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HomeMy WebLinkAbout~Master - Cost-Sharing and Escrow Agreement for 2016/17 U.S. Highway 69 Intersection Improvement (South Duff Safety & Access Project) RESOLUTION NO. 17-153 RESOLUTION APPROVING COST-SHARING AND ESCROW AGREEMENTS FOR 2016/17 U.S. HIGHWAY 69 IMPROVEMENTS PROGRAM (SOUTH DUFF AVENUE SAFETY AND ACCESS PROJECT) FOR THE CITY OF AMES WHEREAS, on October 11, 2016, the City Council approved plans and specifications for the 2016/17 U.S. Highway 69 Improvements Program (South Duff Avenue Safety and Access Project) from South 5th Street to the Squaw Creek Bridge; and, WHEREAS, on November 22, 2016, the Council accepted the report of bids and delayed the award of the project to allow staff time to work with Walmart and Hunziker to finalize an equal- share fimding agreement and a cross-access easement agreement on Wahnart's property; and, WHEREAS, this project involves the installation of a raised median between South 5th Street and the Squaw Creek Bridge, a new traffic signal approximately one-eighth of a mile south of South 5th Street, and the reconfiguring Wahnart's west parking lot area along with its South Duff Avenue frontage to allow for cross-access for the east side businesses; and, WHEREAS, staff worked with the city attorney and representatives from Hunziker and Wahnart corporations (the developers) to draft a fimding agreement that reflects the increased cost from the bid received on November 16, 2016; and, WHEREAS, the agreement obligates the City, Hunziker, and Walmart to an equal share of the local match; and, WHEREAS, staff can approve up to 20% in change orders before requiring City Council approval, which follows City of Ames purchasing polices; if change orders were to exceed the agreed budget amount, the City will need to cover all additional costs; and, WHEREAS, Walmart insisted on establishing an escrow account and agreement for deposit, management, and withdrawal of the developer's fiords; and, WHEREAS, this escrow will be through First National Bank in Ames, and an escrow agreement containing specific terms also needs Council's approval NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the Cost-Sharing and Escrow Agreements with Hunziker and Walmart for the construction phase of the 2016/17 U.S. Highway 69 Improvements Program (South Duff Avenue Safety and Access Project) are hereby approved. ADOPTED THIS 28" day of March, 2017. • L�� Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Gartin Seconded by: Orazem Voting aye: Corrieri, Gartin,Nelson, Orazem Voting nay: Beatty-Hansen, Betcher Absent: None Resolution declared adopted and signed by the Mayor this 28'day of March, 2017.