HomeMy WebLinkAbout2009-04-20-Resolutions 09-99_Stone Prairie - Development Agr - Vision BankTHE CITY OF WAUKEE,IOWA
RESOLUTION 09-99
RESOLUTION APPROVING A DEVELOPERS AGREEMENT AND
LIEN/MORTGAGE SECURING PROPERTY OWNERS PORTION OF THE COSTS
ASSOCIATED WITH THE L.A.GRANT PARKWAY /V AVENUE IMPROVEMENTS
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE,IOWA
WHEREAS,the City of Waukee,Dallas County,State ofIowa,is a duly organized Municipal
Organization;AND,
WHEREAS,certain improvements are being undertaken by the City on L.A.GrantIV Avenue;
AND
WHEREAS,the improvements include street widening,inclnding grading and curb and gutter,
along the west side of L.A.Grant Parkway/V Avenue,in accordance with design specifications
approved by the City;AND
WHEREAS,Vision Bank of Iowa (referred to as "Property Owner")is the owner of certain
property adjacent to said street whose property will benefit from the improvements which is
legally described as Outlot X of Stone Prairie Plat 1;AND
WHEREAS,in consideration of the inducements,representations and payment contemplated
pursuant to this agreement,the City of Waukee shall cause the improvements to be constructed
in accordance with such plans and specifications as it shall deem appropriate;AND;
WHEREAS,the Property Owner agrees to pay unto the City of Waukee upon Property Owner's
submission to the City of a final plat on the Property,or upon sale or transfer of the Property,
whichever shall first occur,payment in an amount as currently estimated as $28,138.50;
BE IT THEREFORE RESOLVED by the City Council of the City of Waukee on this 20th day
of April,2009,that the agreement attached as Exhibit A,submitted by the owners of the property
described above,securing their obligation to the City in connection with the L.A.Grant
Parkway/V Avenue improvements should be and the same is hereby approved.
BE IT FURTHER RESOLVED the City Clerk shall cause the original to be recorded upon the
property by submitting the original to the Dallas County Recorder's office with the appropriate
recording fees.
ProTem
Attest:
ROLL CALL VOTE
Donald L.Bailey,JI'.
Casey L.Harvey
C.Isaiah McGee
Darlene Stanton
Mike Watts
AYE
x
X
X
X
NAY ABSENT
X
ABSTAIN
EXHIBIT A
DEVELOPERS AGREEMENT
THIS AGREEMENT is made and entered into by and between the City of Waukee,Iowa
(hereinafter referred to as the "City"),and the undersigned Property Owner,Vision Bank of
Iowa,hereinafter called Property Owner,WITNESSETH:
WHEREAS,Property Owner is the owner of tract of real estate legally described as
Government Lot [6 in Section 5,Township 78 North,Range 26 West of the Fifth Principal
Meridian in the City ofWaukee,Dallas County,Iowa and proposed to be platted as Stone Prairie
Plat 1 ("Entire Property");and
WHEREAS,the Entire Property is adjacent to the roadway known as SE LA Grant
Parkway/V Avenue in the City of Waukee;and
WHEREAS,to address the burdens associated with development of the Entire Property,
improvements are being undertaken on the roadway adjacent to said Entire Property which will
benefit the Entire Property;and
WHEREAS,the improvements contemplated hereunder involve SE LA Grant Parkway/V
Avenue Street widening include grading and curb and gutter along the west side ofSE LA Grant
Parkway/V Avenue,generally depicted on Exhibit B,adjacent to the Entire Property all located
in the City of Waukee,Dallas County Iowa,in accordance with design specifications approved
by the City,in its sole discretion (hereinafter referred to as "Improvements");and
WHEREAS,in order to induce the City to undertake the J mprovements Property Owner
has agreed to pay unto the City upon submission of a final pial on the Property Outlot X of Stone
Prairie Plat J ("Property")or upon the sale or transfer of the Property,whichever shan first
occur,payment in an amount equal to the actual costs incurred by tile City including but not
limited to construction,material,labor and engineering costs,as determined by the City upon
completion of construction,for said improvements (currently estimated as depicted on Exhibit C)
and securing said payment through the grant and conveyance to the City of a lien against that
portion of the entire property described as Outlot X ofStonc Prairie Plat 1 in Exhibit A attached
hereto)and in consideration of said payment the City agrees to commence the Improvements;
and
WHEREAS,Properly Owner and the City wish to set forth their agreements with respect
to the payment by Property Owner to the City related to said Improvements.
NOW,THEREFORE,IT [S AGREED AlvlONG THE PARrtES HERETO AS
FOLLOWS:
I.In consideration of the inducements,representations and payments contemplated
pursuant to this agreement,the City of Waukee shall cause thc Improvements to be constructed
to SE LA Grant Parkway/V Avenue in accordance with such plans and specifications,as it shall
deem appropriate.The construction of the Improvements shall be under the supervision 01'all
engineer to bc selected by the City.
