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HomeMy WebLinkAboutA016 - Letters of Credit documentation wLAJ , IRREVOCABLE LETTER OF CREDIT Borrower: WW Holdings Corporation Lender: GREAT WESTERN BANK 204 Clark Ave Ames Ames,IA 50010 316 S Duff Ave Ames, IA 50010 Beneficiary: City of Ames City Hall 515 Clark Ave. Ames,IA 50010 NO.: 961 EXPIRATION DATE. This letter of credit shall expire upon the close of business on 08-10-2022 add all drafts and accompanying statements or documents must be presented to Lender on or before that time(the"Expiration Date").--- AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of Seventeen Thousand Three Hundred Fifteen &00/100 Dollars($17,315.00)(the"Letter of Credit"). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above(or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE,YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions: Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount paid or disbursed for any reason whatsoever, including,without limitation,any nonapplication or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. USE RESTRICTIONS. All drafts must be marked"DRAWN UNDER GREAT WESTERN BANK IRREVOCABLE LETTER OF CREDIT NO. 961 DATED 08-10-2020,"and the amount of each draft shall be marked on the draft. Only Beneficiary may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder. Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial draw(s). PERMITTED TRANSFEREES. The right to draw under this Letter of Credit shall be nontransferable,except for: A. A transfer (in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver, liquidator,successor,or other representative at law of the original Beneficiary;and B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a governmental body(judicial,administrative, or executive). TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee (i) by operation of law or (ii) a third party receiving transfer from a legal representative, as described above, the documents required for a draw shall include a certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary. COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i)that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary, and (ii)that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. NON-SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Iowa without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the 2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, ICC Publication No. 600. This Agreement has been accepted by Lender in the State of Iowa. EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above. OF IRREVOCABLE LETTER OF CREDIT (Continued) Page 2 Dated:July 09,2021 LENDER: GREAT STERN BANK By: �111 David Tuc er, Business an er ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated By In Words In Figures LawW,.Ver.21.1.0.222 Copr.Flnaslra USA Cerpo 11an 1997,2021. All Righls Reserved. -IA C APPS%SDLNCF(I PD\ 3L0C.FC TR-14ON50 PR-29 �-aoal Rc VUVOC l c ,�. rto r wpm ��f v a ) IRREVOCABLE LETTER OF CREDIT Borrower: WW Holdings Corporation Lender: GREAT WESTERN BANK 204 Clark Ave Ames Ames, IA 50010 316 S Duff Ave Ames, IA 50010 Beneficiary: City of Ames City Hall 515 Clark Ave. Ames, IA 50010 NO.: 961 --- EXPIRATION DATE. This letter of credit shall expire upon the close of business on 08-10-2021 and all drafts and accompanying statements or documents must be presented to Lender on or before that time(the"Expiration Date,'). ------ AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of Seventeen Thousand Three Hundred Fifteen&00/100 Dollars($17,315.00)(the"Letter of Credit"). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above(or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE,YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions: Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary,or any other person,for any amount paid or disbursed for any reason whatsoever,including,without limitation,any nonapplication or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other,unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. USE RESTRICTIONS. All drafts must be marked"DRAWN UNDER GREAT WESTERN BANK IRREVOCABLE LETTER OF CREDIT NO. 961 DATED 08-10-2020,"and the amount of each draft shall be marked on the draft. Only Beneficiary may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder. Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above,less any partial draw(s). PERMITTED TRANSFEREES. The right to draw under this Letter of Credit shall be nontransferable,except for: A. A transfer (in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver, liquidator,successor,or other representative at law of the original Beneficiary;and B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a governmental body(judicial,administrative,or executive). TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee (i) by operation of law or (ii) a third party receiving transfer from a legal representative, as described above, the documents required for a draw shall include a certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary. COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i)that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary, and(ii)that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. NON-SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Iowa without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the 2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, ICC Publication No. 600. This Agreement has been accepted by Lender in the State of Iowa. EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above. IRREVOCABLE LETTER OF CREDIT (Continued) Page 2 Dated: September 21,2020 LENDER: GREAT WESTERN BANK By: David Tucker, Business Banker ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated By In Words In Figures L—P,,Vd,20.2.20.00]Cop,Fina—USA CU,ppl 1—1997,2020. All Rig-R--d. -IA C.N PSISCLPICFILLPL\N—C.FC TR-1489050 PR-26 APP V S T RM BY ( � 1 t VICTORIA A. FEILMEYER ASSISTANT CITY ATTORNEY Diane Voss From: Diane Voss Sent: Friday, September 4, 2020 5:05 PM To: Doug Pyle Subject: Kingsbury Subdivision, 3rd Addition Doug: According to Assistant City Attorney, you will need to bring me a new check in the amount of$47,340 ($64,655 -$17,315 for Lot 1—WW Holdings). Once I receive your new check and Mr. Davis's portion of the security, I will request a refund of$17,315 to be sent to you. Hopefully, your revised portion of the security and Mr. Davis's revised Letter of Credit will come in close to simultaneously, so that I can process your refund as quickly as possible. After this occurs, I will record the Amendment to the Agreement for Public Improvements. Thank you! Diane R.Voss, City Clerk/Records Manager 515 Clark Avenue Ames, Iowa 50010 515-239-5105 dvoss@city.ames.ia.us From: Doug Pyle <dpyle@pyleandassoc.com> Sent: Friday, September 4, 2020 11:00 AM To: Diane Voss<diane.voss@cityofames.org> Subject: RE: Kingsbury security [External Email] Diane That works. Are we exchanging checks? I can do it whenever it works for you. Let me know when you want me to come over. Doug Pyle Pyle &Associates, P.C. 707 5th Street, Suite 201 Ames, Iowa 50010 (515) 291-3656 From: Diane Voss <diane.voss@cityofames.orF,> Sent:Thursday, September 3, 2020 2:49 PM To: Doug Pyle <dpyle@pyleandassoc.com> Subject: RE: Kingsbury security That is correct. 1 RESOLUTION NO. 20-458 RESOLUTION APPROVING AMENDMENT TO THE PUBLIC IMPROVEMENTS AGREEMENT FOR KINGSBURY SUBDIVISION, FOURTH ADDITION FOR THE CITY OF AMES,IOWA WHEREAS,the Kingsbury's Fourth Addition(previously identified as the Third Addition)was approved by the City Council on May 12, 2020, for the purposes of dividing a 6.91 acre site on SE 3rd Street into Lot 1 and Lot 2 for the extension of SE 3`d Street to the eastern end of the site; and, WHEREAS,the City of Ames entered into a Development Agreement with DET Land Company (Doug Pyle) in regard to dedication of right-of-way and construction of public improvements, including City construction on the road extension and the developer