prepared that solidifies and updates the
provisions in the existing Agreement; and,
WHEREAS, on February 28, 2012, the City Council approved a Traffic Safety Improvement
Program (TSIP) Grant from the Iowa Department of Transportation (DOT) for $500,000, and this
Supplemental Agreement will take that grant into account by applying it against the estimated cost for the
improvement of$750,000, leaving $250,000 to be paid from 50% local/private funds and 50% by Mr.
Arneson; and,
WHEREAS, this equates to $125,000 for which Mr. Arneson would need to provide financial
security prior to the award of the project.
ADOPTED THIS 18"'day of December, 2012.
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Diane R. Voss, City Clerk Ann H. Campbell, Mayor AF
Introduced by: Davis
Seconded by: Goodman
Voting aye: Davis, Goodman, Larson, Orazem, Szopinski, Wacha
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 18th day of December, 2012.