HomeMy WebLinkAboutA006 - Covenant for Assessment of Costs of Improvements 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)
COVENANT FOR ASSESSMENT OF
COSTS OF IMPROVEMENTS
(RESEARCH PARK)
THIS COVENANT AND AGREEMENT is made by the IOWA STATE
UNIVERSITY RESEARCH PARK CORPORATION, an Iowa corporation,its lienholders,
successors and assigns (hereinafter called "Research Park"), and the CITY OF AMES,
IOWA, (hereinafter called "City"), WITNESSETH:
WHEREAS, the Research Park has applied to the City for the approval of a
subdivision plat to be known as Iowa State University Research Park Third Addition,
Ames, Iowa, described as stated and shown on the plat attached hereto and by this
reference made a part hereof; and
WHEREAS, the Research Park wishes to defer and delay compliance with those
provisions of the ordinances and policies of the City that require the Research Park to
construct,at its expense, to the specification of the City, one lane of Elwood Drive abutting
on proposed lots 14 and 15 as a precondition to approval of the proposed subdivision plat;
and,
WHEREAS,the City wishes to accommodate the business interests of the Research
Park while still serving the public interest in requiring Research Park to pay the cost of
constructing the said public improvements required for the new lots prior to construction
of buildings on those lots,
NOW, THEREFORE, the parties herein have agreed and do agree as follows:
1. Pursuant to Section 384.41(1),Code of Iowa, in anticipation and inducement
of the possibility that the City may at some time deem it to be in the public interest to cause
construction of the aforesaid public improvements by means of City-awarded contracts to
be paid in whole by special assessments to be levied against the below listed properties of
the Research Park, it being understood and agreed that the costs of such a project may be
financed by the issuance and sale of bonds of the City, payment of the principal and
interest thereon, and all costs of issuance, interim borrowing, legal fees, engineering or
whatever to be included in and fully abated by the aforesaid assessment, and as an
inducement for the City to do so, the Research Park covenants and agrees that, by the
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execution of this instrument, the Research Park,its lienholders, successors and assigns, and
each of them:
A. Waive notice to property owners by publication and mailing as
provided by Section 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 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.
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 twelve (12) years at lawful and usual interest, shall constitute assessments against the
properties stated below and that said assessments shall be paid by the undersigned
Research Park, lienholders, successors and assigns, 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. Warrant that the real estate described below is free and clear of all
liens and encumbrances, except for such liens as are held by the lienholders hereinafter
listed and designated as signatories of this Agreement.
I. Agree to subordinate the sale or mortgaging 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, the Research Park, its
lienholders, successors and assigns shall nevertheless pay the assessed amounts.
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K. Lienholders, present and future, shall be junior and inferior to the lien
of any assessments levied pursuant to this covenant and agreement.
L. Waive the right to request deferment for agricultural land.
The foregoing provisions encumber those portions of the first described land that is
proposed to be platted as Lots 14 and 15 in Iowa State University Research Park, Ames,
Iowa.
2. 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 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.
3. Invalidation of any of these covenants by judgment or court order shall in no
way affect any of the other provisions, but shall remain in full force and effect.
Executed by the respective signatories on the date set opposite their respective
signatures.
IOWA STATE UNIVERSITY CITY OF AMES, IOWA
RESEARCH PARK CORPORATION
B By
date Larry Cur s, Mayor, date,
Y
Sandra L. Ryan, City Jerk date
Iowa State University Foundation
LIENHOLDERS
TomHawki
By
' date
Ma er
3 9 1 , 0 26:1 3 C��)
STATE OF IOWA, COUNTY OF STORY, SS:
On this day of k=�- r,�-T, 19�Ei, before me, a Notary Public in and for the
State of Iowa, personally appeared Larry R. Curtis and Sandra L. Ryan, to me personally
known, and, who, being by me duly sworn, did say that they are the Mayor and City
Clerk, respectively, of the City of Ames, Iowa; that the seal affixed to the foregoing
instrument is the corporate seal of the corporation,and that the instrument was signed and
sealed on behalf of the corporation, by authority of its City Council, as contained in
Resolution No.'T-7' (o adopted by the City Council on the'I1 day of
, 197-7. and that Larry R. Curtis and Sandra L. Ryan 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
Story County, Iowa °' :
JILL L. RIPPERGER '
STATE OF IOWA, COUNTY 917,STORY, SS:
On thisL.- day of - % , 1997, before me, ata Nory T'ubhc
,
in and for Story County, Iowa, personal appeared ' jL,12) ;' % �'" , to me
personally known, who being by me duly sworn, did say that he/she is,
of said corporation, that the seal affixed to said instrument is the seal of said corporation,
(or no seal has been procured by the said corporation), and that said instrument was
signed and sealed on behalf of said corporation by authority of its board of directors and
the said '.fi 1'Gii acknowledged the execution of said instrument to be
the voluntary act and deed of said corporation by it voluntarily executed.
MARY ANN BLA4 K
MY COMMISSION EXPIRES Notary blic in and for
Oc `-r24T95
Story County, Iowa
MARY MN BLACK
STATE OF IOWA, COUNTY O STORY, SS:
On this a' day of - , 1997 before me Public
in and for Story County, Iowa, personally appeared 110" V P �/// t�`, to me
personally known, who being by me duly sworn, did say that he/she is Ili co �= 6"i?We-61
of said corporation, that the seal affixed to said instrument is the seal of said corporation,
(or no seal has been procured by the said corporation), and that said instrument was
signed and sealed on behalf of said corporation by authority of its board of directors and
the said I64y 17�wkns - ZIP iE/:acknowledged the execution of said instrument to be
the voluntary act and deed of said corporat' oluntaril executed.
No ry Public in nd for
S ry County, Iowa
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