HomeMy WebLinkAboutRes.2798.02-17-2014BILL NO. 14-26
RESOLUTION NO. c27 /
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN ESCROW AGREEMENT WITH MEYR
PROPERTIES, L.P., AND MONTGOMERY BANK, FOR
BALDWIN PLACE PHASE II, 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 Meyr Properties, L.P., and Montgomery
Bank, for Baldwin Place Phase II, a subdivision in the City of
Cape Girardeau, Missouri. The Agreement shall be in
substantially the form attached hereto as Exhibit A, which
document is hereby approved by the City Council, with such
changes therein as shall be approved by the officers of the City
executing the same. j
PASSED AND ADOPTED THIS / /-Ov� DAY OF , 2014.
Gayly L. Conrad, City Clerk
arry E_ ediger, Mayor
ESCROW AGREEMENT
This Escrow Agreement made and entered into this _11th_ day of _February , 2014, by
and between Meyr Properties, L.P, a partnership organized and existing under the laws of the
State of Missouri, having its principal office and place of business at 966 County Road 616,
hereinafter called Developer, and Montgomery Bank, hereinafter referred to as Escrow Agent
and the City of Cape Girardeau, Missouri, a municipal corporation, hereinafter referred to as
City.
WITNESSETH -
WHEREAS, Developer is the owner of Baldwin Place Phase 11, a proposed subdivision
located within the City of Cape Girardeau, Missouri, and has submitted to the City improvement
plans and specifications which have been approved by the City and has submitted a final plat
with request that said plat and the plans and specifications for the improvements in the Proposed
Subdivision, be, accepted and approved by the City, and
WHEREAS, Developer proposes to meet the ordinance requirements of the City with
respect to the posting of this Escrow Agreement prior to the approval by the City of the plat
proposed for said subdivision,
: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 Baldwin Place Phase B subdivision, hereinafter
referred to as the "Proposed Subdivision", and has submitted to the City its plat of said Proposed
Subdivision and requested approval of the same the City has heretofore approved the
improvement plans and specifications of the Proposed Subdivision.
2. An Irrevocable Letter of Credit has been issued for the cost of the improvements
in said Proposed Subdivision by Montgomery Bank, hereinafter referred to as "Financial
Institution". The Irrevocable Letter of Credit, a copy of which is attached to this Escrow
Agreement and made a part hereof as though fully set out herein, has been placed in the
possession of Escrow Agent. Said Irrevocable Letter of Credit is a commitment to the Developer
from the Financial Institution that it will serve as the primary lender for the development of the
Proposed Subdivision and commits itself for enough funds to complete the improvements in the
Proposed Subdivision.
3. A copy of the most recent financial statement of the Financial Institution is
submitted for the purpose of guaranteeing to the City that the Financial Institution as the issuer of
the Letter of Credit to the Developer has sufficient resources with which to uphold its guarantee.
4. The Escrow Agent agrees to hold the original of the Letter of Credit issued by the
Financial Institution subject to the provisions of this Agreement and the ordinances of the City of
Cape Girardeau, as they may appertain to the provisions of the Escrow Agreement. The Escrow
Agent agrees that it will set up a special escrow account subject to audit by the City in which all
funds made available by the Financial Institution for the improvements in the Proposed
Subdivision, will be deposited. The Escrow Agent may release all such funds to the Developer
only for the purpose of completing the improvements in the Proposed Subdivision.
5. The Escrow Agent shall not release more than ninety-five (95%) of all funds
deposited with him as Escrow Agent by the Financial Institution for the improvements in the
Proposed Subdivision 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 Proposed
Subdivision have been completed in accordance with the plat and the improvement plans and
specifications of the Proposed Subdivision and the Ordinances of the City of Cape Girardeau.
The City Council agrees that it will not unreasonably prevent the release of the final five (5%) of
the sums deposited with the Escrow Agent.
6. 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.
7. 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.
8. 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.
9. If, after two (2) years from the date of this agreement, all the improvements
reflected by the approved improvement plans and specification 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.
10. 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 applicable
ordinances of the City of Cape Girardeau, Missouri, regarding the subdivision of lands.
11. 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.
DEVELOPER
Meyr Properties, L.P.
(Seal) (Signatur
ATTEST:
(Si ture)
Cory Daniel, Commercial Relationship
Manager
Ryland R. Meyr, President of Meyr Management
Company, Inc., General Partner of Meyr Properties,
L.P.
ESCROW AGENT
Brian Harper, Chief Operating Officer / Chief
Financial Officer of Montgomery Bank, N.A.
