Resolution to approve Payment under City of Monticello and Welter
Enterprises LLC Development Agreement in the amount of $129,421.15

WHEREAS, The City Council previously approved and entered into a development agreement with the Welter family, as part of their agreement to donate land to Kirkwood Community College, and

WHEREAS, The City Administrator has received appropriate documentation, same having been carefully reviewed by the City Clerk/Treasurer, from the Welter family that supports their payment request, and

WHEREAS, The amount presently due the Welter family from the City totals $184,887.35, however, there are a few remaining punch list items that require completion by Horsfield Construction in the Spring before the City will be in a position to accept the dedication of the public improvements, and for that reason the Council finds it appropriate to pay the Welter family the sum of 70% of the amount otherwise due, same totaling $129,421.15, holding the balance of approximately $55,000 as retainage, if you will, to be paid in full upon final completion of the project, engineer acceptance and City acceptance and dedication of the public improvements.

NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby authorize the City Clerk to pay the Welter family the sum of $129,421.15 pursuant to the Developer’s Agreement entered into by the City and the Welter family, on or about April 14, 2008.