completing sewer, water, and sidewalk improvements; and, WHEREAS, the property owner executed a Public Improvements Agreement for a three-year deferral with financial security for his required improvements, totaling $64,655; and, WHEREAS, Mr. Pyle has now requested the City of Ames accept an assignment of these development obligations with an Amendment to the Public Improvement Agreement and substitution of financial security; and, WHEREAS, the proposed change would have the improvements and the financial security assigned respectively to Lot 1 and Lot 2 within the Subdivision; and, WHEREAS, the new owner of Lot 1 will be responsible for proportional costs of sidewalk installation and storm water while Mr.Pyle will maintain responsibility for the other improvements;and, WHEREAS, although it is unusual to split the public improvement obligations per lot, the requirements do not change and the same amount of financial security is held by the City. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the Amendment to the Public Improvements Agreement for Kingsbury's Subdivsion, Fourth Addition, is hereby approved. ADOPTED THIS 251h day of August, 2020. C��?. UAJI�� Diane R. Voss, City Clerk John A. Haila, Mayor Introduced by: Betcher Seconded by: Beatty-Hansen Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Martin Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 25`h day of August, 2020. U0 , i. IRREVOCABLE LETTER OF CREDIT Borrower: WW Holdings Corporation Lender: GREAT WESTERN BANK 204 Clark Ave Ames Ames, IA 50010 316 S Duff Ave Ames, IA 50010 Beneficiary: City of Ames City Hall 515 Clark Ave. Ames, IA 50010 NO.: 961 EXPIRATION DATE. This letter of credit shall expire upon the close of business on 08-10-2021 and all drafts and accompanying statements or documents must be presented to Lender on or before that time(the"Expiration Date"). AMOUNT OF CREDIT, Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of Twenty Thousand Eight Hundred Seventy&00/100 Dollars ($20,870.00)(the"Letter of Credit"). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above (or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE,YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions: Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person,for any amount paid or disbursed for any reason whatsoever, including,without limitation,any nonapplication or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other,unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. USE RESTRICTIONS. All drafts must be marked"DRAWN UNDER GREAT WESTERN BANK IRREVOCABLE LETTER OF CREDIT NO.961 DATED 08-10-2020,"and the amount of each draft shall be marked on the draft. Only Beneficiary may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder. Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the altemative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above,less any partial draw(s). PERMITTED TRANSFEREES. The right to draw under this Letter of Credit shall be nontransferable,except for: A. A transfer (in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver, liquidator,successor,or other representative at law of the original Beneficiary;and B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a governmental body(judicial,administrative,or executive). TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee (i) by operation of law or (ii) a third party receiving transfer from a legal representative, as described above, the documents required for a draw shall include a certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary. COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i)that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary, and (ii)that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. NON-SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and,to the extent not preempted by federal law, the laws of the State of Iowa without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the 2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, ICC Publication No. 600. This Agreement has been accepted by Lender in the State of Iowa. EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above. IRREVOCABLE LETTER OF CREDIT (Continued) Page 2 Dated:August 10, 2020 LENDER: GREAT STERN BANK By: David Tucker, B in s B. er II ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated By In Words In Figures LaserPm,V—20.1.30,039 Copr.Finasta USA Cprpgat-1997,2020. All Rig-Reserved. -IA C'.