HomeMy WebLinkAboutRes.3384.02-15-2021 BILL NO. 21-23 RESOLUTION NO. 3 54st
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE A PERFORMANCE GUARANTEE AGREEMENT
WITH LILMAC, LLC, FOR LILMAC EAST
SUBDIVISION, 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 Lilmac, LLC, for Lilmac
East Subdivision, 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 .
/gr) AA Al.d.
PASSED AND ADOPTED THIS DAY OF , \11 ___ 121 .
6'%/� yr
Bob Fox, Mayor
ATTEST:
1
k
se Ta r, Deputy City Clerk A. , -,. 7
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PERFORMANCE GUARANTEE AGREEMENT
LILMAC EAST SUBDIVISION
SIDEWALK IMPROVEMENTS
This Performance Guarantee Agreement, hereinafter referred to as this "Agreement", is
made and entered into this °` day of r-e,4,,,,,C,..I , 2021, by and between LILMAC,
LLC, a Missouri Limited Liability Company, having its principal office and place of business at
228 Pintail Pointe, 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 Lilmac East Subdivision, 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 Lilmac East Subdivision, 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
Lilmac, LLC
(1/41\'
Da id M. McMullin, Manager
STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
On this t'-` day of 1�,�,�� �.� , 2021, before me personally appeared David M.
McMullin, Manager of Lilmac, 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.
Notary Public
Name/My Commission Expires: Angela Heuring
Notary Public - Mas ureal
Scott County,
ri
Commission # 12463382
Commission Expires 07!2612024
•
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Page 3 of 5
CITY
City of Cape Girardeau, Missouri
Scott A. Meyer, City Manager
ATTEST:
City Clerk
STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
On this this day of , 2021, before me personally appeared Scott
A. Meyer, City Manager of the City of Cape Girardeau, Missouri, a Municipal Corporation of
the State of Missouri, to me known to be the person described in and who executed the foregoing
instrument, and who 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 written.
Notary Public
Name/My Commission Expires:
Page 4 of 5
EXHIBIT A
LETTER OF CREDIT
on following page(s)
Page 5 of 5
*
Montgomery
BANK
DATE: February 2,2021
FROM: Montgomery Bank, a Missouri Non—Fiduciary Trust Company
2027 Broadway •
Cape Girardeau, Missouri 63701
TO: David McMullin
228 Pintail Pointe
Cape Girardeau, MO 63701
AND
City of Cape Girardeau, Missouri —Beneficiary
City Hall, 401 Independence Street
Cape Girardeau, Missouri, 63701
IRREVOCABLE LETTER OF CREDIT#621
We hereby issue this Irrevocable Letter of Credit in your favor up to the aggregate
amount of three thousand, four hundred sixty-nine and 50/100 dollars ($3,469.50) available upon
your demand and upon the approval of Beneficiary—City of Cape Girardeau for the cost of
constructing the public sidewalks in the Lilmac East 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, a Missouri
Non-Fiduciary Trust Company
(Seal)
Atiog •
Jfirs P. Limbaugh
Executive Vice President
Cape Girardeau Regional President
Telephone: 1-800-455-2275 • E-mail: customerservice@montgomerybank.com EOUAL HOUS1RG
LENDER
Accepted this V ‘ day of Zorue,r , 2021
CUSTOMER-DEVELOPER
David McMullin
By: ,, a
David McMullin
Approved pursuant to Council action this day of , 2021
CITY
City of Cape Girardeau, Missouri
(Seal)
Scott A. Meyer, City Manager
STATE OF MISSOURI
ss.
COUNTY OF CAPE GIRARDEAU )
On this 4/1-‘` day of c.v) , 2021, before me personally appeared James
P.Limbaugh,Regional President of Montgomery Bank, a Missouri Non-Fiduciary Trust
Company to me known to be the person described in and who executed the foregoing instrument,
who acknowledged that he executed the same as his free act and deed of said Bank.
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.
st,C)
Notary Public
Angela Heuring
Name/My Commission Expires: Notary Public - Notary Seal
Scott County, Missouri
Commission # 12463382
Commission Expires 07/26/2024
STATE OF MISSOURI
ss.
COUNTY OF CAPE GIRARDEAU )
On this kJ-6 day of EtX.r4cori , 2021, before me personally appeared David McMullin
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.
(- )A
Notary Public
Name/My Commission Expires:
Angela Heuring
Notary Public - Notary Seal
Scott County, Missouri •
Commission # 12463382
Commission Expires 07/2612024
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
On this day of , 2021, before me personally 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 Corporate, and that the seal affixed to the
foregoing instrument is the seal of said City, and that said instrument was signed band 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 by official seal at
the State and County aforesaid,the date first above written.
Notary Public
Name/My Commission Expires: