HomeMy WebLinkAboutA023 - Resolution No. 15-720 adopted November 24, 2015 E
RESOLUTION NO. 15-720
RESOLUTION ACCEPTING COMMITMENT LETTER FROM IOWA STATE
UNIVERSITY AS FINANCIAL SECURITY FOR SIDEWALK IMPROVEMENTS AND
MAINTENANCE OF STORM WATER FACILITIES FOR IOWA STATE UNIVERSITY
RESEARCH PARK, PHASE III, FIRST ADDITION
FOR THE CITY OF AMES
WHEREAS, on July 14, 2015,the City Council approved the Preliminary Plat for the Iowa
State University Research Park, Phase III; and,
WHEREAS, there are two land owners, each of whom owns a portion of the 187.93 acres
included in the proposed subdivision;Iowa State University Research Park is the owner of proposed
Lots 1, 2, 3, 4, a portion of Lots 5 and 6, Lot 7, a portion of Lot A, Lot B, Lot C, Outlot A, and
Outlot Y, and Erben Hunziker and Margaret Hunziker Apartments, LLC,is the owner of a portion
of proposed Lots 5 and 6, a portion of Lot A, and all of Outlot Z; and,
WHEREAS, the Final Plat includes seven lots for industrial development in the "RI"
(Research Park Innovation District); Lot A(Collaboration Place and University Boulevard/S. 5301h
Avenue),Lot B(Plaza Loop),and Lot C(S.Riverside Drive)are to be dedicated to the City as public
street right-of-way; Outlot A is planned for use as a location for storm water management, open
space as a park, and future development; and, Outlot Z is planned for future development; and,
WHEREAS,the developer is responsible for the cost and installation of sidewalks in the First
Addition,along the three public streets,part of University Boulevard,Collaboration Place,and Plaza
Loop; and,
WHEREAS, additionally, the developer is responsible for the cost of the maintenance of
storm water improvements for a period of four years after they have been accepted by the City as
complete; and,
WHEREAS, the City recently established a three-year horizon for the completion of all
sidewalks within a final plat and to require security for their installation; and,
WHEREAS,the Research Park has requested Council deferral and has signed an`Agreement
for Sidewalks,' that states sidewalks will be installed not later than occupancy of a building on a lot
or within three years of the final plat approval, whichever occurs first; and,
WHEREAS, to meet the financial security requirement for completion of sidewalks within
three years,the Research Park requests that Council accept the combination of the commitments of
the current development agreement and the financial backing of Iowa State University as security
in lieu of the typical letter of credit or bond; and,
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WHEREAS, the University has provided a letter dated November 18, 2015, and on file in
the City Clerk's Office, affirming the intent of Iowa State University to guarantee sidewalk
installation and maintenance of the shared storm water improvements anticipated for the final plat;
and,
WHEREAS,this guarantee may be invoked by the City if the Research Park,for any reason,
fails to construct the sidewalks within three years of the date of the guarantee, or if the Research
Park, for any reason, fails to maintain the storm water improvements; and,
WHEREAS,the sidewalk security is to cover the estimated cost of the improvements,which
is $77,625; and,
WHEREAS, this same letter also includes a provision for the storm water maintenance
security at $7,500 per year for four years, for a total of$30,000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City ofAmes, Iowa,
that a commitment letter from Iowa State University as financial security for sidewalk improvements
and maintenance of storm water facilities for the Iowa State University Research Park, Phase III,
First Addition, is hereby accepted and approved.
ADOPTED THIS 24`h day of November, 2015.
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Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Goodman
Seconded by: Betcher
Voting aye: Betcher, Corrieri, Gartin, Goodman,Nelson, Orazem
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 24!' day of November, 2015.