Agenda - Council - 06/10/1980 - Laserfiche WebLink

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NOW, ~EREFORE, IT IS AGREF~ by the parties hereto as follows: 1) That paragraph 2) of that Performance Contract between %he parties hereto dated October 12, 1979 shall be amended to read as follows: 2) The oonstruction and blacktopping of the following streets plus %he grading and drainage improvements as shc~n on %he construction plans prepared by Dewayne Olson on June 7, 1979 and revised on October 4, 1979 shall be known as Phase I of the~'Project and shall be cc~pleted on or before October 15, 1981 as follows, notwithstanding %he amended plans prepared by Dewayne Olson: a) 164th Lane N.W. from Highway ~47 to its intersection with the East line of Junki%e Street N.W. b) 164th Avenue N.W. from the West line of the plat to its intersection with Dysprosium Street N.W. c) Junkite Street N.W. from 164th Lane N.W. to its intersection with 164th Avenue N.W. d) C~_rmanium Street N.W. frc~n its intersection with the North line of the plat to its intersection with 164th Avenue N.W. e) Dysprosium Street N.W. fr~n its intersection with the North line of the plat to its intersection with 161st Avenue N.W. f) 161st Avenue N.W. from its 'intersect/on with Dysprosium Street N.W. East to its termination. 2) That paragraph 4) of that Performance Contract between the part/es hereto dated October 12, 1979 shall be amend.ed to read as follows: 4) The estimated cost of the improvement is $155,900.00. The Developer hereby agrees to provide a mortgage deed to the City in the ~mo~]t of $233,850.00 encumbering all the lots and blocks in the plat of "Barthel's Rum River Acres 2nd Add/t/on," except Lot 1, Block 6 of said plat. The purpo_ se of said mrtgage is to ~B~mrantee t_hat the Developer will comply with all of the requirements as aforesaid and the installation of all of said improvements in a good and ~rkman- shiplike manner, pursuant to the plans and specifications and requirements of the City Engineer. Upon the Developer's ccnloleting Phase I and the City approving the same, the said mortgage may be partially sahisfied such that the ouhstanding mortgage balance s.hall be $87,300.00.