HomeMy WebLinkAboutA007 - Agreement for Installation of Required Public Improvements dated December 8, 1992 AGREEMENT FOR INSTALLATION OF REQUIRED PUBLIC IMPROVEMENTS
THIS AGREEMENT is made this day of "�, 1992, by
and between the City of Ames, Iowa, party of the first part, and
Frank Schill and Sons, Inc. , 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 Country Gables Fifth
Addition to 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
Country Gables Fifth Addition to Ames, Iowa:
Street Lights $ 5,500.00
Finish Lift of Asphalt Street 7,500400
Total $13,000.00
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
said improvements will not exceed the sum of $13,000.00.
NOW, THEREFORE, IT IS AGREED by and between the parties as
follows:
2
1. That the party of the second part has delivered a
Letter of Credit agreeing to complete the above described
improvements pursuant to said Letter of Credit.
2. That said Letter of Credit is attached hereto 'and
made a part hereof.
3. That upon the completion of all of the said
improvements to the satisfaction of the party of the
first part, said Letter of Credit shall be released,
surrendered and exonerated.
4. That all of said improvements shall be completed by
the party of the second part within twelve (12) months of
the date of this Agreement. In the event of the failure
of the party of the second part to complete all of the
said work as herein agreed, the party of the first part
may perform said work and recover the cost thereof.
IN WITNESS WHEREOF, this Agreement is signed the day and year
first written above by the City Manager on behalf of the City of
Ames, Iowa, and by the party of the second part.
CITY OF AMES, IOWA
By
Pubilc=Works- Di vector
FRANK SCHILL AND SONS, INC.
By
rank A. Schill, President
By lei -
Ja E. Schill, Secretary
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