HomeMy WebLinkAboutChicago Central & Pacific Railroad Company-2/20/2017Please return this copy to:
City Clerk & Finance Dept.
715 Mulberry St.
Waterloo, IA 50703
RETAINAGE AGREEMENT
This Retainage Agreement ("AGREEMENT") is made and entered into by and
between the CITY OF WATERLOO IOWA and the CHICAGO, CENTRAL &
PACIFIC RAILROAD COMPANY, effective as of the date of latest execution shown
below:
KNOWN ALL PERSONS BY THESE PRESENTS:
WHEREAS, the City of Waterloo, Iowa (hereinafter referred to as HIGHWAY
AUTHORITY) is a political subdivision organized and existing under the laws of the
State of Iowa; that its official mailing address is 715 Mulberry Street, Waterloo, Iowa,
50701; and
WHEREAS, the Chicago, Central & Pacific Railroad Company (hereinafter
referred to as COMPANY) is a corporation organized and existing under the laws of the
State of Delaware and duly authorized to conduct business in the State of Iowa; that it
operates a common carrier service by railroad between points in Iowa and between points
in other states; that its principal offices are located at 17641 South Ashland Avenue,
Homewood, Illinois 60430-1345; and
WHEREAS, the HIGHWAY AUTHORITY initiated the request to the State of
Iowa to secure said State of Iowa safety funds to assist in the costs of upgrading and
reconstructing the CROSSING to an enhanced surface. The HIGHWAY AUTHORITY
and COMPANY may become parties to a separate agreement being provided by the State
of Iowa pursuant to Iowa Code Chapter 327G and 761 Iowa Adminstrative Code, Chapter
821 to upgrade and reconstruct the at -grade crossing (hereinafter referred to as the
CROSSING) located at the location where Nevada Street (DOT No. 307117K) crosses
over the COMPANY tracks in Waterloo, Iowa, which is attached hereto as Exhibit A.
WHEREAS, the HIGHWAY AUTHORITY and COMPANY are entering into this
AGREEMENT for the purpose of simply clarifying the maximum amount of retainage
that HIGHWAY AUTHORITY may elect to retain when making progressive payments
to COMPANY as provided under Section IX of the aforesaid separate agreement attached
hereto as Exhibit A.
NOW, THEREFORE, in consideration of the stated premises and the mutual
covenants and agreements of the parties as herein contained and for other valuable
consideration flowing unto the parties, the receipt and sufficiency of which are hereby
acknowledged, it is agreed as follows:
1. The HIGHWAY AUTHORITY shall promptly reimburse the
COMPANY in amount not less than NINETY-SEVEN per cent
(97%) of any amount progressively billed by COMPANY to
HIGHWAY AUTHORITY covering the upgrade and
reconstruction of the CROSSING as aforementioned and provided
for in Exhibit A.
2. The COMPANY shall agree to enter a separate tri -party agreement
presented by the State of Iowa covering the upgrade and
reconstruction of the CROSSING as aforementioned and provided
for in Exhibit A..
It is agreed between the COMPANY and HIGHWAY AUTHORITY to incorporate
by reference the "WHEREAS" clauses set forth above as if fully set forth herein, and
each party agrees to be fully bound thereby.
This AGREEMENT is binding upon all successors and assigns, and supersedes all
other offers, negotiations, and agreements related to the PROJECT. Modifications to this
AGREEMENT, and amendments or addenda thereto, must be agreed upon in writing by
both parties and executed by both parties.
IN WITNESS WHEREOF, the parties have executed this AGREEMENT after
being duly authorized to do so.
Authorized by the Council of the City of Waterloo, Iowa, on the Z® day of
20 41 , per Resolution P4D` .- a 33 and executed by &.eae r® -1–.► -1 ,
the t, of the 1`A of66-e r*,
acting by anon behalf of City of Waterloo, Iowa, this the 2 1day of 20
City of Waterloo
BY:
Title
, City of Waterloo
ATTEST:
Approved by Tom L. Bourgonje, Regional Chief Engineer, of the Chicago,
Central & Pacific Railroad Company, this the 'C day of March, 202_9—
BY:
2