HomeMy WebLinkAboutA034 - Eastgate Subdivision Covenant for Assessment of Costs of Improvements Dayton Avenue dated February 13, 2001 CITY'OF A14ES
]Box, 811;
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AIDS i IA 50010-0811
O1 - 0.1744 DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER
Prepared by: John R.Klaus,City of Ames Legal Department,515 Clark,Ames,Iowa 50010(Phone: 515-239-5146)
INST. ST CORRECTED
STORY UNTY,IOWI�
FILED FO SEC RD ��. EASTGATE SUBDIVISION o
% FEB 1 Piy COVENANT FOR ASSESSMENT OF
COSTS OF IMPROVEMENTS
SUSA ANDS KAMP,Rec er DAYTON AVENUE
E 8 AUD.FEE
THIS COVENANT AND AGREEMENT is made effective the�_day of February, 2001, by and o
between EASTGATE DEVELOPMENT, INC., its successors and assigns (hereinafter called
"Developer"), the mortgagees and lienholders whose names appear at the end of this Agreement, and
THE CITY OF AMES,IOWA, (hereinafter called"City"),
WITNESSETH THAT: z
The parties hereto have agreed and do agree as follows:
1. This agreement is made for the purpose of meeting the subdivision regulations and plat
approval requirements of the City c
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2. In anticipation of the possibility that the City may at some time deem it to be in the public w
interest to cause construction of a northbound left turn lane on Dayton Avenue to facilitate use of
Plymouth Drive in the Eastgate Subdivision, Ames, Iowa, and to cause construction of an additional lane
of travel on Dayton Avenue between the north boundary of said Eastgate Subdivision and the intersection I
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of Dayton Avenue and East 13th Street, by means of city-awarded contracts to be paid by special N
assessments to be levied against the lots in Eastgate Subdivision as shown on the attached Exhibit A,
Developer does hereby covenant and agree that by execution of this instrument Developer, its successors
and assigns, including purchasers of lots,and each of them, shall pay and are bound to pay to the City that I
percentage of the costs of the aforesaid improvements to Dayton Avenue as stated on Exhibit A and
assessed to the lots in Eastgate Subdivision, Ames, Iowa, by action of the governing body of the City.
Additionally, Developer, its successors and assigns, including purchasers of lots, and each of them with
respect to the said assessment:
A. Waive notice to property owners by publication and mailing as provided by Section C
384.50, Code of Iowa.
B. Waive the right to a hearing on the making of the improvement, the boundaries of the
special assessment district,the costs of the project,the assessments against any lot or the final adoption of
the resolution of necessity as provided for in Section 384.51,Code of Iowa.
C. Consent to the adoption of a preliminary resolution, a plat, schedule of assessments, �7
and costs estimate, and resolution of necessity by the City for the project.
D. Waive any objections to the project, the boundaries of the district, the costs of the
project, the valuation of any lot, the assessment against any lot, or the final adoption of the resolution of
necessity.
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E. Agree that the amount and proportion of the costs of the construction or repair of the
above-described improvement, including engineering, inspection, and financing costs, to be paid by the
property owners, as ascertained and determined by the Council of the City, upon the completion and
acceptance of the work, spread over a period of not less than twelve (12) years then determined by the
said City Council, at lawful and usual interest, shall constitute assessments against the aforesaid
properties and that said assessments shall be paid by the undersigned Developer, its successors and
assigns, including purchasers of lots, within the time provided by law for the payment of special
assessments for such improvement.
F. Waive the limitation provided in Section 384.62, Code of Iowa, that an assessment
may not exceed twenty-five (25) percent of the value of his/her lot as defined in Section 384.37(5), Code
of Iowa.
G. Waive notice to property owners by publication and mailing as provided by Section
384.60, Code of Iowa (relating to notice of certification of County Auditor of final schedule of
assessments).
H. The Developer warrants that the aforesaid real estate is free and clear of all liens and
encumbrances, except for such liens as are held by the mortgagees and lienholders hereinafter listed and
designated as signatories of this Agreement.
I. The Developer agrees to subordinate any sale or mortgaging subsequent to the date
hereof of any part of the property listed below to the terms of this Agreement.
J. Agree that if the project of this Agreement, or the assessment, is declared in whole or
in part invalid or beyond the City's authority, that Developer, its successors and assigns, including
purchasers of lots, shall nevertheless pay the assessed amounts.
