HomeMy WebLinkAbout2010-12-20-Resolutions 10-318_Stone Prairie - Development Agr - PmtTHE CITY OF WAUKEE,IOWA
RESOLUTION 10-318
AUTHORIZING PAYMENT PURSUANT TO DEVELOPERS AGREEMENT
BETWEEN THE CITY OF WAUKEE AND AMES COMMUNITY BANK
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE,IOWA
WHEREAS,the City of Waukee,Dallas County,State of Iowa,is a duly organized Municipal
Corporation;AND,
WHEREAS,Ames Community Bank,successor by merger to Vision Bank ofIowa,acquired
through foreclosure property that was being developed by Stone Prairie,LLC;AND,
WHEREAS,the City of Waukee and Ames Cormnunity Banlc entered into a developers
agreement in an effort to address the outstanding issues relative to the Stone Prairie Development
as more particularly set forth therein;AND,
WHEREAS,pursuant to the terms of the agreement between the City and Ames Community
Banlc,Ames Community Bank submitted a $200,000 cash bond to secure its completion of street
improvements to SE Westown Parkway which would be refunded upon Ames Community
Bank's completion of said improvements at their cost and expense;AND,
WHEREAS,the City previously received a performance bond for the completion of road
improvements to SE Westown Parkway in the amount of$128,583,which was appropriately
secured and pledged for the completion of said road improvements that have now been
completed by Ames Community Bank;AND,
WHEREAS,the City has received $1,109 in excess payments by Ames Community Bank in
conjunction with permit,plat fees and street painting costs associated with the Development;
AND,
WHEREAS,the City Engineers have inspected the SE Westown Parkway improvements
completed by Ames Community Bank pursuant to the developers agreement and the
improvement undertaken in conjunction with the development have been accepted by the City.
NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council that pursuant to
the terms of the developer's agreement the security pledge by Ames Community Bank in the
amount of $200,000 should be released to Ames Community Bank.
BE IT FURTHER RESOLVED by the City of Waukee City Council that the money recovered
by the City as a result of the prior developers failure to complete the Development's
construction of the SE Westown Parkway improvements that have now been completed in the
amount of$128,583 should be paid to Ames Community Bank.
BE IT FURTHER RESOLVED by the City of Waukee City Council that the sum of$1,109
excess allocated payments by Ames Community Bank to the City for outstanding development
fees and charges associated with the Development of the property should be refunded to Ames
Community Bank.
Passed by the City Council of the City of Wankee,Iowa,and approved this the zo"day of
December,2010.
ROLL CALL VOTE
Shane Blanchard
Dan Dutcher
Casey L.Harvey
Darlene Stanton
Mike Watts
AYE
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NAY ABSENT ABSTAIN
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