I-4 - Resolution 2025-010 - Full Release and Settlement Agreement

1. The above recitals are true and correct. 2. The Roundabout: The Roundabout described in Exhibit A, or something of substantially similar design, will be built (“Roundabout Project”). It will proceed as a North Liberty project for purposes of design, construction, etc. North Liberty will pay 50% of the costs of the Roundabout Project and Tiffin will pay 50% of the costs of the Roundabout Project. Such costs include but are not limited to engineering fees, paving, water main, sanitary sewer main, storm sewer, drainage way, sidewalk, underground utilities, overhead street lighting, curb and gutter, landscaping and streetscape materials and plantings, and costs of acquiring necessary right of way and easements for the project. Coralville will convey back to the Trust any necessary portion of the property that was deeded by the Trust to Coralville once Tiffin has secured the easements necessary for the construction of the Jasper Avenue Project to be located south of the Roundabout as outlined in Paragraph 3 of this Settlement Agreement. Rarick and Trust will then convey any of its land necessary for the Roundabout Project, including all necessary easements, to the appropriate county or municipal jurisdiction within which such land lies. Rarick and Trust accept payment for the same based upon the following schedule: $60,000 per acre for conveyance of right of way or other permanent easements except utility easements, 10% of that amount ($6,000) per acre per year for construction easements, $30,000 per acre for permanent utility easements. Tiffin, Coralville, and North Liberty will execute the attached 28E agreement simultaneously with the execution of this Settlement Agreement. 3. Jasper Avenue: The road referred to as south Jasper Avenue, that portion of Jasper Avenue that is south of the proposed roundabout, will be built out/paved to its intersection with Andersen Place (“Jasper Project”). It will proceed as a Coralville project for purposes of design, construction, etc. Coralville and Tiffin will execute the attached 28E agreement simultaneously with the execution of this Settlement Agreement, regarding construction of the Jasper Project south of Coralville’s south boundary to connect with Andersen Place. Upon execution of this Settlement Agreement and accompanying 28E Agreements, Tiffin will start the process to convey to Coralville all of its right-of-way on south Jasper Avenue, except for its portion of right-of-way that will constitute the west-side of the splitter island where the roundabout will connect to south Jasper Avenue. The parties estimate the length of this retained portion of right-of-way to be approximately 100 feet, but it will be subject to the final design of