K. Lienholders and mortgagees who become such subsequent to the date hereof, shall be
junior and inferior to the lien of any assessments levied pursuant to this covenant and agreement, but
current lienholders and mortgagees, agree that if by foreclosure of their lien or mortgage they acquire title
to any lot assessed as aforesaid,they shall be bound to pay said assessment; and, that this agreement shall
remain in full force and effect after such foreclosure of lien or mortgage.
L. Waive the right to request deferment for agricultural land.
The foregoing provisions encumber the land that is platted as Eastgate Subdivision,Ames,Iowa.
3. The Developer, its successors, and assigns, including purchasers of lots, may at any time
procure a release from the street assessment obligations of this covenant and agreement with respect to
any lot or lots in the said Eastgate Subdivision by paying to the City that amount that is the percentage
shown on Exhibit A with respect to said lot or lots to be released, of the cost then estimated by the City
for the said improvements to the said Dayton Avenue. The City agrees that for a period beginning with
the effective date of this Agreement and ending on May 1, 2001, the amount of such cost shall be
$141,000.00.
4. This covenant and agreement shall be filed for record in the office of the Story County
Recorder and all covenants, agreements promises and representations herein stated shall be deemed to be
covenants running with the land and shall endure and be binding on the parties hereto, their mortgagees,
lienholders, successors and assigns, for a period of twenty-one (21)years from the date of the recording
of these covenants, unless claims to continue any interest in the covenants are filed as provided by law.
The City shall have the right to file a claim to continue its interest in these covenants.
RE-.RECORDED
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5. Invalidation of any of these covenants by judgment or court order shall in no way affect any of
the other provisions, which shall remain in full force and effect.
Executed by the respective signatories effective the date first above written.
EASTGATE {VEL NT CITY OF AMES IOWA
By: 07K By:
Thomas L.Flynn rustee in IT ptcy T d Tedesco,Mayor
By:C\11,'4ib R .
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Diane R.Voss City Clel r "
STATE OF IOWA,POLK COUNTY ss:
STATE OF IOWA,STORY COUNTY Ss:
On this SA4\ day of ,2001,before f,
me, a Notary Public in and for the State of Iowa, personally On this day of 2001,before me,a
appeared Thomas L.Flynn to me personally known,who being by Notary Public in and for the State of lowR personally appeared
me duly sworn, did say that that person is Trustee of said Ted Tedesco and Diane R. Voss, to me personally known, and,
corporation,that the seal affixed to said instrument is the seal of who,being by me duly swom,did say that they are the Mayor and
said corporation, or no seal has been procured by the said
corporation, and that said instrument was signed and sealed on City Clerk,respectively, of the City of Ames,Iowa;that the seal
behalf of said corporation by authority of the United States affixed to the foregoing instrument is the corporate seal of the
Bankruptcy Court for the Southern District of Iowa and pursuant to corporation, and that the instrument was signed and sealed on
provisions of Title I of the United States Code and the said
Thomas L. Flynn acknowledged the execution of said instrument behalf of the corporation, by authority of its City Council, as
to be the voluntary act and deed of said corporation by it contained in Resolution No. 101-Q51 adopted by the City
voluntarily executed. Council on the aJ day of -J9?0krid that Ted
`AW10f- 5 YLOO Tedesco and Diane R. Voss acknowled d the execution of the
Notary Public State of Iowa instrument to be their voluntary act and deed and the voluntary act
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and deed of the corporation,by it voluntarily executed.
LISA SHORT
• MY COMMISSION EXPIRES
owe September 171 Z002
Notary PubliP State of Iowa
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KAECOEDED
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EXHIBIT A
y EASTGATE SUBDIVISION
January, 2001
LOT# AREA % OF TOTAL % OF DAYTON
LAND ASSESSMENT
.1 1.13 3.7 3.7
2 1.13 3.7 3.7
3 1.30 4.3 4.3
4 0.80 2.6 2.6
5 1.75 5.7 5.7
6 1.26 4.1 4.1
7 0.95 3.1 3.1
8 0.95 3.1 3.1
9 0.95 3.1 3.1
10 0.95 3.1 3.1
11 0.95 3.1 3.1
. 12 2.00 6.6 6.6
13 2.00 6.6 6.6
14 5.51 18.1 18.1
15 1.00 3.3 3.3
16 1.00 3.3 3.3
17 1.00 3.3 3.3
18 1.01 3.3 3.3
19 0.93 3.1 3.1
20 0.99 3.2 3.2
21 1.01 3.3 3.3
22 0.91 3.0 3.0
23 1.00 3.3 3.3
TOTALS 30.48 100% 100%
4 - CORDED
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