Loading...
HomeMy WebLinkAboutA032 - Resolution No. 01-051 adopted February 13, 2001 RESOLUTION NO. O1 051 RESOLUTION APPROVING PROPOSAL FOR PAYMENTS AND THE COVENANT FOR ASSESSMENTS FOR EASTGATE DEVELOPMENT BANKRUPTCY FOR THE CITY OF AMES,IOWA WHEREAS,the developer of the Eastgate Subdivision,at the northwest corner of 13th Street and Dayton Avenue,is under the jurisdiction of the Federal Bankruptcy Court; and, WHEREAS,proposed and pending sales of lots and the disbursement of proceeds from the sale of those lots is under the control and approval of the Federal Bankruptcy Court; and, WHEREAS,the City's ordinance on subdivisions does not allow building permits to be issued unless all requirements set by ordinance and agreement for public improvements under the ordinance are met; and, WHEREAS,City staff worked with the developer and the developer's creditors to devise an arrangement by which the obligations under the Subdivision Ordinance could be met from proceeds of pending lot sales; and, WHEREAS, the arrangement was approved by the Bankruptcy Court on February 7,2001; and, WHEREAS,the arrangement provides for payment of$44,746.39 for city street lights,escrowed funding of$20,000 for a bike path on East 13th Street, and payment to the City of$18,746.39 to reimburse the City's engineering and inspection costs; and, WHEREAS,the cumulative utility tapping fees of$12,901 will be paid on a lot-by-lot basis as a condition of service as lots are developed(in accordance with the Municipal Code, although the Development Agreement called for a lump-sum payment for all lots at the time the first was built upon); and, WHEREAS, the contingent improvements on Dayton Avenue will not be required unless. the City determines a need in the future, and to meet that requirement, a covenant to pay special assessment for those improvements is proposed. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the proposal for payments and the covenant for assessments for Eastgate Development bankruptcy are hereby approved. ADOPTED THIS 13th day of February,2001. Diane R.Voss, City Clerk Ted Tedesco,Mayor Introduced by: Quirmbach Seconded by: Hoffman Voting aye: Campbell, Cross, Goodhue,Hoffman,Quirmbach,Wirth Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 13th day of February, 2001.