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Home My WebLink AboutA013 - Public Improvements Contract dated September 15, 1997 / October 14, 1997 r � PUBLIC IMPROVEMENTS CONTRACT THIS IS AN AGREEMENT made by and between City and Developer upon the following terms and conditions: 1. DEFINITIONS. When used in this Agreement, unless otherwise required by the context: 1.1. "City" means the City of Ames, Iowa, a municipal corporation existing un- der the laws of the State of Iowa and located in Story County, Iowa, with a mailing address of 515 Clark Street, Ames, Iowa 50010. 1.2. "Developer" means Everett W. Cochrane and Marjorie L. Cochrane, with a mailing address of 207 Stanton Avenue, Ames, Iowa 50014; and Dickson D. Jensen and Luann C. Jensen, 235 Alexander Avenue, Ames, Iowa 50010. 1.3. "Agreement" means this instrument as signed by the parties. 1.4. "Subdivision" means First Addition, Dauntless Subdivision in the City of Ames, Iowa. 1.5. "Construction Plans" means the construction drawings and detailed specifi- cations prepared by Engineering Resource Group, Inc., 601 S.W. 9th St., Suite H, Des Moines, IA 50309, under date of August 4, 1997 and ap- proved by the City on September 9, 1997, for public improvements to be constructed and installed within the Subdivision. 1.6. "Development Agreement" means the agreement approved by the City Council of City on August 26, 1997, between the City and the Developers setting out the improvements required by the City to be installed and the fees and other conditions requisite for approval of the Subdivision. 2. CIRCUMSTANCES. City requires that Developer, as the owner of Subdivision, in- stall and construct at Developer's expense for the benefit of City certain public im- provements as a condition for approving the final plat of Subdivision. 3. PUBLIC IMPROVEMENT& Developer shall construct and install within the Subdi- vision, in accordance with the Construction Plans, the Development Agreement, and the subdivision ordinance of the City, the following public improvements: (a) streets; (b)water mains and water service lines; (c) sanitary sewer mains and serv- ice lines; (d) storm sewer lines; (e) sidewalks; and (f) street lights. 4. TIME OF COMPLETION. Developer shall complete the construction and installa- tion of all public improvements specified in the Construction Plans before Novem- ber 1, 1999. FJF#9709121039 Page 1 of 5 PUBLIC IMPROVEMENTS CONTRACT Page 2 of 5 5. ENGINEERING SERvICE5. The City's engineer shall review and approve all con- struction plans and specifications for public improvements to be installed under this Agreement and shall inspect all work performed by Developer under this Agree- ment. 6. SECURITY FOR COMPLETION. Developer shall deliver to the City prior to the City's approval of the final plat of the Subdivision letters of credit issued to the City as follows: 6.1. By First National Bank, Ames, Iowa, for Everett W. Cochrane and Mar- jorie L. Cochrane in the amount of$96,654.80; and by Magna Bank, Des Moines, Iowa, for Dickson D. Jensen and Luann C. Jensen, in the amounts of$302,745.20. The letters of credit shall be in the form as shown in the attached Exhibits"A" and`B." 6.2. In the event Developer fails to perform this Agreement before November 1, 1999, the City may draw on the aforesaid letters of credit and complete those public improvements. 7. MAINTENANCE BOND. Prior to acceptance of completed public improvements by the City, Developer shall deliver to the City a surety bond executed by Developer or the contractor installing the public improvements for Developer and by a corpo- rate surety company authorized to do business in the State of Iowa, conditioned upon the payment of all costs of maintenance and repair of the public improve- ments constructed by Developer under this Agreement necessitated by defects in material and workmanship for a period of two years from and after final accep- tance of the public improvements by the City. 8. NOTICES. Unless otherwise required by law, any notice or demand required or permitted by the terms of this Agreement shall be sufficient and deemed complete when expressed in writing and either (a) personally delivered to the person entitled thereto, or (b) deposited at any office of the United States Postal Service in the form of certified mail addressed to the last known mailing address of the person entitled thereto, or (c) served on the person entitled thereto in the manner of an original notice under the Iowa Rules of Civil Procedure. 9. INTERPRETATION. Words and phrases used in this agreement shall be construed as in the single or plural number, and as masculine, feminine or neuter gender, ac- cording to the context. This agreement shall be governed exclusively by and con- strued in accordance with the laws of the State of Iowa. The paragraph headings in this agreement are for convenience only and in no way define or limit the scope or intent of any provisions of this agreement. This Agreement may be executed in any number of counterparts, each of which shall be regarded as an original and all FJF#9709121039 PUBLIC IMPROVEMENTS CONTRACT Page 3 of 5 of which shall constitute but one and the same instrument. This Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of all parties executing this Agreement. IN WITNESS OF THIS AGREEMENT Developer has executed this instrument on the I�n day of September, 1997. a � EVERETT W. COCE RANE MARJOW L. COC D KSON D. JENS N_ 0 LiJANN C. JENSEN —DEVELOPER— IN WITNESS OF THIS AGREEMENT City has executed this instrument on the 14th day of October , 1997. CITY OF AME OWA B14 Attest 4 Larry R. C is, Mayor Sandra L. Ryan, Clerk —CITY— FJF•9709121039 PUBLIC IMPROVEMENTS CONTRACT Page 4 of 5 EXHIBIT A Irrevocable Letter of Credit No.: Dated: September , 1997 To: City of Ames, Iowa Attn: City Clerk 515 Clark Ave. Ames, IA 50010 We hereby authorize the City of Ames, Iowa, to draw on First National Bank, Ames, Iowa, for the account of Everett W. Cochrane and Marjorie L. Cochrane, up to the aggregate amount of U'S'$96,654.80 available by your draft(s) at sight accompanied by the sworn statement of the City of Ames Director of Public Works stating that the public im- provements called for by the Public Improvements Contract for the First Addition, Dauntless Subdivision, have not been completed before November 1, 1999. Each draft must state that it is "Drawn under First National Bank Letter of Credit No. , dated September , 1997." This letter of credit and all documents specified must accompany the draft(s). We hereby agree that all drafts drawn under and in compliance with the terms of this letter of credit will be duly honored on de- livery of documents as specified if presented at this office in Ames, Iowa, no later than December 31, 1999. FIRST NATIONAL BANK, AMES, IOWA [SEAL] By (Name/Title of authorized officer) By (Name/Title of authorized officer) FJF•9709121039 . a PUBLIC IMPROVEMENTS CONTRACT Page 5 of 5 EXHIBIT B Irrevocable Letter of Credit No.: Dated: September 31997 To: City of Ames, Iowa Attn: City Clerk 515 Clark Ave. Ames, IA 50010 We hereby authorize the City of Ames Iowa to draw on Magna Bank, Des Moines, Iowa, for the account of Dickson D. Jensen and Luann C. Jensen, up to the aggregate amount of U's'$302,745.20 available by your draft(s) at sight accompanied by the sworn statement of the City of Ames Director of Public Works stating that the public improve- ments called for by the Public Improvements Contract for the First Addition, Dauntless Subdivision, have not been completed before November 1, 1999. Each draft must state that it is "Drawn under Magna Bank Letter of Credit No. dated September , 1997." This letter of credit and all documents specified must accompany the draft(s). We hereby agree that all drafts drawn under and in compliance with the terms of this letter of credit will be duly honored on delivery of documents as specified if presented at this office in Des Moines, Iowa, no later than De- cember 31, 1999. MAGNABANK, DES MOINES, IOWA [SEAL] By (Name/Title of authorized officer) By (Name/Title of authorized officer) FJF•9709121039