HomeMy WebLinkAboutA013 - Agreement for Installation of Required Public Improvements dated April 14, 1992 AGREEMENT FOR INSTALLATION OF
REQUIRED PUBLIC IMPROVEMENTS
THIS AGREEMENT is made this 14th day of April ,
1992, by and between the City of Ames, Iowa, party of the first
part, and Dayton Park LTD. , party of the second part, WITNESSETH:
WHEREAS, the party of the second part is the developer of the
real estate described as follows, to-wit:
SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF
CONTAINING THE CORRECT LEGAL DESCRIPTION, and
WHEREAS, the party of the second part is in the process of
platting said real estate described as Valley East, in the City of
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, and
WHEREAS, the party of the second part has not completed the
following operations as described and set forth in the plat of the
Valley East, in the City of Ames, Iowa:
Street Construction $91,700.00
Sidewalk Construction 43,000.00
Street Lights 11,000.00
TOTAL $145,700.00
and it is desired by the parties hereto to make provisions
therefore, and
WHEREAS, the party of the second part shall assume the
responsibility for making said improvements, and
WHEREAS, it has been estimated that the cost of completing
said improvements will not exceed the sum of $145,700.00.
NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES AS
2
FOLLOWS:
1. That the party of the second part has executed
a Bond or Certified Check*for the street construction and
the street lights in the amount of $102,700. 00 to
complete the above described improvements pursuant to
said Agreement.
2 . That the party of the second part has executed
a personal Guaranty agreement with the City of Ames for
$43,000 .00 to complete the sidewalks as soon as they are
able to do so.
3. That upon the completion of all of the said
improvements to the satisfaction of the party of the
first part, said Bond or Certified Check*for $102,700.00
shall be released and the personal Guaranty for the
sidewalks shall be released, surrendered and exonerated.
4. That all of said improvements with the exception
of the walkways, shall be completed by the party of the
second part within twelve ( 12) months of the date of this
Agreement. The walkways shall be completed as soon as
the contractor is able to complete and install them. In
the event of the failure of the party 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 recover
the cost thereof.
IN WITNESS WHEREOF, this Agreement is signed the day and year first
written above by the Public Works on behalf of the City of Ames,
Director
Iowa, and by the party of the second part.
CITY OF AMES, IOWA
By
Paul Wiegand, Public Works Director
DAYTON P LTD.
By
De n Hunziker, Vneral
Partner
I
By
Er en A. Hunzike , Gen al
Partner
* or Letter of Credit
SCHEDULE A
The plat of Valley East being an Official Replat of Blocks 11 thru 18
inclusive in Vest's Addition to New Philadelphia in Ames, Story County,
Iowa and all vacated alleys in said blocks, and the following vacated
street right-of-ways; Union Street, North Street, Court Street, and
Washington Street all lying between Pine Street and Grove Street and the
East 1/2 of Pine Street, all of Elm Street, and the West 1/2 of Grove
Street lying between the North Line of Jefferson Street and the North
Line of Union Street; AND,
Lot 1 in the East 1/2 of the Northeast 1/4 of Section 6, Township 83
North, Range 24 West of the 5th P.M. , Ames, Story County, Iowa and the
West 1/2 of Grove Street lying adjacent to the East Line of said Lot 1,
EXCEPT Ontario Street right-of-way; AND
Blocks 3, 4, and 8 in the Original Town of New Philadelphia and all
vacated alleys in said Blocks, and the following vacated Street
right-of-ways, Washington Street, Court Street, and the South 1/2 of
North Street lying between Grove Street and Delaware Avenue and the East
1/2 of Grove Street lying between the North Line of Jefferson Street and
the centerline of North Street; AND,
That part of Block 9 in the Original Town of New Philadelphia lying West
of the West Line of Farnham and Manci First Addition and the following
vacated street right-of-ways, South Street and Jefferson Street lying
West of the West Line of Farnham and Manci First Addition and Grove
Street between South Street and Jefferson Street; AND,
That part of Lots 1, 2, 4, and 5 in N.E. 1/4 of the S.E. 1/4, Section
6-83-24 lying North of Damon Catron's Subdivision and East of Sixth
Addition to Spring Valley Subdivision; Except Farnham and Manci First
Addition and Delaware Avenue right-of-way;
all of which is more accurately described as follows:
SCHEDULE A, page 2
"Commencing at the North 1/4 Corner of Section 6, Township 83 North,
