HomeMy WebLinkAboutA020 - Agreement for Public Improvements AGREEMENT FOR PUBLIC IMPROVEMENTS
The parties to this Agreement, made pursuant to Section 23.304, Ames
Municipal Code, are PINNACLE PROPERTIES AMES, LLC, hereinafter referred
to as "Owners", and the CITY OF AMES, IOWA, hereinafter referred to as "City".
WHEREAS, the Owners are in the process of platting a subdivision of real
estate to be known as SOUTH FORK SUBDIVISION, FOURTH ADDITION,
Ames, Story County, Iowa; and
WHEREAS, the Owners are required to construct certain improvements
and utilities within the real estate, as shown on the attached Exhibit A by not later
than the date or dates shown on Exhibit A and, to pay reasonable engineering
and inspection fees therefor, all as part of the platting procedure of the City.
NOW, THEREFORE, in consideration of the premises, it is hereby agreed
that the Owners shall deposit with the City a surety bond, letter of credit or
certified check in the amount shown on Exhibit A, conditioned upon the
completion of the said improvements and utilities, by the said date, as required
by the City for said Subdivision, in accordance with plans and specifications on
file with the City's engineers and by this reference made a part of this agreement.
IT IS FURTHER AGREED that City reserves the right to construct said
improvements and utilities in the event Owners fail to do so as herein agreed,
and to cover the costs thereof with the surety bond, letter of credit or the certified
check, as the case may be.
IT IS FURTHER AGREED that upon satisfactory completion of the said
improvements and utilities, including the paying of reasonable engineering and
inspection fees therefor, the bond shall be released and the bondsman
exonerated, the letter of credit released or the certified check shall be returned to
Owners, as the case may be.
DATED this day of June, 2013
OWNERS CITY OF AMES, IOWA
Pinnacle Prope 'es Ames LL
By: By: C—
c
Keith Arneson, Mana er
Director of Public Works
AGREEMENT FOR PUBLIC IMPROVEMENTS
Exhibit A
Improvements to be constructed and date for completion.
Improvement Date for Completion
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