HomeMy WebLinkAboutRes.3052.01-09-2017 BILL NO. 17-03 RESOLUTION NO. 39,54
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN ESCROW AGREEMENT WITH MEYR
PROPERTIES, L. P. , AND MONTGOMERY BANK, N.A. ,
FOR ROCK GARDENS, 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, N .A. , for Rock Gardens, 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, and incorporated herein by
reference, with such changes therein as shall be approved by the
officers of the City executing �tthe same .
/
PASSED AND ADOPTED THIS " DAY OF ,`,, ,JJ, , 2017 .
kilat4-44-AjHarryE. digr, Mayor
ATTEST: GI R17k: ��
4. 21,4,1 � r,
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ruse Tay o deputy City Clerk j 0
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ESCROW AGREEMENT
This Escrow Agreement, hereinafter referred to as "Agreement", is made and entered into
this _30th_ day of_December , 2016, by and between MEYR PROPERTIES, L.P., a limited
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, Jackson, Missouri, 63755, hereinafter
referred to as "Developer", and MONTGOMERY BANK, N.A., 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 Rock Gardens Subdivision, 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 Rock Gardens Subdivision,
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 Montgomery Bank, N.A., 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
Page 1 of 9
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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.
Page 2 of 9
DEVELOPER
Meyr Properties, L.P.
By: Meyr Management Company, Inc.,
General Partner of Meyr Properties, L.P.
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Rvla d R. Meyr. President of Meyr
Management Company, Inc.
ESCROW AGENT
Montgome y Ban . ' A.
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Kent chba er
w.:-.,..-:„...„, Senior Commercial Lender
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(Seal) Scott A. Me . City Manager
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Page 3 of 9
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
On this 30th day of December, 2016, before me personally appeared Ryland R. Meyr.
President of Meyr Management Company, Inc., General Partner of Meyr Properties. L.P., a
limited partnership, to me known to be the person described in and who executed the foregoing
instrument, and acknowledged that he executed the same as the free act and deed of said
Company.
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
Name/My Commission Expires: ANGELA HEURING
Notary Public-Notary Seal
State of Missouri
Scott County ttff
Commission#12483382 fl
My Commission Expires July 26,2020 y
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
On this 30th day of December, 2016, before me personally appeared Kent Puchbauer,
Senior Commercial Lender of Montgomery Bank. N.A., to me known to be the person described
in and who executed the foregoing instrument, and acknowledged that he executed the same as
the free act and deed of said Bank.
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.
Q
Notary Public �7
Name/My Commission Expires: Notary public-Notary Seal
State of Missouri
Scott County
Commission Pt 2463382
My Commission Expires July 26,2020
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STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
�► . 201.7.-before mea
On this
)Ac.-\
dad of AL kilt Scott A. Meyer, to
me personally known, who, bei by me 'lily s worn,did say that he is the City Manager of the
City of Cape Girardeau, Misso . a Municipa Corporation, and that the seal affixed to the
foregoing instrument is the seal of said City, and t at said instrument was signed and sealed on
behalf of said City by authority of its City Counci , 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
in the State and County aforesaid, the date first above written.
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Notary Public
Name/Mv Commission Expires:
y AMANDA LMCKINN
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DATE: December 30, 2016
FROM: Montgomery Bank, N.A.
2027 Broadway
Cape Girardeau, Missouri 6370I
TO: Meyr Properties, L.P.
966 County Road 616
Jackson, Missouri 63755
AND
City of Cape Girardeau, Missouri—Beneficiary
City Hall, 401 Independence Street
Cape Girardeau, Missouri 63701
IRREVOCABLE LETTER OF CREDIT #589
We hereby issue this Irrevocable Letter of Credit in your favor up to the aggregate
amount of seven hundred nineteen thousand three hundred seventy-five dollars (S7I9,375.00)
available upon your demand and upon the approval of Beneficiary — City of Cape Girardeau for
the cost of developing Rock Gardens 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
Montgomery Bank.N.A.
f)ilta-Aa04-12)Z/
Brian Harper_ Chief Operating Officer/
Chief Financial Officer
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Accepted this31`4"- day of e L._,,,,loz, , 2014 .
CUSTOMER-DEVELOPER
Meer Properties, L.P.
By: Meyr Management Company, Inc.,
General Partner of Meyr Properties, L.A.
/ le irLark
Rvla' d R. Meyr, President of Meyr
Management Company, Inc.
Approved pursuant to Council action this /fir day of j,..--natuy , 2017.