CITY
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 )
On this 1 I day of }` 1� t, , 2014, before me personally appeared Ryland "Dutch"
Meyr to me known to be the person described in and who executed the foregoing instrument, and
acknowledged that he executed the same as his free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal
at my office in said County and State the day and year first above written.
(Notary Public Signature)
k �. ," •I .
My Commission Expires: (Typed Name of Notary Public
Angela Heuring
Notary Public - Notary Seal
state of Missouri
Scott County
Commission # 12463382
STATE OF MISSOURI ) Commission Expires; 07/26/2016
ss.
COUNTY OF CAPE GIRARDEAU )
On this js day of 1 2014, before me personally appeared Rw �-
to me known to be the person described in and who executed the foregoing instrument, and
acknowledged that he executed the same as his free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed by official seal at
my office in said County and State the day and year first above written.
(Notary Public Signature)
My Commission Expires:
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
(Typed Name of Notary Pu lic)
Angola Heuring
N.jtary Public - Notary Seal
State of Missouri
Scott County
Commission # 12463382
Commis=_ion Expires: 07/26/2016
On this day of 2014, before me appeared Scott A. Meyer, to me
personally know, who, being by me duly sworn, did say 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 TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal,
at my office in Cape Girardeau, Missouri, the day and year first above written.
My Commission Expires:
(Notary Public Signature)
(Typed Name of Notary Public)
Date: February 11, 2014
FROM: Montgomery Bank, N.A.
2027 Broadway
Cape Girardeau, MO 63701
TO: Meyr Properties, L.P.
966 County Road 616
Cape Girardeau, MO, 63701
AND
City of Cape Girardeau, Missouri — Beneficiary
City Hall, P.O. Box 617
Cape Girardeau, Missouri, 63702-0617
IRREVOCABLE LETTER OF CREDIT # 550
We hereby establish our irrevocable letter of credit in your favor up to the aggregate
amount of seventy-six thousand, six hundred and thirty-five dollars ($76,635) available upon
your demand and upon the approval of Beneficiary — City of Cape Girardeau for the cost of
developing Baldwin Place Phase H Subdivision according to the final plat and improvement
plans and specifications as approved by the City of Cape Girardeau on
If you do not complete the improvements as specified within two (2) years, Beneficiary — City of
Cape Girardeau may, pursuant to the procedures in the Ordinances of the City of Cape
Girardeau, draw the balance of your account required to complete said improvements.
FINANCIAL INSTITUTION
Montgomery Bank, N.A,
(Signature)
Kent Puchbauer, Cape Girardeau Regional
President of Montgomery Bank, N.A.
Accepted this ILL day of r c4 __, , 2014
(Seal)
ATTFST:
c
(Sign re)
Cory Daniel, Commercial Relationship
Manager
CUSTOMER -DEVELOPER
Meyr Properties, L.P
�_P
(Signatur
Ryland R. Meyr, President of Meyr
Management Company, Inc., General
Partner of Meyr Properties, L.P.
CITY
Approved pursuant to Council action this day of 2014.
(Seal)
ATTEST:
Gayle L. Conrad, City Clerk
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
City of Cape Girardeau, Missouri
Scott A. Meyer, City Manager
On this t I w day ofr� 2014, before me personally appearedto me known to be the person desenbed in and who executed the foregoing instrument, and
acknowledged that he executed the same as his free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed by official seal at
my office in said County and State the day and year fust above written.
My Commission Expires:
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
(Notary Public Signature)
(Typed Name of Notary Pubs'
An@@I@ Hourinp
Notary Public - Notary Seal
State of Missouri
Scott County
Commission # 12463382
Commission Expires: 07/26/2016
On this l 1"�' day of � t ,�;, , 2014, before me personally appeared Ryland "Dutch"
Meyr to me known to be the person described in and who executed the foregoing instrument, and
acknowledged that he executed the same as his free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal
at my office in said County and State the day and year first above written.
My Commission Expires:
STATE OF MISSOURI
COUNTY OF CAPE GIRARDEAU )
(Notary Public Signature) -�
(Typed Name of Notary Public)%
Angela Heuring
Notary Public - Notary Seal
State of Missouri
ss. Scott County
Commission # 12463382
Commission Expires: 07/26/2016
On this day of 2014, before me appeared Scott A. Meyer, to me
personally know, who, being by me duly swom, did say 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 TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal,
at my office in Cape Girardeau, Missouri, the day and year first above written.
My Commission Expires:
(Notary Public Signature)
(Typed Name of Notary Public)