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HomeMy WebLinkAboutA006 - Agreement RE Grading of Streets, Installation of Sanitary Sewer and Other Utilities or Improvements dated June 21, 1977 i AGREEMENT RE GRADING OF STREETS, INSTALLATION OF SANITARY SEWER AND OTHER UTILITIES OR IMPROVEMENTS THIS AGREEMENT made this / day of � � 1977, by and between the City of Ames, Iowa, party of th :�fCrst part, and Phil Coy .and Sons, a. partnership composed of Jack Coy and Richard Coy; and Broad- moor Enterprises, Inc. , parties of the second part: WITNESSETH: That WHEREAS the parties of the second part are owners of the real estate described .as follows, to-wit: A part of the South west Quarter of the Northwest Quarter (SW-'NW-1) of Section Thirt_V four (34), Township l'i.ghty-four (84) North, Range Twenty- four (24) West of. the 5th 11. M. , Story Count_y,. Iowa, described as follows: Commencing at the West quarter (W1) corner. of Section 34; thence North 89°.14'35" East along the South line of said Northwest Quarter (NW-), Sect ion 34, 669. 64 feet to the point of beginning; thence continuing North 89r'14'35" East, 318. 16 feet; thence North 00°1 V 1 5" East along the East line of. the West Half of the Southeast Quarter of the Southwest Quarter of the Northwest Quarter (W2 SI, 'r SW'- NWT) of said Section 34, 667. 83 feet: thence South 89°31'05" West along the North line of the Southeast Quarter of the Southwest Quarter of the Northwest Quarter (SE1 SW� NW.rr) of said Section 34, 329. 76 feet; thence North 00002'40" East along the East line of the Northwest Quarter of the Southwest Qudr-t:cr:' of the Northwest Quarter (NWj SW- NW4) of. said Section 34, 667. 09 feet; thence South 89°33'35" West along the North line of. the Northwest Quar- ter of the Southwest Quarter of the Northwest Quarter (NW4 SW-1 NW4) of said Section 34 and along the center line of 24th Street, Ames, Iowa, 300. 70 feet: thence South 989. 84 feet; thence East 322. 73 feet: thence South 135. 00 feet; thence South 12°21 '45" West, 61 . 42 feet; thence South 149. 20 feet to the point of beginning. WHEREAS the parties of the second part are in the process of plat- ting said real estate, as First Addition Prairie View Subdivision to Ames, Iowa, and the plat of the same, together with all supporting instruments, having been submitted to the City Council of the City of Ames for approval, a•nd, WHEREAS the parties of the second part have not completed the fol- lowing operations: Streets $52, 500. 00 Street lights $ 4, 150. 00 Street signs $ 50. 00 Sidewalks $15; 000. 00 Total 71, 700. 00 and it is desired by the parties hereto to make provisions therefor, and, WHEREAS second parties shall assume the responsibility for the making of said improvements; and WHEREAS it has been estimated that the cost of completing said im- provements will not exceed the sum of $71, 700. 00. s Agreement Page Two NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PAR- TIES AS FOLLOWS: 1. That the parties of the second part shall deposit with the City Clerk of the City of Ames, Iowa, a certified check or surety bond in the penal sum of $71, 700. 00, conditioned on the satisfactory completion of said incomplete improvements. 2. That said cashier's check or surety bond of $71, 700. 00 shall re- main so deposited until the parties of the second part shall have completed, all of the improvements above mentioned to the satisfaction of the party of the first part. 3. That upon the completion of all of the said improvements to the satisfaction of the party of the first part said surety bond or cashier's check in the amount of $71, 700. 00- shall be released, surrendered and exonerated. 4. That all of said improvements, except sidewalk, shall be com- pleted by the parties of the second part within 12 months of the date of this agreement, and said sidewalk shall be completed by parties of the second part within 24 months of the date of this agreement. In the event of the failure of the parties 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 re- cover the cost thereof from the certified check or from the sureties on said bond posted pursuant hereto. IN WITNESS WHEREOF, this agreement is signed the day and year first above written by the City Manager on behalf of the City of Ames, Iowa, and by the parties of the second part. CITY OF AMES, IOWA By Terry V. pren 1, City Manager Party of the Fir t Part BR /ADMOOENTERPRISES, INC. PHIL COY AND SONS BY C� By Q��j Richard K. Bliss, President jAck Coy, Part r By By Richard K. Bliss, Treasurer Richard Coy, Partner 1 '