HomeMy WebLinkAboutA005 - Agreement with Iowa State University Research Foundation 1 ' •
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AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Agreement, made and entered into this 14 day of
1984, between Iowa State University Research
Fou dation, Inc. , of Story County, Iowa, hereinafter referred to
as "Owners" , and the City of Ames, Iowa, hereinafter referred to
as "City" , WITNESSETH:
WHEREAS, Owners are in the process of platting real estate
to be known as Gateway Hills II, Ames, Iowa, and
WHEREAS, Owners are required to construct certain improve-
ments and utilities within the real estate, and to pay reasonable
engineering and inspection fees therefor, all as part of the plat-
ting procedure of the City;
NOW, THEREFORE, in consideration of the premises, it is
hereby agreed that Owners shall deposit with the City a surety
bond, or a certified check, in the amount of $309,250.00, condi-
tional upon the completion of the improvements and utilities as
required by City for said real estate. 1 •
It is further agreed that City reserves the right to con-
struct said improvements and utilities in the event Owners fail
to do so as herein agreed, and to cover the costs thereof with
the surety bond or the certified check, as the case may be.
It is further agreed that upon the satisfactory completion
of the said improvements and utilities , including the paying of
a reasonable engineering and inspection fee therefor, the bond
shall be released and the bondsman exonerated, or the certified
check shall be returned to Owners, as the case may be.
Dated this/j]�_ day of 1984.
IOWA STATE UNIVERSITY CITY OF AMES, IOWA
RESEARCH FOUNDATION, INC.
By / t x �� _BY
Robert W. Dahlberg, Preside
�.
By "City"
aniel L. Gr' en, r.
Secretary
"OWNERS"
1 . These public improvements will be completed within two years from the
date of this Agreement and are listed on Schedule A, attached.
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SCHEDULE A
The following public improvements in the Gateway Hills II Subdivision
will be completed within two years from the date of this Agreement:
1. Sanitary sewer system
2. Storm sewer system
3. Water main system
4. Street grading and street surfacing
5. Street lighting system
6. Street signs
The above improvements will be completed in accordance with plans
and specifications of the city and will be installed under the
supervision of the director of public works.