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Home My WebLink AboutA014 - Letter to Con-Struct Inc. from Diane Voss dated October 12, 2011 with attached Performance Bond IAC 65062 - 1 APWg' 515 Clark Avenue,P. O.Box 811 Ames,IA 50010 Exceptional Service Phone: 515-23 9-5105 Fax: 515-239-5142 October 12, 2011 Con-Struct, Inc. 305 S. Dayton Avenue Ames, Iowa 50010 Attention Kent M. Larsen, President RE: Grand Aspen Subdivision, 4"'Addition Dear Mr. Larsen: At its meeting of October 11, 2011, the Ames City Council adopted Resolution 11-466 accepting completion of utilities and street construction required as a condition for approval of the Final Plat of Grand Aspen.Subdivision, 4"'Addition. Enclosed is the original Performance Bond numbered IAC 65062 for your disposal. Thank you. Sincerely, Diane Voss City Clerk /dry Enclosure Bond No.: IAC 65062 FORM OF PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENT,THAT Con-Struct,Inc.,as Principal,hereinafter called Contractor,and Merchants Bonding Company(Mutual)as Surety,hereinafter called Surety,are held and firmly bound unto the City of Ames, Iowa,as Obligee,hereinafter called Owner,in the amount of Sixty Thousand Two Hundred Thirty Eight Dollars and No/100 Dollars ($60,238.00),for the payment whereof Contractor and Surety bind themselves, their heirs, executors, administrators, successors and assigns,jointly and severally, firmly by these presents. WHEREAS, the Contractor is meeting these requirements on the behalf of the Developer, Randall Corporation, for the Contract between Randall Corporation and the City of Ames, said Contract consisting of AN AGREEMENT PERTAINING TO THE SUBDIVISION PLATTING OF GRAND ASPEN SUBDIVISION, 4TH ADDITION,AMES,IOWA,recorded by the Recorder of Story County, Iowa, as Instrument No. 2010-00011012, and Ames City Council Resolution 11-389, said Resolution Approving Revision to Developer's Agreement for Grand Aspen Subdivision,41h Addition for the City of Ames. Said Contract provides as follows: "Additional Arterial Street Lane on South 161h Street. With respect to South 10h Street abutting the south line of the Site, the Developer shall construct, at the sole expense of the Developer and without charge to the City, a street lane in accordance with plans and specifications approved by the City's Engineer to meet the City's standards for an arterial street on the south side of South 16'h Street, from a point on the south side of South 161h Street directly south of the east boundary of the Site to a point approximately six hundred seventy-five feet (675')west along the south side of South 16'h Street that completes the connection of previously completed lane improvements. " This work is in the public right of way and becomes the property of the City of Ames upon completion. NOW,THEREFORE,THE CONDITION OF THIS OBLIGATION is such that,if Contractor shall promptly and faithfully perform requirements in the said Contract,then this obligation shall be null and void; otherwise, it shall remain in full force and effect. The Surety hereby waives notice of any alteration or extensions of time made by the Owner. Whenever Developer Randall Corporation or Con-Struct,Inc.shall be,and declared by Owner to be in default under the Contract, the Owner having performed Owner's obligations thereunder, the Surety may promptly remedy the default, or shall promptly 1. Complete the Contract in accordance with its terms and conditions, or 2. Obtain a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by Surety of the lowest responsible bidder,or if PB - 1 the Owner elects, upon determination by the Owner and the Surety jointly of the lowest responsible bidder,arrange for a contract between such bidder and Owner,and make available as work progresses (even though there should be a default or a succession of defaults under the contract or contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion less the balance of the contract price; but not exceeding, including other costs and damages for which the surety may be liable hereunder, the amount set forth in the first paragraph hereof. The term "balance of the contract price," as used in this paragraph, shall mean the total amount payable by Owner to Contractor under the Contract and any amendments thereto, less the amount properly paid by Owner to Contractor. This bond shall also