HomeMy WebLinkAboutA007 - Agreement for Installation of Required Public Improvements dated June 16, 1992 AGREEMENT FOR INSTALLATION OF REQUIRED PUBLIC IMPROVEMENTS
THIS AGREEMENT is made this 16th day of June , 1992, by
and ,between the City of Ames, Iowa, party of the first part, and
Stone Brooke Partnership, 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 Third Addition, Stone Brooke
Subdivision, 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
Third Addition, Stone Brooke Subdivision, in the City of Ames,
Iowa:
Street Construction (paving) $ 80,000.00
Sidewalks 8,000.00
Street Lights 7 ,700.00
Total $23,700.00
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 $23,700.00.
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 $15,700.00 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
$8,000.00 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 $15,700.00
shall be released and the personal Guaranty for the
sidewalk 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 City Manager on behalf of the City of
Ames, Iowa, and by the party of the second part.
CITY OF AMES, IOWA
By akkk
Sul -Wlelah-dl Public Works Director
STONE BRO0 , PART/ SHIP >
By ,X�
E. A. unziker`- Gene al Partner
By 4/Le�"44- co am,
_
Frank W. Allen - General Partner
SCHEDULE "A"
DESCRIPTION
Third Addition
Stone Brooke Subdivision,
In The City of Ames, Iowa
A replat of all of Lot Twenty-one (21) , in the Fourth
Addition, Stone Brooke Subdivision; located in the East-half of the
Northwest Quarter (Eh-NWa) of Section 27 - T84N - R24W of the 5th
P.M. , in the City of Ames, Story County, Iowa; more particularly
described as follows:
"Commencing at the Southeast (SE) corner of the Northwest
Quarter (NW4) of Section 27 - T84N - R24W of the 5th P.M. , in the
City of Ames, Story County; thence N 00° 24' 20" E, 1,262.35 feet
along the east line of the NW4 of said Section 27, to the Point of
Beginning (point also being the Southeast (SE) corner of Lot
Twenty-one (21) , in the Fourth Addition, Stone Brooke Subdivision) ;
(the balance of the calls will follow the perimeter of said Lot 21)
thence S 88° 14 , 01" W, 150.12 feet; thence S 64° 30' 34" W, 69.63
feet; thence N 74° 39, 03" W, 120.11 feet; thence N 79° 53' 17" W,
303.29 feet; thence N 35° 05, 41" W, 253.64 feet; thence N 47° 52'
25" W, 131.12 feet; thence N 47° 34' 05" W 60.00 feet; thence N 47°
52 ' 25" W, 133.82 feet; thence N 89° 38' 25" W, 300.50 feet; thence
N 000 21' 35" E, 813.73 feet along the west line of the Eh-NW4;
thence S 890 02 ' 40" E, 1,318.47 feet along the north line of the
Eh-NW4; thence S 000 24 , 20" W, 1,269.81 feet along the east line
of the NW to the Point of Beginning. "