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Home My WebLink AboutA015 - Development Agreement dated May 12, 2020, Instrument No. 2020-05291 a �o 0 UQ� o� c Instrument 0: 2020-05291 05/21/2020 10:01:24 AM Total Pages: 5 00 OTHER d Recording Fee: $ 27.00 o Stacie Herridge, Recorder, Story County Iowa Qn aW z ®III Vl.i ILA�M11 �l ��hJ�1 N_ W y N W — SPACE ABOVE RESERVED FOR O F F I C I A L U S E Legal description: See page 5. Return document to: City Clerk,515 Clark Avenue Ames IA 50010 Document prepared by: City ofAmes Legal Department,515 Clark Ave.,Ames,IA 50010—515-239-5146 DEVELOPMENT AGREEMENT KINGSBURY'S FOURTH ADDITION THIS AGREEMENT, made and entered into this I day of �� , 2020, by and between the City of Ames, Iowa (hereinafter called "City") and DET Land Com y, L.C., (hereinafter called "Developer"), its successors and assigns. City and Developer are hereinafter referred to as the "Parties" or individually known as a "Party." This Agreement shall be effective as of the date that it is approved by the City. WITNESSETH THAT: WHEREAS, the Developer is the owner of the real property described on Exhibit `A' attached (hereinafter,the"Site"); and WHEREAS, Developer intends to improve and develop the Site as a major subdivision to be known as Kingsbury's Fourth Addition, Ames, Story County, Iowa (hereinafter the "Subdivision") consisting of two buildable lots and Lot A,which is to be dedicated as an extension of S.E. 3nd Street; and WHEREAS,as part of the development of the Subdivision,the City requires Developer to install certain public improvements; and NOW,THEREFORE,the Parties hereto have agreed and do agree as follows: I. DEVELOPER OBLIGATIONS 1. The Developer shall submit a final plat for the Subdivision as required by Section 23.302 of the Ames Municipal Code. 2. The Developer shall dedicate to City as right of way Lot A as shown on the plat of the Subdivision without cost to City, but subject to the street development provisions of Article II of this Agreement. 3. The Developer shall enter into and fully comply with a separate public improvements agreement for the installation of all of the improvements, other than the improvements which are a part of this agreement, required by City for the development of the Subdivision. 4. The Developer shall enter into and fully comply with the separate sidewalk agreement for the Subdivision, in which the Developer shall install sidewalks along Lot 1 or Lot 2. If after 36 months,no required sidewalk has been installed along the section of SE 3td Street that is not built currently, the City may, at its option, accept cash in lieu of constructing the sidewalks based upon a current estimate by the Public Works Director. Receipt of said payment by the City shall satisfy all sidewalk installation requirements. 5. The Developer shall be responsible for and complete all public improvements specified in the separate public improvements agreement,except that street paving and storm sewer improvements shall be made in accordance with the street development provisions of Article II of this Agreement. II. STREET DEVELOPMENT—KINGSBURY'S FOURTH ADDITION The City, at the City's sole cost and expense, shall install street paving and storm sewers for Lot A, unless Lot 2, or the eastern part of Lot 1 as set forth below, is developed before bidding of the City's Cherry Avenue Extension Project. For purposes of this Article,the Parties acknowledge and agree: 1. The "Cherry Avenue Extension Project" (also known herein as the "Project") means a street extension project contemplated by the City for extending Cherry Avenue on property located east of the Subdivision, at least to the south boundary as extended of Lot A, at a time and in a manner to be determined in the City's sole option. 2. The development of the eastern part of Lot 1 with a building or site improvements that meet access requirements from the existing improved SE 3`d Street section is allowed without additional street improvements, unless the development of the site includes a point of access requiring a paved street extension along Lot 1 where SE 3`d Street is not built at the time of this Agreement. If this is to occur,the extension of SE 3rd Street shall be to City specifications and at the sole cost of the Developer of Lot 1, and not at the cost of the City. 3. The development of Lot 2 means the further division of Lot 2 or the issuance of a building permit for construction and/or site preparations in accordance with such building permit upon Lot 2. 