HomeMy WebLinkAboutRes.3261.05-20-2019 BILL NO. 19-79 RESOLUTION NO. 3acj)
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE A PERFORMANCE GUARANTEE AGREEMENT
WITH COLLINS MILL DEVELOPMENT GROUP, LLC,
FOR COLLINS MILL SUBDIVISION - 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 a
Performance Guarantee Agreement with Collins Mill Development
Group, LLC, for Collins Mill Subdivision - Phase 3, in the City
of Cape Girardeau, Missouri. The Agreement shall be in
substantially the form attached hereto, 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 the same.
PASSED AND APPROVED THIS 20th DAY OF May, 2019. " J
Bob Fox, ayor
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Gayly Conrad, City Clerk • 1,--1}14-..q `).••
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PERFORMANCE GUARANTEE AGREEMENT
This Performance Guarantee Agreement, hereinafter referred to as "Agreement", is made
and entered into this ` day of fli , 2019, by and between COLLINS MILL
DEVELOPMENT GROUP, LLC, a Mis'souri Limited Liability Company, having its principal
office and place of business at 2722 County Road 318, Cape Girardeau, Missouri 63701,
hereinafter referred to as "Developer", and the CITY OF CAPE GIRARDEAU, MISSOURI, a
Missouri Municipal Corporation, hereinafter referred to as "City".
WITNESSETH:
WHEREAS, the Developer is the owner of Collins Mill Subdivision — Phase 3, a
proposed subdivision located within the City of Cape Girardeau, Missouri; and
WHEREAS, the 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 Developer and the City stipulate and agree as follows:
1. The Developer has submitted to the City a record plat of Collins Mill Subdivision —
Phase 3, hereinafter referred to as "Proposed Subdivision", with request that said plat
be approved by the City. The Developer has also submitted improvement plans and
specifications for the Proposed Subdivision, which have been approved by the City.
2. An Irrevocable Letter of Credit, hereinafter referred to as "Letter of Credit", has been
issued for the cost of the improvements in the Proposed Subdivision by MRV Banks,
hereinafter referred to as "Financial Institution". The Letter of Credit is attached to
this Agreement as "Exhibit A" and made a part hereof as though fully set out herein.
The 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. Further, the Letter of Credit lists the City as the Beneficiary
and provides for payment of funds to the City in the event the Developer is found to
be in default under this Agreement.
3. A copy of the most recent financial statement of the Financial Institution is made
available 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 City may, from time to time, authorize a reduction in the balance of the Letter of
Credit and shall do so by written notification from the City's Administrative Officer.
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5. Upon approval by the City through its Administrative Officer for the release of the
remaining balance of the Letter of Credit, this Agreement shall be terminated and the
Developer and the Financial Institution shall be released from any further obligation
to the City insofar as the provisions of this Agreement are concerned.
6. 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 request payment from the balance of the Letter of Credit as required in
order to complete the improvements. Said request for payment shall be per the terms
of the Letter of Credit.
7. 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.
8. No part of this Agreement may be assigned by 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 Developer and the City have executed this Agreement as
of the above date.
(Signatures on following pages)
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Derrick e "li' aging Member
STATE OF M j S5 OUn )
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COUNTY OF ear C��(t,1' )
On this GI day of M , 2019, before me personally appeared Derrick
Geringer, Managing Member of Coil'lins Mill Development Group, LLC, a Missouri Limited
Liability Company, 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 Limited
Liability 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.
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P /A Public
Name/My Commission Expires: H eaTerM.Sh0r-./ ,44 ust 2147,1021
P '• MEANER ML SHORT
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SfN . Ceps Girardeau County
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CITY
City of C- .e Girar.-au, Missouri
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(Seal) Scott A. Me -r, City Mana..er
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STATE OF MISSOURI I�'',0 III -. ��`1?� w.
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COUNTY OF CAPE GI\EAU )
On this thi day of W/L , 2019, before me personally appeared Scott
A. Meyer, City Manager of the City o k ape Girardeau, Missouri, a Missouri Municipal
Corporation, to me known to be the pers. described in and who executed the foregoing
instrument, and acknowledged that the foregoing instrument was signed and sealed on behalf of
said City by authority of its City Council, and acknowledged that he executed the same as 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 w '
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Name/M Commission Expires: AMANDA L. MCKINNEY
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STATE OF MISSOURI
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Cape Girardeau County
My Commission Expires March 3,2022
Commission #14588193
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