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2.Property Owner agrees to pay unto the City of Waukee upon Property Owner's
submission to the City of a final plat on the Property,or upon the sale or transfer ofthe Property,
whichever shall first occur,payment in an amount equal to the actual costs incurred for
construction,material,labor and engineering costs,as determined by the City upon completion
of construction,of said improvements (currently estimated as depicted on exhibit C).Said
payment shall be due on or before said occurrence and in the event payment is not made unto the
City Property Owner shall be considered in default of its obligations herein.Upon default,
interest shall accrue at the rate of 10%pCI'annum on any balances that remain unpaid until all
amounts due have been satisfied.
3.Security Interest.Property Owner hereby sell,convey and mortgage unto the City
of 'Waukee,Iowa,and grants a security interest and Lien to the City of Waukee,Iowa in the
following described property:
a.,Land and Buildings.All of Property Owners'right,title and interest in and to
the following described real estate situated in Dallas County,Iowa (the "Properly");
Outlot X of Stone Prairie Plat I in Exhibit A attached hereto (the "Property")
and all buildings.structures and improvements now standing or at any time hereafter
constructed or placed upon the Properly (the "Buildings"),including all easements,
appurtenances,riparian rights,mineral rights,water rights,rights in and 10 the Property lying
in streets,alleys and roads adjoining the Property,estates and other rights and interests now
or hereafter belonging to or in any way pertaining to the Property.
b.Personall'mperty.All fixtures and other personal property integrally
belonging to,or hereafter becoming all integral part of the Property or Buildings.whether
attached or detached,including but not limited to,light fixtures,shades,rods,blinds,Venetian
blinds,awnings,storm windows,screens,linoleum,water softeners,automatic heating and air-
conditioning equipment and all proceeds,products,increase,issue,accessions,attachments,
accessories,parts,additions,repairs.replacements and substitutes of,10,and lor the foregoing
(the "Personal Property").
4.Qbligations.This security interest and lien secures the following (hereinafter
collectively referred to as the "Obligations"):
a.The obligation of Property Owner established in paragraph 2 herein and any
renewals,extensions,modifications or refinancing thereof and any promissory notes issued in
substitution therefor;and
b.All other obligations of Property Owner to City of'Waukee arising hereunder,
including,but not limited 10,future advances and amounts advanced and expenses incurred by
City of Waukee pursuant to this security interest and lien.
5.RellresentatiQlls and vVarranties Qf Property Owner.Property Owner represents,
warrants and covenant to City Of Waukee that (i)Property Owner holds clear title to the
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Property and title in fee simple in the Land;(ii)Property Owner has the right,power and
authority to execute this Agreement and lien,and grant a security interest in the Property;(iii)
the Property is free and clear of all liens and encumbrances,except for real estate taxes not yet
delinquent and except as otherwise stated in subparagraph ]a.herein;(iv)Property Owner wi II
warrant and defend title to the Property and the lien and priority of this Mortgage against all
claims and demands of all persons,whether now existing or hereallel'arising;and (v)all
buildings and improvements now or hereafter located on the Land are.or will be,located entirely
within the boundaries of the Property.
G.l'mleelion of Citv Of W~,Jkee's Seeurity.If Property Owner fail to perform any of
the covenants and agreements contained in this Agreement or if any action or proceeding is
commenced which affects the Property or theinterest of the City of Waukee therein,or the title
thereto,then City of Waukee,at City of Waukee's option,may perform such covenants and
agreements,defend against or investigate such action or proceeding,and take such other action
as City of Waukee deems necessary to protect City of Waukee's interest.Any amounts or
expenses disbursed or incurred by City of Waukee with interest thereon at the rate of 18%per
annum,shall become an Obligation of Property Owner secured by this agreement,lien and
security interest.Such amounts advanced or disbursed by City of Waukee hereunder shall be
immediately due and payable by Properly Owner unless Properly Owner ami City of Waukee
agree in writing to other terms of repayment.City of Waukee shall,at its opt ion,be subrogated to
the lien of any mortgage or other lien discharged in whole or in part by the Obligations or by
City of Waukee under the provisions hereof,and any such subrogation rights shall be additional
and cumulative security for this Agreement.Nothing contained in this paragraph shall require
City of Waukee to incur any expense Or do any act hereunder,'and City of Waukee shall not be
liable to Properly Owner for any damage or claims arising out of action taken by City of Waukee
pursuant to this paragraph.
