HomeMy WebLinkAboutA071 - Amendment to Development Agreement dated December 8, 2015 - Recorded December 18, 2015 - Instrument No. 2015-00012109 X4AInstrwent:2015- 00012109
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Filed for record in Storg Counhii Iowa
Stacie L. Herridget Counts Recorder
DO NOTWRI'M INTHE SPACE ABOVE,rHIS LINE; RESERVED FOR RECORDER
Prepared by: Jessica D. Spodcn,City of Ames Legal Department,515 Clark Ave., Anies, [A 500101-515-239-5146
C.0ometurn to: AniesiCity Clerk,Ames Citv Hall.515 Clark Ave..P.O. Box 811.Ames, 1A 50010
AMENDMENT TO DEVELOPMENT AGREEMEN'I'
EAS'FGA17E SUBDIVISION
Tlii� Amendment to Development Agreement made and entered into this e) day of
j,yj19C,r 2015, by and between the City of Ames, Iowa (hereina-fter called "City") and
First National Bank, Ames, Iowa its successors and assigns (hereinafter called."Owner") amends
the Development Agreement (hereinafter called "Agreement") entered into between Eastgate
Development,Inc; (hereinafter called "Developer") and the City on the 6 th day of October 1998,
and recorded in the office of the Story County Recorder on October 16, 1998, as Instrument
No. 98-14377.
WITNESSEITI THA,r:
WHEREAS, Owner owns twelve (12) lots (hereinafter "Property") within the Eastgate
Subdivision (hereinafter called "Eastgate"); and
WHEREAS, the Developer, Eastgate Development, Inc., signed the above reference
Agreement promising payment for improvements to roads and utilities in the area; and
WHEREAS', the Agreement required the Developer to pay for certain public
improvements in the area, including the widening of Dayton Avenue for a left turn lane; and
WHEREAS, during a bankruptcy proceeding for Eastgate, the City and Developer
entered into a covenant that modified the Developer's public infrastructure obligations to clarify
more the obligations and to n strictly bind the Developer and any future property owner(s) to pay
for improv
ements earlier than required under the Agreement; and
WHEREAS, the Owner ultimately acquired Eastgate through the bankruptcy proceeding;
and
WHEREAS, as the successor to the Developer, Owner is bound by the Agreement and
required to pay for the cost of improvements upon sale or transfer of the property; and
WHEREAS, Owner desires to transfer the :Property to its holding company, Ames
National Corporation (hereinafter called "ANC"), while deferring the obligation to pay for the
widening of Dayton Avenue to add a left turn lane.
NOW, TFI1 REFORE, TFIE PARTIES IIE:R.ETO HAVE AGREED TO THE
FOLLOWING:
1. Certain provisions of the Agreement were superseded by the Eastgate Subdivision
Covenant for Assessment of Costs of Improvements I:)ayton Avenue (hereinafter
called "Covenant") Therefore, the parties agree to amend the Agreement. Section
I1.2.d. Streets: Vehicular and Pedestrian Access of the Agreement is amended to
state: "Developer shall be responsible for all costs of construction for a
northbound left turn lane on Dayton Avenue to facilitate Plymouth Drive. Such
turn lane may be constructed by the City when there is sufficient traffic to warrant
that improvement under established standards of traffic engineering. The
Developer shall pay for the costs incurred for the said left turn lane on :Dayton
Avenue upon the sale, transfer, or development of the property. The costs for
such improvement shall be as listed in Exhibit A of the Eastgate Subdivision
Covenant for Assessment of Costs of Improvements Dayton Avenue,
notwithstanding a revision to the cost which may be made at any time by the City
in response to an increase in anticipated construction costs,"
2. The parties agree to allow Owner to transfer the Property to ANC without paying
for the left turn lane on Dayton Avenue. Owner shall be required to pay such
costs for the improvement upon the future sale or transfer from ANC to a third
party or development of the property by ANC. At such time, Owner shall pay the
costs as established by the Covenant, or as revised by the City.
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IN WITNESS WHEREOF, the parties hereto have caused this amendment to be executed
as of the date referenced above.
CITY OF AMES, IOWA FIRSTNATIONXL=BANK, AMES; LOWA
By .ryGc-,':UF/• 1. � B c's �t y �c r - _
Ann H Campbell,Mayor Scott T. Bauer, President
Attest. ( l L..t 1 r-' <rj,,,
Diane 12.Voss, City Clerk STATE OF.IOWA,COUNTY OF STORY,ss:
This instrument was acknowledged before me on
2015,by Scott T.Bauer,President of
:STATE OF IOWA,COUNTY OF STORY,ss: /02
p n First National.Bank,Ames,Iowa.
On 44;this _1L day of 2015,
before me, a Notary Public in and for.the State of Iowa, e" Z It
personally appeared Ann IL Campbell and Diane R. Notary Public in,nd for the State of Iowa
Voss, to me personally known and who, by me duty
sworn, did say that they are the Mayor and City Clerk,
respectively, of the City of Ames, Iowa; that the seal s ALTA JILL BAILEY
affixed to the foregoing instrument is the corporate seal Commission Number 772844
of the corporation; and that the instrument -was signed MyCMa �3,ss 2018xpires
and sealed on behalf of the corporation, by authority of y
its City Council, as contained in Resolutio No.j`J-73S
ado ted by the City Council on the day of
,2015,and that Ann H.Campbell and
Diane R. Voss acknowledged the execution of the
instrument to be their voluntary act and deed and the
voluntary act and deed of the corporation, by it
voluntarily executed.
Notary Public in and for d e Stat4 of Iowa
I
i
�aR�acs Jill L. Ripperger
a Commission Number 146549
* ,k My commission Expkes
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