—S—LRCFILLP-3LOC FC TR-1489050 PR-28 ASSIGNMENT OF OBLIGATION FOR SIDEWALK AND EROSION CONTROL DET land Company LC(the"Assignor"),does hereby assign and transfer unto WW Holdings Corp LC(the Assignee")all of the Assignor's obligations for the installation of sidewalks and erosion control in the amount of$18,065.00 for sidewalks and$2,805.00 for erosion control for a total of$20,870.00 for Lot One(1), Kingsbury's Fourth Addition,Ames,Story County,Iowa, The Assignee agrees to pravlde a letter of credit or cash in the amount of$20,870 to the City of Ames. Dated this 3i4 day of August 2020 DET Land Company LC Douglas Pyle,Manager ACCEPTANCE OF ASSIGNMENT WW Holdings Corp LC does hereby accept the foregoing Assignment this 311 day of August 2020 W *is, Ry 1 ASSIGNMI NT OF OBLIGATION FOR SIDEWALK AND EROSION CONTROL DET Land Company LC(the"Assignor"),does hereby assign and transfer unto WW Holdings Corp LC(the Assignee")all of the assignor's obligations for the installation of sidewalks and erosion control in the amount of$18,065.00 for sidewalks and$2,805.00 for erosion control for a total of$20,870.00 for Lot One(1),Kingsbury's Fourth Addition,Ames,Story County,Iowa, The Assignee agrees to provide a letter of credit or cash In the amount of$20,870 to the City of Ames. Dated this 3rd day of August 2020 DET Land Company LC Douglas Pyle,Manager ACCEPTANCE OF ASSIGNMENT WW Holdings Corp LC does hereby accept the foregoing Assignment this 3r0 day of August 2020 WW Holdings C r C Ryan D Is, cr- D g co v -Y)-1 0 o ) o o r- c o 0 C � � o N p � � �400 00 N. ON 'C > a1 N M * ¢ N ; 4-1 N # a �a U a1 QJ o 4 N +J o aJ �.O w M O m # 00 p �# L-4 O O x M �*# jo- ■ O QU1 L 0o D C� C� 00 # RJ to 4-4 ^ rn G7R'rn. O # # i 1 4-J # # f C) co O H� o m I MoJ nN a) a { 06 Z O allo � !�'� ■ m OO � N O � ;,o�� � � � � N N 00 : Q) O m TQ ai = 9 O r U) bL N U O M. O c Q oQ aa) X w ro � N pm ui Q Lli ocm U 0 DOE O � c m w F- UaQ F=-O C d U c m p w a) I m o \ �0 3 w , 3 C) a 6`GaN 4-f(n Kingsbury's 3�Addition Financial Security Estimate Item Quantity Unit Unit Price Totals Sidewalk Pavement, PCC,4"thick 431 SY $40.00 $17,240.00 Sidewalk Pavement, PCC, 6"thick 7 SY $75.00 $525.00 Detectable Warning Panels 10 SF $30.00 $300.00 Sanitary Sewer Connection 1 EA $2,000.00 $2,000.00 Sanitary Sewer Manhole,SW-301,48" 1 EA $5,000.00 $5,000.00 Sanitary Sewer Gravity Main,Trenched,8" 1S2 LF $75.00 $11,400.00 Water Main,Trenched,8" 154 LF $60.00 $9,240.00 Water Valve, 8" 1 EA $2,500.00 $2,500.00 Water Main Connection 1 EA $3,000.00 $3,000.00 Fire Hydrant Assembly 1 EA $5,000.00 $5,000.00 COSESCO(erosion control) 1 6.9 AC $500.00 $3,450.00 Street Lighting 1 1 LS $5,000.00 $5,000.00 TOTAL: $64,655.00 'r��5 wG5 dons h� `ft� C� e-v-\ heir 14o ho, CLSAS otle � ' �1/ l�Clt'Y S 17�� Z3 �00 5157 o c� f 9 a Diane Voss From: Diane Voss Sent: Friday, September 4, 2020 5:05 PM To: Doug Pyle Subject: Kingsbury Subdivision, 3rd Addition Doug: According to Assistant City Attorney,you will need to bring me a new check in the amount of$47,340 ($64,655 -$17,315 for Lot 1—WW Holdings). Once I receive your new check and Mr. Davis's portion of the security, I will request a refund of$17,315 to be sent to you. Hopefully, your revised portion of the security and Mr. Davis's revised Letter of Credit will come in close to simultaneously, so that I can process your refund as quickly as possible. After this occurs, I will record the Amendment to the Agreement for Public Improvements. Thank you! Diane R. Voss, City Clerk/Records Manager 515 Clark Avenue Ames, Iowa 50010 515-239-5105 dvoss@city.ames.ia.us From: Doug Pyle <dpyle@pyleandassoc.com> Sent: Friday, September 4, 2020 11:00 AM To: Diane Voss<diane.voss@cityofames.org> Subject: RE: Kingsbury security [External Email] Diane That works. Are we exchanging checks? I can do it whenever it works for you. Let me know when you want me to come over. Doug Pyle Pyle &Associates, P.C. 707 5th Street, Suite 201 Ames, Iowa 50010 (515) 291-3656 From: Diane Voss<diane.voss@cityofames.org> Sent: Thursday, September 3, 2020 2:49 PM To: Doug Pyle <dpyle@pyleandassoc.com> Subject: RE: Kingsbury security That is correct. 