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HomeMy WebLinkAboutA009 - Agreement for Public Improvements r 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, FIFTH 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 ?Aj day offen 12013 OWNERS CITY OF AMES, IOWA Pinnacle Properti s Am s, LC By: By: Keith Arneson, Manager Director of Public Works AGREEMENT FOR PUBLIC IMPROVEMENTS Exhibit A Improvements to be constructed and date for completion. Improvement Date for Completion Q59�a�71 �u�horc i.� 6 3o , 20 14 6 /30• 20 4 Ac c��s�'��A� rA�► os 660 1 , 2014 0V05jpn Gpn�Yo� ' /30 � 1014- rock 36 , 2014 Surety bond, letter of credit or certified check amount $