HomeMy WebLinkAboutA012 - Agreement dated October 23, 2001 AGREEMENT
THIS AGREEMENT is made October `a��r , 2001 between Suncrest, L.C., referred to
as Owner(s) and the City of Ames, Iowa, referred to as City.
1. SUBDIVISION. Owner is in the process of platting real estate to be known as
Suncrest Subdivision Phase II, Ames, Iowa, (the Subdivision).
2. IMPROVEMENTS. Owner is required to (a) construct certain improvements and
utilities within the Subdivision and (b) pay reasonable engineering and inspection
fees for the improvements (collectively referred to as the Improvements), as
required by the platting procedures of the City. The improvements are shown on
the attached Exhibit A. The Improvements shall be completed no later than
September 2, 2002.
3. SECURITY FOR COMPLETION OF IMPROVEMENTS. As security for the
completion of the Improvements, Owner and City have agreed that Owner shall
deposit with the City a surety bond, certified check or letter of credit (the Security
Document) in the amount of $441,795.49, conditioned upon the timely
completion of the Improvements.
4. RIGHT TO COMPLETE IMPROVEMENTS UPON DEFAULT. The City
reserves the right to complete the Improvements if the Owner fails to do so as
agreed, and to cover the costs of completion with the proceeds of the Security
Document.
5 . DISCHARGE OF SECURITY. Upon satisfactory completion of the
Improvements, the Security Document shall be released and the obligor under the
Security Document released.
OWNER
Suncrest, L.C.
By_ 7- Z- Q"' / Dated: a5l /g ' 2001
Kurt W. Friedrich, Manager
CITY
By � L7, a�►,d Dated: /*L53/a,1 , 2001
Paul D. Wiegand, Publ Works Director
AGREEMENT
EXHIBIT A
Improvement Amount
Water Main $74,364.50
Sanitary Sewer 102,322.00
Storm Sewer 94,896.00
Curb and gutter 42,860.25
Acc. Paving 109,516.74
Street lights 12,000.00
Paving inspection 5,836.00
Total $441,795.49