HomeMy WebLinkAboutRes.2727.11-05-2012BILL NO. 12-166 RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN ESCROW AGREEMENT WITH RIVERWEST
PARTNERS, LLC, AND FIRST MISSOURI STATE BANK
OF CAPE COUNTY, FOR WALDEN PARK PHASE 3, IN
THE CITY OF CAPE GIRARDEAU, MISSOURI
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE
GIRARDEAU, MISSOURI, AS FOLLOWS:
ARTICLE 1. The City Manager, for and on behalf of the City
of Cape Girardeau, Missouri, is hereby authorized to execute an
Escrow Agreement with Riverwest Partners, LLC and First Missouri
State Bank of Cape County, for improvements of Walden Park Phase
3, a subdivision in the City of Cape Girardeau, Missouri. A
copy of said Agreement is attached to this Resolution and made a
part hereof. gyp'/
PASSED AND ADOPTED THIS `l DAY OF UU6wI r 2012.
f
Harfy E. edi er, Mayor
This Escrow Agreement made and entered into this 29th day of October, 2012, by and between
Riverwest Partners LLC, a Corporation organized and existing under the laws of the State of Missouri,
having its principal office and place of business at 2832 Walden Blvd, Cape Girardeau MO, hereinafter
called Developer, and First Missouri State Bank of Cape County, hereinafter referred to as Escrow Agent,
and the City of Cape Girardeau, Missouri, a municipal corporation, hereinafter referred to as City.
WITNESSETH:
WHEREAS, the Developer is the owner of Phase III Walden Park, property within the City of
Cape Girardeau, Missouri, and has submitted to the City improvement plans,
NOW, THEREFORE, In consideration of the foregoing and of the mutual promises and
agreements contained herein, the parties to this Escrow Agreement stipulate and agree as follows:
1. Developer is the owner of Phase III Walden Park, and has submitted to the City
improvement plans and specifications for the above specified address.
2. An escrow balance of $26,501.50 for the cost of the improvements at the above specified
address is held by First Missouri State Bank of Cape County, hereinafter referred to as "Financial
Institution".
3, The Escrow Agent shall not release the funds deposited with him as Escrow Agent for the
proposed improvements except on the approval of the Administrative Officer of the City and until the City
Council is satisfied that the improvements for the development of the above specified address has been
completed in accordance with the plat and the improvement plans and specifications of the above
specified address and the Ordinances of the City of Cape Girardeau,
4, The City may from time to time partially release the Escrow Agent from all or any part of
its obligations and shall do so by written notification from the City's Administrative Officer,
5. Upon approval by the City through its Administrative Officer for the release of all funds
held by the Escrow Agent, this agreement shall be terminated and the Developer and the Escrow Agent
shall be released from any further obligation to the City insofar as the provisions of this Escrow
Agreement are concerned.
6, In the event of the failure or refusal or inability of the Escrow Agent to serve as
determined by the Administrative Officer of said City, the City shall appoint a substitute who will have the
same responsibilities as the Escrow Agent named herein.
7. If, after two (2) years from the date of this agreement, all the improvements reflected by
the approved improvement plans and specifications have not been completed, the City may require the
Escrow Agent to remit to the City cash or negotiable instruments constituting the balance of the escrow
account required to complete the improvements.
8. This Escrow Agreement shall not in any fashion be construed to limit the powers, rights,
or duties of City, but said agreement shall be construed in the light of the ordinances of the City of Cape
Girardeau, Missouri, regarding the development of property.
9. No part of this agreement may be assigned by the Escrow Agent or the Developer
without first obtaining the express written consent of such assignment by the City, but the City agrees not
to unreasonably withhold such consent,
IN WITNESS WHEREOF, the parties have executed this instrument in triplicate as of the day and
year first herein written.
DEVE OPER
G raid Jones II, M ber
River West Partin s, L
ATTEST:
rl
[Signature
,p
ESCfCiV At;�4dT�
Stevie Ta�r,'President/CEO
First Mis our! State Bank
ATTEST:
Imo{` I
[Signature
CITY OF CAPE GIRARDEAU, MISSOURI
[Seal]
Scott A. Meyer, City Manager
ATTEST:
Gayle L. Conrad, City Clerk
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
BE IT REMEMBERED, That on this aY14_ day of . z 2012 befor me,
the undersigned, a Notary Public In and for the County and State aforesaid, came P e
personally known, who, being by me duly sworn, did state thatr'she is the
that said instru ent was sipped in behalf of said company for the consideration stated therein and no
other, and said ��cltnowledged said instrument to be the free act and deed of said company.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal, the day and
year last above written.
My Commission Expires:W//O�WO/&
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU }
BE IT REMEMBERED, That on this day of 19 , 2012 before me,
the undersigned, a Notary Public in and for the County and State aforesaig,.parnmen
personally known, who, being by me duly sworn, did state thatgNhe is the /l L ofEj gp
that said instru enters signed in behalf of said company for the consideration stated therein and no
other, and said / cknowledged said instrument to be the free act and deed of said company.
IN WITNESS WHEREOF, I have hereunto set
year last above written. ,
My Commission Expires:��/OJ/3
STATE OF MISSOURI
ss.
COUNTY OF CAPE GIRARDEAU
hand and affixed my official seal, the day and
BE IT REMEMBERED, That on this day of , 2012 before
me, the undersigned, a Notary Public in and for the County and State aforesaid, came Scott A. Meyer, to
me personally known, who, being by me duly sworn, did state that he is the City Manager of the City of
Cape Girardeau, Missouri, a Municipal Corporation of the State of Missouri, and that the seal affixed to
the foregoing instrument is the seal of said City and that the said instrument was signed and sealed in
behalf of said City by authority of its City Council and acknowledged said instrument to be the free act
and deed of said City.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal, the day and
year last above written.
[Typed Name of Notary Public]
My Commission Expires: