HomeMy WebLinkAboutA012 - Agreement for Public Improvements dated August 21, 1998 AUG-21-98 FRI 10: 12 AM DAVIS LAW FIRM FAX NO, 5152430654 P. 04
AGREEMENT FOR PUBLIC IMPROVEMENTS
The parties to this Agreement are Dayton Hudson Corporation d/b/a Target Stores, a Minnesota
corporation,hereinafter referred to as"Owner", and the City of Ames,hereinafter referred to as"City".
WHEREAS,the Owner is in the process of platting real estate to be known as Target Addition
to Ames, Iowa,hereinafter referred to as"Subdivision";and
WHEREAS,the Owner is required to construct certain improvements and utilities within the
real estate as set forth in the Development Agreement between Owner and the City, and to pay
reasonable engineering 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 the Owner shall
deposit with the City a surety bond or certified check in the amount of$600,000.00 conditional upon the
completion of the improvements and utilities as required by the City for said Subdivision.
IT IS FURTHER AGREED that the City reserves the right to construct said improvements and
utilities in the event Owner fails to do so as herein agreed within two years after the final plat is approved
and, and to cover the costs thereof with the surety bond or the certified check, as the case may be,
provided that the City has given a written notice to Owner at least ninety days prior taking any action.
IT IS FURTHER AGREED that upon satisfactory completion of the said improvements and
utilities, including the paying of a reasonable engineering and inspection fees therefore,the bond shall be
released and the bondsman exonerated,or the certified check shall be returned to Owner, as the caso may
be.
T
Dated this � ay of August, 1998.
DAYTO CORPO ATION
By
ame:
Title:
CITY OF AMES,IOWA
By:
Public Work irector
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