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RESOLUTION NO. l <br /> RESOLUTION APPROVING THE REQUEST OF THE OWNERS <br /> OF LOTS 2 AND 3 IN UNIVERSITY SQUARE PLAT REGARDING <br /> THE POSSIBLE REFUND OF THE DEFAULT AND DEFICIENCY <br /> FUND IN CONNECTION WITH THE CLIVE, IOWA, PUBLIC IMPROVEMENT <br /> PROJECT, 1987 (N.W. 114TH STREET SOUTH - DIVISION I) <br /> WHEREAS, the City of Clive, Iowa ( "City ") and Ronald 0. Burns <br /> and Deon E. Burns, husband and wife ( "Burns "), did on the 15th day <br /> of May, 1987, execute and enter into one certain agreement entitled <br /> • "Petition and Waiver ", which agreement was recorded on the 8th day <br /> of June, 1987 in the office of the Polk County, Iowa, Recorder in <br /> Book 5733 at Page 072, and concerns the construction of certain <br /> public improvements described as Clive, Iowa, Public Improvement <br /> Project, 1987 (N.W. 114th Street South - Division I) (the "Project ") <br /> to benefit the following- described real estate then owned by Burns <br /> and provides for the levy of certain special assessments against <br /> said real estate: <br /> Lot 11, COWNIE PARK PLAT, an Official Auditor's <br /> Plat, now included in and forming a part of the <br /> City of Clive, Polk County, Iowa <br /> (hereinafter called the "Real Estate "); and <br /> WHEREAS, thereafter on November 4, 1987, the City, by separate <br /> resolutions of the City Council, approved an addendum to said Peti- <br /> tion and Waiver for said Real Estate, approved and accepted the <br /> final plat of said Real Estate into University Square Plat, and ap- <br /> proved a division and spread of the preliminary assessment schedule <br /> as to the Real Estate between Lots 1, 2, and 3 in University Square <br /> Plat; and <br /> WHEREAS, Burns, by and through letters from their attorney <br /> William J. Lillis (said letters dated November 20, 1987 and January <br /> 13, 1988) requested that the City make special provision with <br /> respect to the possible refund of the Default and Deficiency Fund as <br /> established in said Petition and Waiver; and <br /> WHEREAS, said Petition and Waiver provides in pertinent part as <br /> follows: <br /> "The Default and Deficiency Fund shall be refundable <br /> at the end of the ten year assessment period if all <br /> special assessments levied against the Property <br /> Owner's property have been paid in full." <br /> AND, WHEREAS, Burns has indicated to the City that they have <br /> sold Lot 2 in University Square Plat to Jo Ro Partnership, an Iowa <br /> partnership; and <br /> WHEREAS, Burns has indicated to the City that they have a con- <br /> • tract outstanding with RHW Development, Inc., a Kansas corporation, <br /> for the sale of Lot 3 in University Square Plat; and <br /> WHEREAS, by letter dated December 4, 1987 from the attorney for <br /> Burns to the partners of Jo Ro Partnership, with the signature of Jo <br /> Ro Partnership having been dated the 9th day of December, 1987, Jo <br /> Ro Partnership as a successor in interest to Lot 2 in University <br /> Square Plat, has disclaimed any and all right or interest in and to <br /> the Default and Deficiency Fund, with said sums, if any by virtue of <br /> proceedings of the City to become the property of Burns, presuming <br /> that said special assessments shall have been paid in full by Burns; <br /> and <br />