1 A I am also assuming that you want a refund of the amount of cash security that you initially files when the 4th Addition was platted. Assistant City Attorney Vikki Feilmeyer and I would prefer that I refund the entire amount that you initially filed and you bring in a new check in the amount you are now responsible for. Will that work for you? Diane R.Voss, City Clerk/Records Manager 515 Clark Avenue Ames, Iowa 50010 515-239-5105 dvoss@city.ames.ia.us From: Doug Pyle <dpyle@pyleandassoc.com> Sent: Thursday, September 3, 2020 8:43 AM To: Diane Voss<diane.voss@cityofames.org> Subject: RE: Kingsbury security [External Email] Hi Diane Please let me know what we need to do to accomplish the exchange of security. I would assume that W W Holdings Corporation will need to provide you with funds or a letter of credit for$17,315 and that you would release the current letter of credit you are holding from him. Please let me know if there is more to it than this. I have included Ryan Davis, owner of W W Holdings Corporation, on this email so he is current with our discussions. Thank you for your help. Doug Pyle Pyle &Associates, P.C. 707 5th Street, Suite 201 Ames, Iowa 50010 (515) 291-3656 From: Kelly Diekmann <kelly.diekmann@cityofames.org> Sent: Thursday, September 3, 2020 8:06 AM To: Doug Pyle<dpvle@pyleandassoc.com> Cc:Justin.Moore<iustin.moore@cityofames.org>; Diane Voss<diane.voss@cityofames.org> Subject: Kingsbury security Hi Doug, please work with Diane Voss to complete the exchange of security. She is cc'd on the email. Kelly Diekmann Planning and Housing Director 515.239.5400- main 515.239.5181 direct 515.239.5404 -fax kdiekmann@city.ames.ia.us I City Hall, 515 Clark Avenue I Ames, IA 50010 www.CityofAmes.org " Caring People — Quality Programs — Exceptional Service " 2 RESOLUTION NO. 20-458 RESOLUTION APPROVING AMENDMENT TO THE PUBLIC IMPROVEMENTS AGREEMENT FOR KINGSBURY SUBDIVISION,FOURTH ADDITION FOR THE CITY OF AMES, IOWA WHEREAS,the Kingsbury's Fourth Addition(previously identified as the Third Addition)was approved by the City Council on May 12, 2020, for the purposes of dividing a 6.91 acre site on SE 3`d Street into Lot 1 and Lot 2 for the extension of SE 3`d Street to the eastern end of the site; and, WHEREAS,the City of Ames entered into a Development Agreement with DET Land Company (Doug Pyle) in regard to dedication of right-of-way and construction of public improvements, including City construction on the road extension and the developer completing sewer, water, and sidewalk improvements; and, WHEREAS, the property owner executed a Public Improvements Agreement for a three-year deferral with financial security for his required improvements, totaling $64,655; and, WHEREAS, Mr. Pyle has now requested the City of Ames accept an assignment of these development obligations with an Amendment to the Public Improvement Agreement and substitution of financial security; and, WHEREAS, the proposed change would have the improvements and the financial security assigned respectively to Lot 1 and Lot 2 within the Subdivision; and, WHEREAS, the new owner of Lot 1 will be responsible for proportional costs of sidewalk installation and storm water while Mr.Pyle will maintain responsibility for the other improvements;and, WHEREAS, although it is unusual to split the public improvement obligations per lot, the requirements do not change and the same amount of financial security is held by the City. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the Amendment to the Public Improvements Agreement for Kingsbury's Subdivsion, Fourth Addition, is hereby approved. ADOPTED THIS 25`h day of August, 2020. Diane R. Voss, City Clerk John A. Haila, Mayor Introduced by: Betcher Seconded by: Beatty-Hansen Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Martin Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 25`h day of August, 2020. Exhibit A: KINGSBURY 4TH ADDITION AMENDED PUBLIC IMPROVEMENT AGREEMENT COSTS Lot 1 Quantity Unit Unit Price Totals Sidewalk Pavement, PCC, 4" thick 344.8 SY $ 40 $ 13,790.00 Sidewalk Pavement, PCC, 6"thick 5.6 SY $ 75 $ 420.00 Detectable Warning Panels 8 SF $ 30 $ 240.00 COSESCO (erosion control) 5.73 EA $ 500 $ 2,865.00 LOT 1 TOTAL $ 17,315.00 Lot 2 ( : Sidewalk Pavement, PCC, 4" thick 86.2 SY $ 40 $ 3,450.00 Sidewalk Pavement, PCC, 6" thick 1.4 SY $ 75 $ 105.00 Detectable Warning Panels 2 SF $ 30 $ 60.00 COSESCO (erosion control) 1.17 AC $ 500 $ 585.00 Sanitary Sewer Connection 1 EA $ 2,000 $ 2,000.00 Sanitary Sewer Manhole, SW-301,48" 1 EA $ 5,000 $ 5,000.00 Sanitary Sewer Gravity Main,Trenched, 8" 152 LF $ 75 $ 11,400.00 Water Main,Trenched, 8" 154 LF $ 60 $ 9,240.00 Water Valve, 8" 1 EA $ 2,500 $ 2,500.00 Water Main Connection 1 EA $ 3,000 $ 3,000.00 Fire Hydrant Assembly 1 EA $ 5,000 $ 5,000.00 Street Lighting 1 LS 5000 $ 5,000.00 LOT 2 TOTAL $ 47,340.00 COMBINED TOTAL $ 64,655.00 r Ames Smart Choice Public Works Department 515 Clark Avenue,Ames, Iowa 50010 Phone 515-239-5160 ♦ Fax 515-239-5404 Item No. 16 November 4, 2020 Honorable Mayor and Council Members City of Ames Ames, Iowa 50010 RE: Kingsbury 4 t h Addition Financial Security Reduction#1 Mayor and Council Members: I hereby certify that the water main and sanitary sewer main required as a condition for approval of the final plat of Kingsbury 4tn Addition have been completed in an acceptable manner by Ames Trenching. The above-mentioned improvements have been inspected by the Engineering Division of the Public Works Department of the City of Ames, Iowa, and found to meet City specifications and standards. As a result of this certification, it is recommended that the financial security for public improvements on file with the City for this subdivision be partially released to an amount of $26,515 ($17,315 for Lot 1 and $9,200 for Lot 2). The remaining work covered by this financial security includes sidewalks, pedestrian ramps including detectable warning panels, COSESCO (erosion control), and street lights. Sincerely, AK John C.Joiner, P.E. Director JJ/tp cc: Finance, Planning& Housing,Subdivision file Public Works Department 515.239.5160 main 515 Clark Ave.P.O.Box 811 Engineering 515.239.5404 far Ames,IA 50010 www.CityofAmes.org Kingsbury 4ch Addition November 4, 2020 Page 2 Item Quantity Unit Sanitary Sewer Connection 1 EA Sanitary Sewer Manhole, SW-301,48" 1 EA Sanitary Sewer Gravity Main,Trenched,8" 152 LF Water Main,Trenched,8" 154 LF Water Valve,8" 1 EA Water Main Connection 1 EA Fire Hydrant Assembly 1 EA RESOLUTION NO. 20-586 RESOLUTION ACCEPTING PARTIAL COMPLETION OF PUBLIC IMPROVEMENTS REQUIRED FOR KINGSBURY SUBDIVISION,4Tx ADDITION, FOR THE CITY OF AMES,IOWA BE IT RESOLVED, by the City Council of the City of Ames, Iowa: Section One. In accordance with the Certificate of the Public Works Department,the water main and sanitary sewer main required as a condition for approval of the Final Plat of the above- named Subdivision has been completed in an acceptable manner. Section Two. The bond given to secure performance of the public improvements is hereby reduced to $26,515 for the remaining work that includes sidewalks, pedestrian ramps including detectable warning panels, COSESCO (erosion control), and street lights. ADOPTED THIS 101h day of November, 2020. Diane R. Voss, City Clerk John A. Haila, Mayor Introduced by: Betcher Seconded by: Corrieri Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Junck, Martin Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 10'h day of November, 2020.