CITY
4 (! • City of Cape Girardeau, Missouri
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Page 7 of 9
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
On this "))p14--' day of a�w � , 201L , before me personally appeared Brian
Harper. Chief Operating Officer / Chief Financial Officer of Montgomery Bank. N.A.. to me
known to be the person described in and who executed the foregoing instrument, and
acknowledged that he executed the same as the free act and deed of said Bank.
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 Pu lic
Name/My Commission Expires: r ANGELA HEURING
Notary Public-Notary 8eal ri
Scott County
Commission 0124 '83382
My Commission Expires July 28,2020
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
Ism
On this-- day of 1�. tr , 201ca . before me personally appeared Ryland
R. Meyr, President of Meyr Management Company, Inc.. General Partner of Meyr Properties.
L.P., a limited partnership, to me known to be the person described in and who executed the
foregoing instrument. and acknowledged that he executed the same as the free act and deed of
said Company.
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
ANGELA HEURING
Name/My Commission Expires: Notary Public-Notary Seal l
State of Missouri
Scott County
Commission 012483382
My Commission Expires July 28,2020 '.
age 8ot9
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
On this 1, ' day of . , 2017, before me appeared Scott A. Meyer, to
me personally known, who, beinti by me duly projn, did say that he is the City Manager of the
City of Cape Girardeau, Missouri, a Municipa ,torporation, 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, I have hereunto set my hand and affixed my official seal
in the State and County aforesaid, the date first above written.
OPA‘katt.16k 0.61111111
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Notary Public
Name/My Commission Expires:
4YP"(� AMANDA L.MCKINNEY
,o• Gn MyCommission Expires NARYT
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�h�Girardear�t 3,au 2018County
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Commission#14588193
Paee 9 of 9
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Escrow for Rock Gardens Subdivision
Paving
Item Unit Cost Unit Quantity Total
4"Thick Concrete Sidewalks $45.00 SY 2875 $129,375
7"Thick P.C.C.Pavement w/Lip Curb $55.00 SY 8610 $473,550
Present Construction Cost Estimate $602,925
Storm Sewers
Item Unit Cost Unit Quantity Total
Single Curb Inlet $1,200.00 Each 11 $13,200
Junction Box $1,217.00 Each 3 $3,651
15"FES $396.50 Each 2 $793
15"RCP $27.75 LF 858.2 $23,815
18"RCP $45.00 LF 133.3 $5,999
24"RCP $85.00 LF 109.2 $9,282
30"RCP $105.00 LF 39.6 $4,158
24"FES $650.00 EA. 2 $1,300
Area Inlet $1,500.00 EA. 2 $3,000
Present Construction Cost Estimate $65,198
Water(does not include water line to water tank)
Item Unit Cost Unit Quantity Total
8"PVC Water Main $20.50 LF 1625 $33,313
Hydrant Assembly&Valve $2,280.00 Each 3 $6,840
Present Construction Cost Estimate $40,153
Street Lights
Item Unit Cost Unit Quantity Total
Street Light Assembly $ 1,850.00 EA. 6 $11,100
SubTotal Project Cost $719,375
Escrow for Lilmac East Subdivision
Paving
Item Unit Cost Unit Quantity Total
4"Thick Concrete Sidewalks $45.00 SY 570 $25,650
7"Thick P.C.C.Pavement w/Lip Curb $55.00 SY 2053 $112,915
ADA Sidewalk Ramps $1,100.00 EA 2 $2,200
Present Construction Cost Estimate $140,765
Sanitary Sewers
Item Unit Cost Unit Quantity Total
Standard Manholes $2,650.00 Each 2 $5,300
8"PVC Sanitary Sewer Pipe $63.50 LF 373 $23,686
6"PVC Service Pipe $28.00 LF 315 $8,820
Wyes 8"X 6" $175.00 Each 20 $3,500
Present Construction Cost Estimate $41,306
Storm Sewers
Item Unit Cost Unit Quantity Total
Single Curb Inlet $1,200.00 Each 1 $1,200
15"FES $396.50 Each 1 $397
15"RCP $27.75 LF 53.2 $1,476
Rip Rap $25.00 SY 100 $2,500
Present Construction Cost Estimate $5,573
Water
Item Unit Cost Unit Quantity Total
8" PVC Water Main $20.50 LF 390 $7,995
8"Gate Valve $850.00 Each 1 $850
Hydrant Assembly&Valve $2,280.00 Each 1 $2,280
Present Construction Cost Estimate $11,125
Street Lights
Item Unit Cost Unit Quantity Total
Street Light Assembly $ 1,850.00 EA. 2 $3,700
SubTotal Project Cost $202,468
Total Estimated Project Cost $921,843