7.Events of Delimit.Each of the lollowing occurrences shall constitute an evenl of
default hereunder ("EYcnt of'Dcfault"):
a.Property Owner shall default in the due observance or performance of or
breach its agreement coucerning payment of its obligations or shall default in the due observance
or performance of or breach any other covenant,condition or agreement on its part to be
observed or performed pursuant to the terms of this Agreement.
b.Property Owner shall make an assignment IDr the benefits of its creditors,or a
petition shall be filed by or against Properly Owner under the United Stales Bankruptcy Code or
Property Owner shall seek or consent 10 or acquiesce in tile appointment of any trustee,receiver
or liquidator of a material pari of its properties or of the Property or shall not,within thirty (30)
days after the appointment of a trustee,receiver or liquidator 0 I'any materia]part 0 f its properties
or of the Property,have such appointment vacated.
c.A judgment,writ or warrant of attachment or execution,or Similar process
shall be entered and become a lien on or be issued or levied against the Properly or any part
thereof which is not released,vacated or fully bonded within thirty (30)days after its entry,issue
or levy.
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d.An event of default,however defined,shall occur under any other mortgage,
assignment or other security document constituting a lien OJ]the Properly or any part thereof.
8.Attorncys'Fees.Property Owner shall pay on demand all costs and expenses
incurred by City Of Waukee in enforcing or protecting its rights and remedies hereunder,
including,but not limited to,reasonable attorneys'fees,legal expenses and costs.
9.Severability.II'any provision hereof is for any reason unenforceable or
inapplicable,the other provisions hereof will remain in lull force and effect in the same manner
as if such unenforceable or inapplicable provisions had never been contained herein.
10.Govcming Law.This Agreement shall be governed by and construed III
accordance with thc laws of the State of Iowa.
II.Effective.This Agreement is subject to and contingent upon approval by the
Waukee City Council.In the event the Waukee City Council does not approve this agreement,
this Agreement shall be null ami void.
12.Recording.This Agreement shall be recorded with the Dallas County.Iowa,
Recorder and shall constitute a lien on the property until the recordation of a valid release
executed by the Mayor after approval of the City Council by resolution.
DATEDaSOf_Apri\10 ___'2009
Attest:
~
l //I!
---I""~IJ,_-_:_~----
tr I,:ily Administrator/City Clerk
4
VISION BANK OF IOWA
Date:il-I~!.:zCld~'f-~_
STATE OF lOW A )
)ss.
COUNTY OF .J
On this ID~lay of --Jt±iL--,2009,before me,the undersigned,a Notary Public
in and for the State of Iowa,personally appeared ,T6"'=,.J:I.Cil'--"-sfl>r--,to me personally
known,who being by me duly sworn,did say that the person is the -.---:5#----of Vision
Bank of Iowa,and that the instrument was signed on behalf of said Vision Bank of Iowa;and
that said person acknowledged the execution ofthe foregoing instrument to be the voluntary act'
and deed of the Vision Bank oflowa and by it voluntarily executed,
No dr'ubli,ld for the Stte ?fiowa
My Commission expires --------4(~3-f-lL-
DA~IJ.aossMYCOM':;ISSIO~\EXPIRES
J ,'Ii)37,(
COMM"lsmnN NtIMBER:226671
5
Book 2009 Page 12731
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EXHrHIT A
LEGAL DESCRIPTION OF PROPERTY
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EXHlBIT B
PIWPOSED IMPROVEMENTS
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EXHIBIT C
CURRENT COST ESTIMA TIT
Proj.No.070023 Revised:1111312007
JEJ
UNIT EXTENDED
DESCRIPTION QUANT,UNITS PRICE PRICE
LA Grant Work
STRIPPING 200 CY 55.00 51.000.00
GRADING IMPORT 150 CY $1000 $1,500.00
FINE GRADING 200 CY $5.00 5'1,000.00
SUBGRADE PREP (6%FL YASH)230 SY $2.50 $575.00 4.5'460
ROAD PAINTI SIGNAGE o LS 55,000.00 50.00 CITY TO PRC
RAISE MH 1 LS $500.00 $500.00
MODIFY INTAKE 1 LS $2,000.00 $2,000.00 srs.WAS N(
M-A INTAKE 2 EA $2,000.00 $4,000.00
L1GHTPOLES o EA $4,000.00 50.00
RELOCATE LIGHT POLE o EA $4,000.00 $0.00
HYDRO-SEEDING 0.30 AC $6,000.00 $1,800.00
WITH FIBER MESH FOR EROSION CONTROL
3.5'CURB AND GUTIER 460 LF $21.00 59,660.00
Moblllzalioniutilily conflicts 1 LS $'1,000.00 $'1.000.00
ROW UTILITY CONFLICTS
SILT FENCE o LF $2.00 $0.00
INLET PROTECTION 2 EA $300.00 $600.00
SWPPP INSPECTIONS 8 Month 550.00 $400.00
CLEAR AND GRUB o LS $2,500.00 $0.00
CITY TO COVER CONSTRUCTION INSPECTIONS
TOTAL:$23,03500
10%Misc &Contingency:
Engineering:
GRAND TOT AL:
$2,303.50
$2,800,00
$28,138,50
\273\Book 2009 Page
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