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Date
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December 7,
2009
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Agenda
Item No. 14 Roll
Call No. 09- Communication No. 09-867 Submitted by: Larry Hulse, Director Community
Development Department |
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AGENDA
HEADING:
Resolution
releasing performance bond given as security for the grading and stabilization
of Sterling Tract Plats 1 and 2.
SYNOPSIS:
Staff recommends that the City Council release the
performance bond given as security for the grading and stabilization of
Sterling Tract Plats 1 and 2.
FISCAL
IMPACT: NONE
Amount: N/A
Funding Source: N/A
ADDITIONAL
INFORMATION:
Sterling Trace Development L.C., as Principal, and
Merchants Bonding Company (Mutual), as surety, provided the City with
Performance Bond No. IAC 34835 to secure the Principal's
obligation to grade and stabilize Sterling Trace Plats 1 and 2 in conformance
with the approved grading permit.
Sterling Trace Development L.C., defaulted on its obligations under the
grading permit to properly grade and stabilize the
site. Valley Bank then became the owner
of the remaining vacant lots in Sterling Trace Plats 1 and 2 formerly held by
Sterling Trace Development L.C., by a deed in lieu of foreclosure.
On August 24, 2009, by Roll Call No. 09-1539, the
City Council approved an Agreement with Valley Bank and Merchants Bonding
Company whereby Valley Bank was able to hire a contractor to properly grade and
seed the lots in Sterling Trace Plats 1 and 2, now owned by Valley Bank, with
funds provided by Merchants Bonding. The
site has now been graded and stabilized in conformance with the requirements of
the grading permit, and the obligations secured by the Performance Bond have
now been satisfied.
PREVIOUS
COUNCIL ACTION(S):
Date: August 24, 2009
Roll
Call Number: 09-1539
Action: Approving
Agreement with Merchants Bonding Company and Valley Bank for grading and
seeding in Sterling Trace Plats 1 and 2.
Moved by Kiernan to adopt. Motion Carried 7-0.
BOARD/COMMISSION
ACTION(S): NONE
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS: NONE
For more information on this and other agenda items,
please call the City Clerk’s Office at 515-283-4209 or visit the Clerk’s Office
on the second floor of City Hall,