Resolutions-2007-71

CITY OF TIFFIN IOWA RESOLUTION NO.: 2007-____71____ A RESOLUTION APPROVING PAYMENT BY LDR IOWA CITY, LLC FOR ITS SHARE OF COSTS FOR IMPROVING ROBERTS FERRY ROAD AND RELEASING THE OBLIGATION UNDER SECTION 2 OF THE SUPPLEMENTAL DEVELOPER'S AGREEMENT WHEREAS, LDR Iowa City, LLC (Subdivider) and the City entered into an agreement that LDR would pay 1/6 of the costs of improving Roberts Ferry Road adjoining the subdivision; and WHEREAS, the City Engineer has reviewed the invoices from the contractor and for the engineering; and WHEREAS, the improvements are substantially complete and the costs identified; and WHEREAS, the City will benefit from the acceptance of payment in the requested amount of $86,522.55; and WHEREAS, by this payment the City will acknowledge the payment as full and final payment of the Roberts Ferry Road obligation and release the obligation set forth in the Supplemental Developer's Agreement. NOW, THEREFORE, BE IT RESOLVED, by the City Council of Tiffin, Iowa, that the City accepts payment on behalf of LDR Iowa City LLC in the amount of $86,522.55 as the full and final payment required under the Supplemental Developer's Agreement, thereby releasing LDR from any further obligation under the Agreement. BE IT FURTHER RESOLVED by the City Council of Tiffin, Iowa, that the City hereby certifies that the invoices and supporting materials provided to LDR in support of the payment are true and accurate.