4. If the development of Lot 2 has not occurred before the City submits the Cherry Avenue Extension Project for bidding,the City shall include the extension of SE 3rd Street in the Project.Following acceptance of a bid for the Project, the City shall bear the cost of installing the grading, street paving and storm sewer improvements,as necessary. If the development of Lot 2 begins before the City has submitted the Cherry Avenue Extension Project for bidding, upon the City's demand, the Developer shall, at their cost, with the development of Lot 2, construct the full street to City specifications, including any storm water improvements necessary. Upon the Developer's default of any provision contained in this paragraph, the City may withhold a Certificate of Occupancy from the Developer, its successors and/or assigns. This remedy shall not be exclusive of any other remedy or remedies available to the City, but each and every remedy given under this Agreement shall be cumulative and shall be in addition to every other remedy existing at law or in equity or by statute. 5. Notwithstanding anything otherwise addressed by this agreement, the Developer shall be responsible for all required public improvements not related to the street paving, including,but not limited to,water, sewer and hydrants. 6. The City's obligations under this Article shall be contingent upon the Developer's compliance with all of the Developer's obligations under Article I of this Agreement. III. MISCELLANEOUS PROVISIONS 1. This Agreement shall be binding upon and shall inure to the benefit of the City and the Developer and their respective successors and assigns. 2. The City and the Developer have caused this Agreement to be signed, in their names and on behalf of their duly authorized officers and members with full authority to bind each of their respective entities. 3. The City and the Developer may take any action, including legal, equitable or administrative action, which may appear necessary or desirable to collect any payments due under this Agreement or to enforce performance and observance of any obligation, agreement or covenant under this Agreement. 4. The City shall record this Development Agreement in the office of the Story County Recorder and Developer shall pay the costs for so recording. 5. The obligations under this Agreement shall constitute a covenant running with the land. Both the City and the Developer shall constitute parties for the purpose of filing a verified claim to extend the covenants contained herein. IN WITNESS WHEREOF,the Parties hereto have caused this instrument to be executed effective as of the date first above written. DET LAND COMPANY, L.C. Dated �w /.' ,2020. By: 6 Douglas . yle,Member STATE OF IOWA,COUNTY OF STORY, SS.: This instrument was acknowledged before me on 2020,by Douglas G. Pyle, as Member of DET Land Company,L.C. s, CHARDS E.Cil1NKLEBLACK _ Commission Plumber 747077 M Com�•7.7�o� on EXPI lokmplNOTARY PUBLIC Passed and approved on M je , 2020, by Resolution No. 20- C4� adopted by the City Council of the Ci y of Ames, Iowa. CITY OF AMES, IOWA By: John A. Haila,Mayor Attest: .��:.1 1 �l�-Q•� Diane R. Voss, City Clerk STATE OF IOWA, COUNTY OF STORY, SS.: This instrument was acknowledged before me on KA , 2020, by John A. Haila and Diane R. Voss, as Mayor and City Clerk, respec ' ely, of the City of Ames, Iowa. .s AMY L.COLWELL Commission Numbw$121 "1 iOTARI , UBLIC LEGAL DESCRIPTION—EXHIBIT `A' [the SITE] Parcel "AN" a part of Lot One (1) of the Subdivision of the Northwest Quarter (NW1/4) of the Northeast Quarter (NEl/4) of Section Eleven (11), Township Eighty-three (83) North, Range Twenty-four (24) West of the 5th P.M., Ames, Story County, Iowa, and of Lot One (1), Block C, Kingsbury's Second Addition to Ames, Story County, Iowa, as shown on the Plat of Survey recorded on November 30, 2010, as Instrument No. 10-12298, at Slide 395, Page 5. To be known as Kingsbury's Fourth Addition, Ames, Story County, Iowa.