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HomeMy WebLinkAboutA019 - Resolution No. 13-210 adopted May 14, 2013 RESOLUTION NO. 13-210 RESOLUTION REDUCING LETTER OF CREDIT FOR 2012/13 WEST LINCOLN WAY INTERSECTION IMPROVEMENTS (LINCOLN WAY AND DOTSON DRIVE) FOR THE CITY OF AMES, IOWA WHEREAS,turn lanes and installing traffic signals at the Dotson Drive and Lincoln Way intersection are being constructed, and a traffic impact report for South Fork Subdivision justified these improvements; and, WHEREAS,increased traffic flow from South Fork Subdivision necessitates left-turn lanes at the Lincoln Way approaches to the Dotson Drive intersection to accommodate heavy-turning movements; and, WHEREAS,turn lanes on Lincoln Way will mitigate left-turning,rear-end,and right-angle traffic accidents at this intersections; and, WHEREAS,at its February 12, 2013,meeting,the City Council awarded the construction contract to Manatt's, Inc., for $549,699; and, WHEREAS,an existing agreement requires that the developer and the City share equally in the construction cost of these improvements; and, WHEREAS,a Traffic Safety Improvement Grant of$500,000 has been awarded by the Iowa Department of Transportation to be used towards construction of this project; and, WHEREAS, with the low bid of$549,699, this leaves approximately$49,700 to be split equally between the City and the developer in accordance with the agreement; and, WHEREAS,the developer's share had previously been secured with a Letter of Credit in the amount of$125,000 from Pinnacle Properties Ames, LLC; and, WHEREAS, the noted Letter of Credit may be reduced to $30,000. NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa, that reducing the Letter of Credit from Pinnacle Properties Ames,LLC,to$30,000 for the 2012/13 West Lincoln Way Intersection Improvements(Lincoln Way and Dotson Drive)is hereby approved. ADOPTED THIS 14'day of May, 2013. Diane R. Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Davis Seconded by: Goodman Voting aye: Davis, Goodman, Larson, Orazem, Szopinski, Wacha 'Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 14' day of May, 2013.