HomeMy WebLinkAboutRes.3379.02-01-2021 BILL NO. 21-15 RESOLUTION NO. -3379'
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE A PERFORMANCE GUARANTEE AGREEMENT
WITH EED DEVELOPMENT, L.L.C. , FOR THE LOCHS
AT DALHOUSIE - PHASE V, 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 EED Development, L. L.C. ,
for The Lochs at Dalhousie - Phase V, 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 ADOPTED THIS \ DAY OF ` 1111, _AA , 2021 .
' `
Bob F.x, Mayors
ATTEST:
al'ea k:if ? 44.
Bruce Ta or, Deputy City Clerk -�
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L r. i N I ( +4-
PERFORMANCE GUARANTEE AGREEMENT
THE LOCHS AT DALHOUSIE—PHASE V
SIDEWALK IMPROVEMENTS
This Performance Guarantee Agreement, hereinafter referred to as this "Agreement", is
made and entered into this ?wQ day of "a'cwv...ay. , 2021, by and between EED
DEVELOPMENT, L.L.C., a Missouri Limited Liabilitytompany, having its principal office
and place of business at 124 Crosshill Court, Cape Girardeau, Missouri 63701, hereinafter
referred to as the "Developer", and the CITY OF CAPE GIRARDEAU, MISSOURI, a
Municipal Corporation of the State of Missouri, hereinafter referred to as the "City". The
Developer and the City collectively are hereinafter referred to as the "Parties".
WITNESSETH:
WHEREAS, the Developer has submitted to the City, and the City has approved, the
record plat of The Lochs at Dalhousie — Phase V, a subdivision located within the City of Cape
Girardeau, Missouri; and
WHEREAS, the Developer and the City previously entered into an agreement for
establishing a performance guarantee in lieu of the Developer constructing certain public
improvements in said subdivision prior to the approval of said record plat by the City; and
WHEREAS, said agreement has expired; and
WHEREAS, the Parties wish to execute this Agreement to replace the expired agreement
and to establish a new performance guarantee for constructing the public sidewalks in said
subdivision.
NOW, THEREFORE, in consideration of the foregoing and of the mutual promises and
agreements contained herein,the Parties stipulate and agree as follows:
1. The Developer has submitted to the City, and the City has approved, improvement plans
for the public sidewalks in said The Lochs at Dalhousie—Phase V, hereinafter referred to
as the"Subdivision".
2. Montgomery Bank, hereinafter referred to as the "Financial Institution", has issued an
Irrevocable Letter of Credit, hereinafter referred to as the "Letter of Credit", for the cost
of the public sidewalk improvements in the Subdivision. 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 construction of the public sidewalks in the
Subdivision and commits itself for enough funds to complete said sidewalks. 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.
Page 1 of 5
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.
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 of the public sidewalks shown
on the approved improvement plans have not been constructed, the City may request
payment from the balance of the Letter of Credit as required in order to construct the
missing sidewalks. 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 or the Financial Institution
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 as of the above
date.
Page 2 of 5
DEVELOPER
EED Development, L.L.C.
- -
lizabet D: browski, Managing Member
STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
On this g2 day of Jci17 U , 2021, before me personally appeared Elizabeth
Dombrowski, Managing Member of ESD DEVELOPMENT, L.L.C., a Missouri Limited
Liability Company, to me known to be the person described in and who executed the foregoing
instrument, and acknowledged that she 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.
Ni Public
Name/My Commission Expires: /�f,, J --2 4 (� Tyler Myers
`�/ -°otary Public Notary Seal
State of Missouri
Cape Girardeau County
Commission #18836955
Commission Expires 10109/2022
Page 3 of 5
CITY
City of Cape-`irardeau, Missouri
' ott A. Meyer ity anager
ATTEST: r_._";T
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('f,./ .� ' „�' ''eruct /41e7
r je City Clerk , ,, ' ' l o.,
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STATE OF MISSOURI ) . .., • y�, -'
) SS. � � 's�
COUNTY OF CAPE GIRARDEAU )
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On this this day of tikk / , 2)21, before me personally appeared Scott
A. Meyer, City Manager of the City of C.411 •:.u, Missouri, a Municipal Corporation of
the State of Missouri, to me known to be the per'on .escribed in and who executed the foregoing
instrument, and who acknowledged that the fo egoing 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 wri -n.
AWáII ,x
111
Notary Public �
_441
Name/My Commission Expires:
Pli"
p\°\()cb-( --- AMANDA L. MCKINNEY
i
Notary Public- Notary Seal
STATE OF MISSOURI
Cape Girardeau County
My Commission Expires March 3, 2022
Commission #14588193
Page 4 of 5
Montgomery
BANK
P. O. Box 948
Sikeston, Mo. 63801
DATE:January 22, 2021
FROM: Montgomery Bank a Non-Fiduciary Trust Company
TO: EED Development L.L.C.
AND
City of Cape Girardeau, Missouri (Beneficiary)
City Hall, 401 Independence Street
Cape Girardeau, Missouri 63703
IRREVOCABLE LETTER OF CREDIT#619
We hereby issue this Irrevocable Letter of Credit in your favor up to the aggregate amount of
Forty-Four Thousand Eight Hundred Ninety-Two and 00/100 dollars, ($44,892.00) available
upon your demand and upon the approval of the City of Cape Girardeau (Beneficiary) for the
cost of constructing the public sidewalks at Lochs at Dalhousie Phase V 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,the City of Cape Girardeau
(Beneficiary) may, pursuant to the procedures in the City ordinances, draw the balance of your
account required to complete said improvements.
Financial Institution
Montgomery Bank a
Non-Fiduciary Trust Company
James P. Limbaugh
Executive Vice President
Cape Girardeau Regional President
A
LiFDIC Telephone: 1-800-455-2275 • E-mail: customerservice@montgomerybank.com DAL HOUSING
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LENDER