HomeMy WebLinkAbout~Master - Approving Extension of Covenants for the Remaings 5 lots in the Eastgate Subdivision RESOLUTION NO. 18-502
RESOLUTION APPROVING EXTENSION OF COVENANTS
FOR REMAINING LOTS FIVE LOTS IN EASTGATE SUBDIVISION
FOR THE CITY OF AMES
WHEREAS, in 1998, the original Eastgate developer signed a Development Agreement
promising payment for improvements to roads and utilities in the Subdivision; and,
WHEREAS,the development became the subject of a bankruptcy proceeding, and in 2001,
the City entered into a Covenant that modified the owner's public infrastructure obligations; and,
WHEREAS, the property was ultimately acquired by First National Bank through the
bankruptcy proceedings; and,
WHEREAS, there are five (5) lots in the Eastgate Subdivision with assessment liens
outstanding; and,
WHEREAS,the covenants are set to expire in the year 2022,and Council is authorized under
the original agreement to extend the covenants for another 21 year period by the filing of a verified
claim as provided by the Iowa Code.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
to authorize the filing of a verified claim to extend the original covenants prior to their expiration
in 2022.
ADOPTED THIS 28th day of August, 2018.
Diane R. Voss, City Clerk John . Haila, Mayor
Introduced by:
Seconded by:
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 28t'day of August, 2018.