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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. Book 2009 Page 1273\ 2 of 9 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 2 Book 2009 Page \2731 3 of 9 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. 3 Book 2009 Page 1273\ 4 of 9 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 6 of 9 ,,,,,,,,,,,, "zZ'~~\.., ~~\ RSI "'!"Ii..>"'\ ~~\,, \,,, \,,,,,,,,,,,,, \,,, \,,,,,,,,, \, \,, \,!----------iji-...J.,;.-""""""----.:....-l=.-""".....'--_---''-....I....;4 __L!- )...,--+-'0 '_Z EXHrHIT A LEGAL DESCRIPTION OF PROPERTY , \,,,, "rnro0. oi""~m ---------------------~~~---- (f) -loZm ,,""0 ~~"-S;;;o --j -m ""0 ~ FINAL PLAT !c::::sA.!"""""'.'U'''GGR>.''>oW"",,,STONE PRAIRIE PLAT 1 \\ EXHlBIT B PIWPOSED IMPROVEMENTS 1 I I,;1!Jrtr~Is-,1 ----\-.. ----F 1 1 IlAlctt LINE UATOILINE Book 2009 Page 1273\ 8 of 9 1 1 \, \,, \.,,, -, \-, v '. \~ \. 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'.,, \.0.w'I \ ·~", 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 9 of 9