Resolutions-2007-16

CITY OF "TIFFIN, IOWA RESOLUTION No. 2007- 16 A RESOLUTION FOR THE PURPOSE OF APPROVING PAYMENT OF FUNDS FOR WATER IMPROVEMENTS INSTALLED BY IPL UNDER THE TERMS OF THE SUBDIVIDER' S AGREEMENT WITH THE CITY AND SUBJECT TO RETAINED FUNDS EQUAL TO 5% OF THE AGREED REIMBURSEMENT. WHEREAS, IPL Development, LLC, hereinafter IPL and Alot for Alot, LLC, hereinafter IPL, earlier agreed to the installation of water mains for the benefit of the City and other property owners, and WHEREAS, the office of the City Engineer has indicated substantial compliance with the terms of the project by IPL; and WHEREAS, certain limited items have not been completed, but IPL will need better weather to do so, and WHEREAS, the uncompleted items are smaller, less costly aspects of the project; and WHEREAS, the City can assure completion of the project by retaining an amount equal to 5% of the remaining balance due to IPL. NOW, THEREFORE, BE IT RESOLVED, by the City Council Tiffin, Iowa, that the Mayor and Clerk are authorized to issue payment to IPL Development for the water project as provided in X3. 5 of the Subdivider' s Agreement entered into by IPL and the City, less 5% of the gross amount due to assure final completion of punch list items. BE IT FURTHER RESOLVED, that the Mayor and City Clerk of Tiffin, Iowa, are hereby authorized and directed to execute all legal documents, upon approval of the City Attorney, related to release liens and other claims arising from this project as approved by the City Engineer and City Attorney. On the 11th day of April, 2007, at a regular meeting of the Tiffin City Council, Tiffin, Iowa, Councilperson Dils introduced A RESOLUTION FOR THE PURPOSE OF APPROVING PAYMENT OF FUNDS FOR WATER IMPROVEMENTS INSTALLED BY IPL UNDER THE TERMS OF THE- SUBDIVIDER' S AGREEMENT WITH THE CITY AND SUBJECT TO RETAINED FUNDS EQUAL TO 5% OF THE AGREED REIMBURSEMENT, and made a motion for approval. The motion was seconded by Councilperson Wright Ayes: Wright, DeMuth, Dils, Bartels and Petersen Nays: Time Motion carried. -- Page 2 of 3 C:\ Documents and Settings\ martie\ Local Settings\ Temporary Internet Files\ OLK29\ 04 1107 Reso for Partial Pay on Water. doc Last printed 5/ 1/ 2007 10: 22: 00 AM