HomeMy WebLinkAboutRes.2812.05-05-2014BILL N0. 14-63 RESOLUTION N0.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN ESCROW AGREEMENT WITH BRANDON 0.
WILLIAMS DEVELOPMENT, LLC, AND FIRST MISSOURI
STATE BANK OF CAPE COUNTY, FOR WILLIAMSBURG
PHASE 1, 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 Brandon 0. Williams Development, LLC, and
First Missouri State Bank of Cape County, for Williamsburg Phase
1, 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.
PASSED AND ADOPTED THIS _�5k DAY OF 2014.
H y E. ifediger, Mayor
ATTEST:
)"-)
Gayl OL. Conrad, City Clerk
ESCROW AGREEMENT
This Escrow Agreement, hereinafter referred to as "Agreement', is made and entered into
this 28th day of April, 2014, by and between BRANDON O. WILLIAMS DEVELOPMENT,
LLC, a Missouri Limited Liability Company, having its principal office and place of business at
2985 Boutin Dr, Cape Girardeau, Missouri 63701, hereinafter referred to as "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, Developer is the owner of Williamsburg Phase 1, 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 record 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 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 Agreement stipulate and agree as follows:
1. Developer has submitted to the City a record plat of Williamsburg Phase 1,
hereinafter referred to as "Proposed Subdivision", with request that said plat be approved by the
City. Developer has also submitted improvement plans for the Proposed Subdivision, which have
been approved by the City.
2. An Irrevocable Letter of Credit has been issued for the cost of the improvements in
the Proposed Subdivision by First Missouri State Bank of Cape County, hereinafter referred to as
"Financial Institution". The Irrevocable Letter of Credit, a copy of which is attached to this
Agreement and made a part hereof as though fully set out herein, has been placed in the possession
of the 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. Escrow Agent agrees to hold the original of the Irrevocable 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 this Agreement. Escrow Agent
agrees to 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. Escrow Agent may release all such funds to the Developer only for the purpose of
completing the improvements in the Proposed Subdivision.
5. Escrow Agent shall not release more than ninety-five percent (95%) of all funds
deposited with them 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 is satisfied that the improvements for the development of the Proposed Subdivision have
been completed in accordance with the plat, the approved improvement plans, and the applicable
City ordinances. City agrees that it will not unreasonably prevent the release of the final five
percent (5%) of the sums deposited with the Escrow Agent.
6. City may, from time to time, partially release the Escrow Agent from all or any part
of their 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 Agreement are concerned.
8. In the event of the failure, 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 shown
on 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.
10. This Agreement shall not in any fashion be construed to limit the powers, rights, or
duties of the City, but shall be construed in the light of the applicable City ordinances.
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 Agreement in triplicate as of the
date first above written.
DEVELOPER
Brandon O. Williams Development, LLC
Brandon 0 Williams, Managing Member
(Seal)
ATTEST:
Gayle L. Conrad, City Clerk
STATE OF MISSOURI
COUNTY OF CAPE GIRARDEAU )
ESCROW AGENT
First Missouri State Bank of Cape County
Sfe4is'Taylov; President/CEO
CITY
City of Cape Girardeau, Missouri
Scott A. Meyer, City Manager
ss.
On this_e�e/4day of r;' , 2014, before me personally appeared Brandon O.
Williams, 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 in
the State and County aforesaid, the date first above written.
Kathleen M Boehme, Notary Public
My Commission Expires:
KATHLEEN M. BOEHME
Notary Public - Notary Seal
STATE OF MISSOURI
Cape Girardeau County
Commission #13492939
My Commission Expires: Fetinjary 10 2017
STATE OF MISSOURI
ss.
COUNTY OF CAPE GIRARDEAU )
On this �h day of, 2014, before me personally appeared Steve Taylor, 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, 1 have hereunto set my hand and affixed my official seal in
the State and County aforesaid, the date fust above written.
My Commission Expires:
STATE OF MISSOURI
ss.
COUNTY OF CAPE GIRARDEAU )
11.1111111 'V1 LVl.1ll11G, jNuU y V uunl
Notary Public - Notary Seal
STATE OF MISSOURI
Cape Girardeau County
Commisslon X13492939
On this day of 2014, before me appeared Scott A. Meyer, to me
personally known, 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 said instrument was signed and
sealed on 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,1 have hereunto set my hand and affixed my official seal in
the State and County aforesaid, the date first above written.
(Notary Public Signature)
My Commission Expires:
DATE: April 28, 2014
FROM: First Missouri State Bank of Cape County
2 S Mt Auburn Rd
Cape Girardeau, MO 63703
TO: Brandon O Williams Development, LLC
2985 Boutin Dr
Cape Girardeau, MO 63701
AND
City of Cape Girardeau, Missouri — Beneficiary
City Hall, 401 Independence Street
Cape Girardeau, Missouri 63701
IRREVOCABLE LETTER OF CREDIT 9353
WHERE FIRST MEANS MORE
www. wherefi rstmeansmore. corn
We hereby issue this Irrevocable Letter of Credit in your favor up to the aggregate amount
of thirty-three thousand eight hundred forty-two and 60/100 dollars ($33,842.60) available upon
your demand and upon the approval of Beneficiary — City of Cape Girardeau for the cost of
developing Williamsburg Phase 1 subdivision according to the record plat and improvement plans
and specifications on file at the City of Cape Girardeau. 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 City ordinances, draw the balance of your account required to complete said
improvements.
FINANCIAL INSTITUTION
First Missouri State Bank of Cape County
to e Tay or, President/CF.O
101
2 South Mount Auburn Rd. • Cape Girardeau, Missouri 63703 • 573-334-9000
800 North Kingshighway • Cape Girardeau, Missouri 63701 • 573-335-9000
1846 East Jackson Blvd. • Jackson, Missouri 63755 • 573-243-9000
Member FDIC • First Missouri State Bank of Cape County
Accepted this,,day of 2014.
DEVELOPER
Brandon O Williams Development, LLC
randon O Williams, Manag ng Member
Approved pursuant to Council action this day of 2014.
(Seal)
AT'T'EST:
Gayle L. Conrad, City Clerk
CITY
City of Cape Girardeau, Missouri
Scott A. Meyer, City Manager
STATE OF MISSOURI
ss.
COUNTY OF CAPE GIRARDEAU )
On this 28th day of ApIU, 2014, before me personally appeared Steve Taylor, to me known
to be the person described in and who executed the foregoing instrument, and acknowledged that
lie executed the same as his free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in
the State and County aforesaid, the date first above written.
Notary public - Notary Seal
My Commission Expires: STATE OF MISSOURI
Cape Girardeau County
Commission 413492939
STATE OF MISSOURI
ss.
COUNTY OF CAPE GIRARDEAU )
On this 28th day of Ate, 2014, before me personally appeared Brandon O. Williams, 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 in
the State and County aforesaid, the date first above written.
My Commission Expires:
Kathleen M Became, Notary Public
tWTNLEEN M. BOEHME
Notary public - Notary Seat
STATE OF MISSOURI
Cape Girardeau County
CD i ion #1
M Commission Ex es: Febm9
a 10 2017
STATE OF MISSOURI
ss.
COUNTY OF CAPE GIRARDEAU )
On this day of 2014, before me appeared Scott A. Meyer, to me
personally known, 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 said instrument was signed and
sealed on behalf of said City by authority of its City Council, and acknowledged said instrument
to be the free act and deed of said City.
1N TF.,S"1'IMONY WHEREOF, I have hereunto set my hand and affixed my official seal in
the State and County aforesaid, the date first above written.
(Notary Public Signature)
My Commission Expires: