HomeMy WebLinkAboutA010 - Public Improvements Contract dated March 9, 1999 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:
I.I. "City" means the City of Ames, Iowa, a municipal corporation existing under the laws of the
State of Iowa and located in Story County,Iowa,with a mailing address of Attention:
City Manager,515 Clark Avenue,Ames,Iowa 50010.
1.2. "Developer" means Jensen Development Corporation, Ltd., with a mailing address of 315
Alexander Ave.,Ames,Iowa 50010.
1.3. "Subdivision"means Second Addition,Dauntless Subdivision,Ames,Iowa.
1.4. "Construction Plans"means the construction drawings and detailed specifications prepared by
Engineering Resource Group,Inc. (ERG),whose address is 601 S.W 9th Street, Suite H,Des
Moines, IA 50309, under date of the 2nd day of March 1999, and approved by the
City-ow the 23rd day of March 1999, for public improvements to be constructed and
installed within the Subdivision.
1.5. "Completion Date" means November 1, 1999.
1.6. "Agreement"means this instrument as signed by the parties.
2. CIRCUMSTANCES; City requires that Developer, as the owner of Subdivision, install and construct at
Developer's expense for the benefit of City certain public improvements as a condition for approving
the final plat of Subdivision.
3. PUBLIC IMPROVEMENTS. Developer shall construct and install within the Subdivision,in accordance
with the Construction Plans,the Development Agreement, and the subdivision ordinance of the City,
the following public improvements: (a)streets,(b)sidewalks;and(c)street lights.
4. TIME OF COMPLETION. Developer shall complete the construction and installation of all public
improvements specified in the Construction Plans before the Completion Date.
5. ENGINEERING SERVICES. The City's engineer shall review and approve all construction plans and
specifications for public improvements to be installed under this Agreement and shall inspect all work
performed by Developer under this Agreement.
6. SECURITY FOR COMPLETION. Developer shall deliver to the City prior to the City's approval of the
final plat of the Subdivision a letter of credit issued to the City by Union Planters Bank, 2951 86th
Street,Urbandale, Iowa 50322,for developer, in the amount of$50,000.00. The letter of credit shall
be in the form as shown in the attached Exhibit "A." In the event Developer fails to perform this
Agreement before the Completion Date, the City may draw on the aforesaid letters of credit and
complete those public improvements.
7. 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 ad-
PUBLIC IMPRO VEMENTS CONTRACT Page 2
dress 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.
8. 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,according to the context. This agree-
ment shall be governed exclusively by and construed 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 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 March
1999.
JENSEN DEVELOPMENT
CORPORATION,LTD.
BY.
kson D.Jensen,71nt
—DEVELOPER—
IN WITNESS OF THIS AGREEMENT City has executed this instrument on March �3 , 1999.
CITY:OFOWA
BY: BY.
Te Tedesc ,Mayor Diane R.Voss,City Clerk
—CITY—
BY:
Paul D. Wiegand, Pu lic Works Director
FJF*9903091009
PUBMCIMPROVEMENTS CONTRACT Page 3
EXHIBITA
Irrevocable Letter of Credit No.: _r INSERT NO. ]_
Date of Issue: _r_mmmT DATE ]_
Date of Expiration: _r INSERTDATE ]_
Amount: U.S.$t INSERT AMT.To Beneficiary: City of Ames,Iowa
Attn: City Clerk
515 Clark Ave.
Ames,IA 50010
We hereby issue in your favor our irrevocable letter of credit no._r INSERT NUMBER i for the account
and by the order of_r INSERT DEVELOPER NAME i_up to.the aggregate amount of U'S'S r INSERT AMOUNT ]___.
Payment under this letter of credit shall be available by your draft(s) at sight on _r INSERT BANK
NAME L bearing on its face the clause "Drawn under Irrevocable Letter of Credit No. _r >NS�T rrlllvwm �_,
dated_r_INSERT ISSUE DATE ]_"and accompanied by the statement of the Beneficiary signed or purporting to be
signed by one of its officials certifying that the public improvements called for by the Public Improvements
Contract for the_t INSERT SUBDMSIONNAME ]_,have not been completed before_r INSERT DATE TWO YEARS HENCE 1 .
This letter of credit and all documents specified must accompany the draft(s)for endorsement of
any payments. 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.
Drafts must be drawn and negotiated at our office at—[ INSERT LOCAL BRANCH STREET ADDRESS ]_ in-r INSERT
LOCAL BRANCH CITY ]_, Iowa no later than the expiration of this letter of credit at the close of business on
_t INSERT DATE TWO YEARS HENCE ]_.
This letter of credit is subject to the Uniform Customs and Practice for Documentary Credits
(1993 Revision),International Chamber of Commerce Publication No. 500, or the successor version in ef-
fect at the time of any draws.
_r INSERT BANK NAME
BY: BY:
_t INSERT NAME AND TITLE �_ _t INSERT NAME AND TITLE ]_
FJF#9903081008