Range 24 West of the 5th P.M. , Ames , Story County, Iowa; thence,
N890-59 ' -30"E along the North Line of the Northeast Fractional 1/4 of
said Section 6, a distance of 1518 .64 feet; thence S00°-48 '-55"W, a
distance of 50.00 feet to the South Right-of-Way Line of Ontario Street
as it is presently established and to the Point of Beginning; thence,
N890-59 '-30"E along the South Right-of-Way Line of said Ontario Street, a
distance of 484 .66 feet; thence, S00°-44 '-00"W along the West Line of
West Court Terrace Addition, an Official Plat, Ames, Story County, Iowa,
a distance of 807 .00 feet; thence, N890-52 '-05"E, a distance of 235.93
feet to the West Right-of-Way Line of Delaware Avenue as it is presently
established; thence, S00°-32' -50"W along the West Right-of-Way Line of
said Delaware Avenue, a distance of 750.29 feet to the North Line of the
Northeast 1/4 of the Southeast 1/4 of said Section 6; thence,
S890-38 '-48"W along the North Line of the Northeast 1/4 of the Southeast
1/4 of said Section 6, a distance of 174.96 feet; thence, S00°-38 '-51"W,
a distance of 316.96 feet to the Southwest Corner of Lot 3 in Farnham and
Manci First Addition, an Official Plat, Ames , Story County, Iowa; thence,
S890-4l '-19"E along the South Line of Lot 3 in said Farnham and Manci
First Addition, a distance of 175.16 feet to the Southeast Corner of said
Lot 3 and to the West Right-of-Way Line of said Delaware Avenue; thence,
S00°-38 '-51"W along the West Right-of-Way Line of said Delaware Avenue, a
distance of 121.50 feet to the Northeast Corner of Lot 1-C in Damon
Catron's Subdivision, an Official Plat, Ames, Story County, Iowa; thence,
S870-5l '-35"W along the North Line of said Damon Catron's Subdivision, a
distance of 1002.65 feet to the East Line of Sixth Addition to Spring
Valley Subdivision, an Official Plat, Ames Story County, Iowa; thence,
N010-46 ' -58"E along the East Line of said Sixth Addition to Spring Valley
Subdivision, a distance of 142.50 feet to the Northeast Corner of Lot 8
in said Sixth Addition to Spring Valley Subdivision; thence,
N890-43 ' -45"E along the South Line of Lots 9 and 10 in said Sixth
Addition to Spring Valley Subdivision, a distance of 263.88 feet to the
Southeast Corner of said Lot 10; thence, N000-04 '-45"E along the East
Line of said Sixth Addition to Spring Valley Subdivision, a distance of
329.68 feet to the North Line of the Northeast 1/4 of the Southeast 1/4
of said Section 6; thence, S890-38 '-48"W along the North Line of the
Northeast 1/4 of the Southeast 1/4 of said Section 6, a distance of 2.46
feet; thence, N00°-48 '-55"E along the East Line of said Sixth Addition to
Spring Valley Subdivision and along the East Line of the Seventh Addition
to Spring Valley Subdivision, an Official Plat, Ames, Story County, Iowa,
a distance of 1019.77 feet; thence, N890-46 '-28"E along the Southerly
Line of Lot 15 in said Seventh Addition to Spring Valley Subdivision, a
distance of 15.00 feet; thence, N00°-48 '-55"E along the East Line of Lot
15 in said Seventh Addition to Spring Valley Subdivision and along the
East Line of Eighth Addition to Spring Valley Subdivision, an Official
Plat, Ames , Story County, Iowa, a distance of 541.45 feet to the Point of
Beginning. "
Said tract of land being subject to and together with any and all
easements of record.
Said tract of land contains 29.03 acres more or less.
v
IRREVOCABLE LETTER OF CREDIT NO. 917 Dated: March 17, 1992
City of Ames, Iowa
515 Clark
Ames, IA 50010
Attn: City Clerk
We hereby authorize the City of Ames, Iowa to draw on the First National
Bank, Ames, Iowa 50010, for the account of Dayton Park, Ltd., developer
of Valley East Subdivision, Ames, Iowa up to the aggregate amount of USD
$102,700.00 (One Hundred Two Thousand Seven Hundred and 00/100 United
States Dollars) available by your draft(s) at sight accompanied by the
following documents:
Signed statement of the Director of Planning and Housing of the City
of Ames, Iowa that the site improvements for the Valley East
Subdivision, Ames, Iowa project have not been completed to meet the
plans and specifications approved by the City of Ames before
June 19, 1992.
Each draft must state that is it "Drawn under First National Bank Letter
of Credit No. 917 dated March 19, 1992". This credit and all documents
specified must accompany the draft(s) .
We hereby agree that all draft(s) drawn under and in compliance with the
terms of this credit will be duly honored on delivery of documents as
specified if presented at this office in Ames, Iowa no later than June 19,
1992.
FIRST NATIONAL BANK
Ames, Iowa
By:
Daniel L. Krieger, Pr es' nt