HomeMy WebLinkAboutA011 - Agreement for Installation of Required Public Improvements dated June 14, 1994 k
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AGREEMENT FOR INSTALLATION OF
h REQUIRED PUBLIC IMPROVEMENTS
THIS AGREEMENT is made this day of 1994,
by and between the City of Ames, Iowa, party of the first part, and
Hunziker Development Co. , L.C. , party of the second part,
WITNESSETH:
WHEREAS, the party of the second part is the developer of the
real estate described as follows, to-wit:
SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF
CONTAINING THE CORRECT LEGAL DESCRIPTION, and
WHEREAS, the party of the second, part is in the process of
platting said real estate described as Hillside Subdivision First
Addition, in the City of Ames, Iowa, and the plat of the same
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together with all supporting instruments, having been submitted to
the City Council of the City of Ames for approval, and
WHEREAS, the party of the second part has not completed the
following operations as described and set forth in the plat of the
First Addition, Hillside Subdivision, in the Pity of Ames, Iowa:
Street Construction $ 17, 300 . 00
Sidewalk & Bikepath Consttuction $ 26, 000 .00
Street Lights $ 12 ,000.00
TOTAL $ 55,300.00
and it is desired by the parties hereto to make provisions
therefore, and
j, AJ
WHEREAS, the party of the second part shall assume the
responsibility for making said improvements, and
WHEREAS, it has been estimated that the cost of completing
said improvements will not exceed the sum of $55, 300. 00.
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NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES AS
FOLLOWS:
1. That the party of the second part has executed a
Letter of Credit for the street construction, the street
lights, and the sidewalk and bikepath construction in the
amount of $55,300. 00 to complete the above described
improvements pursuant to said Agreement.
2 . That upon the completion of all of the said
improvements to the satisfaction of the party of the first
part, said Letter of Credit for $55,300.00 shall be released.
3. That all of said improvements with the exception of
the walkways and bikepaths, shall be completed by the party of
the second part within twelve ( 12 ) months of the date of this
Agreement. The walkways and bikepaths shall be completed as
soon as the contractor is able to complete and install them.
In the event of the failure of the party of the second part to
complete all of the said work as herein agreed, the party of
the first part may perform said work and recover the cost
thereof.
IN WITNESS WHEREOF, this Agreement is signed the day and year first
written above by the Public Works Director on behalf of the City of
Ames, Iowa, and by the party of the second part.
CITY OF AMES, IOWA
By -4 Gc1
HUNZIKER DEVELOPMENT CO. , L.C.
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By
Ereirn E. Hunzi er, P esident
By
Gary J. iker, Sec ' t ry
SCHEDULE A
PROPERTY DESCRIPTION
Beginning at a point 339 . 00 feet North of the East 1/4
Corner of Section 7 , Township 83 North, Range 24 West of the
5th P.M. , Story County, Iowa on the East Line of the
Northeast Quarter of said Section 7; thence, North
000-00 ' -00" East along the East Line of the Northeast 1/4 of
said Section 7 , a distance of 997 . 80 feet; thence,
S890-3l ' -25"W, a distance of 2634 . 96 feet, thence,
S000-11 ' -33"W, a distance of 975 . 90 feet; thence,
N900-00 ' -00"E, a distance of 2638 . 20 feet to the Point of
Beginning.
Said tract of land being subject to and together with any
and all easements of record.
Said tract of land contains 59 . 66 acres which includes 1 . 03
acres of road Right-of-Way.