serve as a guarantee for all materials, equipment and workmanship after the Project is stated complete and accepted by the Owner for a period of 4 years for all work. Any suit under this bond must be instituted before the expiration of five years from the date on which final payment under the Contract falls due. No right of action shall accrue on this bond to or for the use of any person or corporation other than the Owner named herein or the heirs, executors, administrators or successors of the Owner. Con-Struct, Inc. Principal Seal Title Kent . Larsen, President Merchants Bonding Company (Mutual) Surety Seal APPR BY S R Title Robert Shomo, Attorney-in-Fact DO GLAS R. MAREf CITY ATTORNEY PB - 2 ti r MERCHANTS BONDING COMPANY Bond#: IAC 65062 POWER OF ATTORNEY Know All Persons By These Presents,that the MERCHANTS BONDING COMPANY(MUTUAL),a corporation duly organized under the laws of the State of Iowa,and having its principal office in the City of Des Moines,County of Polk,State of Iowa,hath made, constituted and appointed,and does by these presents make,constitute and appoint Robert Shomo of Marshalltown and State of IA its true and lawful Attomey-in-Fact,with full power and authority hereby conferred in its name, place and stead,to sign,execute,acknowledge and deliver in its behalf as surety any and all bonds,undertakings,recognizances or other written obligations in the nature thereof,subject to the limitation that any such instrument shall not exceed the amount of: and to bind the MERCHANTS BONDING COMPANY(MUTUAL)thereby as fully and to the same extent as if such bond or undertaking was signed by the duly authorized officers of the MERCHANTS BONDING COMPANY(MUTUAL),and all the acts of said Attorney-in-Fact,pursuant to the authority herein given,are hereby ratified and confirmed. This Power-of-Attorney is made and executed pursuant to and by authority of the following Amended Substituted and Restated By- Laws adopted by the Board of Directors of the MERCHANTS BONDING COMPANY(MUTUAL)on November 16,2002. ARTICLE Il,SECTION S-The Chairman of the Board or President or any Vice President or Secretary shall have power and authority to appoint Attorneys-in-Fact,and to authorize them to execute on behalf of the Company,and attach the Seal of the Company thereto, bonds and undertakings,recognizances,contracts of indemnity and other writings obligatory in the nature thereof. ARTICLE Il, SECTION 9-The signature of any authorized officer and the Seal of the Company may be affixed by facsimile to any Power of Attorney or Certification thereof authorizing the execution and delivery of any bond, undertaking, recognizance, or other suretyship obligations of the Company, and such signature and seal when so used shall have the same force and effect as though manually fixed. In Witness Whereof,MERCHANTS BONDING COMPANY(MUTUAL)has caused these presents to be signed by its President and its corporate seal to be hereto affixed,this l lth day of January 2011 O��\N�PO,OO�A9•• MERCHANTS BONDING COMPANY(MUTUAL) ~:_ -o- c :�• 1933 :c. .y •O~. By STATE OF IOWA ..,, President COUNTY OF POLK ss. On this l lth day of January 2011 before me appeared Larry Taylor,to me personally known,who being by me duly sworn did say that he is President of the MERCHANTS BONDING COMPANY(MUTUAL), the corporation described in the foregoing instrument,and that the Seal affixed to the said instrument is the Corporate Seal of the said Corporation and that the said instrument was signed and sealed in behalf of said Corporation by authority of its Board of Directors. In Testimony Whereof,I have hereunto set my hand and affixed my Official Seal at the City of Des Moines,Iowa,the day and year first above written. �S' �• CINDY SMYTH �. ± V Commission Number 173504 My Commission Expires March 16,2012 Notary Public,Polk County,Iowa STATE OF IOWA COUNTY OF POLK ss. I,William Warner,Jr.,Secretary of the MERCHANTS BONDING COMPANY(MUTUAL),do hereby certify that the above and foregoing is a true and correct copy of the POWER-OF-ATTORNEY executed by said MERCHANTS BONDING COMPANY(MUTUAL),which is still in full force and effect and has not been amended or revoked. In Witness Whereof,I have hereunto set my hand and affixed the seal of the Company on this 18th day of August 2011 . ,.••••••• 40� 99�9y�• Secretary •-- = a'• 1933 c: POA 0005 (1/09) '•..,,,.••