HomeMy WebLinkAboutA007 - Agreement for Public Improvements Instrument No. 2023-04305 Instrument q: 2023-04305
06/29/2023 10:49'25 AM Total Pages: 5
00 OTHER
Recording Fee. $ 27.00 Story County Iowa
Stacie Herridge, Recorder,
mill K MAMAAZImvtforlh 11111
Return to:
ISU Research Park
Attn: Kyle Martin
1805 Collaboration PI Ste 1250
Ames IA 50010
f Prepared by: David L,Ginger,Hehn McCormick,P.C.,2000 Financial Center,666 Walnut Street,Des Moines,1A
50309-3989,515-243-7100
AGREEMENT FOR PUBLIC IMPROVEMENTS
The parties to this Agreement for Public Improvements are Iowa State University Research
Park(the"Owner')and the City of Ames, Iowa (the"C ).
WHEREAS, the Owner is in the process of platting real estate to be known as Iowa State
University Research Park Phase III Fifth Addition an Official Plat, now included in and forming
II Un1 ty ,
a part of the City of Ames, Story County,Iowa; and
WHEREAS,the Owner is required to construct certain improvements and utilities within
the real estate, to-wit: sanitary sewer, water main, fire hydrant, manholes, sidewalk and seeding
(collectively, the"Improvements") (a breakdown of the estimated cost of completion of each of
the Improvements is attached hereto as Exhibit A and incorporated herein by this reference as if
fully set forth).
NOW,THEREFORE,in consideration of the premises, it is hereby agreed that the Owner
shall deposit with the City a letter of credit in the amount of Four Hundred Thirty-four Thousand
Four Hundred Thirty-seven Dollars($434,437.00)(collectively,with any and all renewals thereof,
the "Letter ofCredit") conditioned upon the completion of the Improvements as required by the
City for said subdivision, and shall maintain said Letter of Credit or a renewal thereof until the
earliest to occur of December 31,2023 (the"Completion Date") or the actual completion date of
the Improvements.Owner further agrees that,to the extent the Improvements are not yet complete
at the time the term of the Letter of Credit is set to expire and/or expires, Owner shall take any and
all actions necessary to renew the term of the Letter of Credit such that the Letter of Credit remains
valid and existing through and until the earliest to occur of the Completion Date of the date the
Improvements have actually been completed by Owner.
IT IS FURTHER AGREED that City reserves the right to draw upon the Letter of Credit,
prior to the expiration thereof,in the event Owner defaults under its obligations set forth herein or
in the event a renewal of the Letter of Credit has not been provided within ten (10) days of the
expiration of the current term of the Letter of Credit, and, in such event, the City shall construct
said Improvements and utilize amounts drawn upon to cover the costs thereof.
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! IT IS FURTHER AGREED that upon satisfactory completion of the said Improvements,
i including the paying of reasonable engineering and inspection fees therefore, the letter of credit
shall be released,
j ! Dated this day of _ _ .2023
[Signatures Follow)
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2023-04305 00 06/29/2023 10:49:25 AM Page 3 of 5
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1 Signature Page -Agreement for Public Improvements
IOWA STATE UNIVERSTI'Y RESEARCH PARK
B
y:
(ick Sanders,President
STATE OF IOWA )
}SS:
COUNTY OF STORY )
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This instrument was acknowledged before me on this 7"- day of_��i .t , 2023 by
Rick Sanders, as President of Iowa State University Research Park,
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Notary Public in and for the State of Iowa
'1
REBECCA H WILUAMS
Commission Number 835310
My Commission Expires
�G
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Signature Page-Agreement for Public Improvements
CITY OF AMES,IOWA
By: ,
hn Joiner,Di or of Public Works
el
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STATE OF IOWA )
) SS'.
COUNTY OF STORY )
This instrument was acknowledged before me on this day of JQ 2023 by
John Joiner as the Director of Public Works for the C' f Ames, 10 a.
Notary Pub c in and for the State of Iowa
RENEE HALL
x Commission Number N27t�8
My ion
n it
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Exhibit A
E ISU RESEARCH PARK-AG INNOVATION
S �p Y D E R Pra Public UtilityProbaImproble,
emenb
&A S S O C I AT ai lrMnary Opinionnoof Amaa,0a
May 11,2022
122.1473.01
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ITEM 0 DESCRIPTION QUANTITY UNIT UNIT PRICE
CE
SM11TARYBEWER
1.1 A1rnlwlea 6 EA S 5,000 t 30.0m
1-2 12"Sanitary Smer klain 2,130 LF i 110 3 234,300
1.4 Tokwiw 2,130 LF 5 2 $ 4,260
1.5 Staking 1 LS S 3,000 S 3,000
1.0 A 1 LS $ 3,000 S 3,000
1.7 Seoding 1 LS S 5,000 S 5,000
Subtotals 3 279'm
1PATER MAIN
2.1 abr Irisin 979 LF $ 80 S 58,7440
2-2 Fim Hydrant 3 EA S B4O00 S 24,000
2..3 Valve 2 LS S 3,000 $ 6,000
2.4 SMk q 1 L S 3,000 S 3,000
2.5 As-buff 1 LS_ S 2,500 $ 2,500
2-6 Sooding 1 LS S 4,000 $ 4,000
Subtotal: $ 90,240
PUBLIC SIDEWALK
3.1 PCC PavwrArM 3,160 SF $ B S 25,440
3.2 Saoding 1 LS $ 2,500 S 2,500
Subtotals S 27,940
CONSTRUCTION TOTAL: $ 406,740
C Mgency: S 25,402
TOTAL PROJECT COST. S 434,437