HomeMy WebLinkAboutA006 - Agreement for Public Improvements dated May 10, 1999 d
AGREEMENT FOR PUBLIC IMPROVEMENTS
The parties to this Agreement, made this 10thday of May,
1999, pursuant to Section 23 . 17, Ames Municipal Code, are the
Marguerite Sevde Revocable Trust, by and through its Trustee,
Marguerite H. Sevde, the Richard H. Sevde Residuary Trust, by
and through its Trustee, Marguerite H. Sevde, Karin Sevde and
Randy Sevde, hereinafter collectively referred to as the "Own-
ers", and the City of Ames, Iowa, hereinafter referred to as the
"City. "
WHEREAS, the Owners are in the process of buying a subdivi-
sion of real estate to be known as Southern Hills Industrial
Park, Second Addition, Ames, Story County, Iowa; and
WHEREAS, The Owners are required to construct certain im-
provements and utilities within the real estate as described and
set forth in the attached Exhibit "A" and to pay reasonable engi-
neering and inspection fees therefore, all as part of the
platting 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, letter of credit or certified check in the amount of
$ 249 .000 in form approved by the City, conditioned upon the com-
pletion of the said improvements and utilities as required by
the City for said subdivision, in accordance with plans and spec-
ifications as set forth in Exhibit "A", on or before
May, 25 , 2001
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, letter of credit or certified check deposited
by the Owners with City, as the case may be.
IT IS FURTHER AGREED that upon satisfactory completion of
the said improvements and utilities, including the paying of rea-
sonable engineering and inspection fees therefore, the bond
shall be released and the bondsman exonerated, the letter of
credit released or the certified check shall be returned to Own-'
ers, as the case may be.
ue to H. Sevde as Trustee of
th guerite Sevde Revocable
Tru and as Trustee of the
Richard H. Sevde Residuary Trust
i
A -2-
On this !Of� day of May, 1999, before me, the undersigned,
a notary publicin and for the State of Iowa, personally ap-
peared Marguerite H. Sevde, to me known to be the identical per-
son named in and who executed the foregoing instrument and ac-
knowledge that the person, as the Trustee of the Marguerite
Sevde Revocable Trust and as the Trustee of the Richard H. Sevde
Residuary Trust, executed the instrument as the voluntary act
and deed of the person and of said fiduciary.
=1E
M Not y Public in and for said
Courrty and State
On this I� day of May, 1999, before me, the undersigned, a
notary public in and for the State of Iowa, personally appeared
Karin Sevde, to me known to be the identical person named in and
who executed the foregoing instrument, and ack ledge that she
executed the foregoing instrument as her vo act and deed.
JEAid E.SHEETS
MY COMMISSION Nota Publl in and for said
Coun and State
On this I0+1�day of May, 1999, before me, the undersigned, a
notary public in and for the State of Iowa, personally appeared
Randy Sevde, to me known to be the identical person named in and
who executed the foregoing instrument, and ackn edge that he
executed the foregoing instrument as his volu act and deed.
o�ca'`8cy JEAN)E.SHEETS
_ MYCOMMfISS11C ]^U�IRES Not Public in and for said
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" Couht,Ay and State