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Home My WebLink AboutRES.1448.04-19-1999BILL NO. 99-86 RESOLUTION NO. /// 2//f A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN ESCROW AGREEMENT WITH NORTHFIELD PROPERTIES, INC. AND THE BANK OF MISSOURI, FOR NORTHFIELD NINETEENTH SUBDIVISION 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 Northfield Properties, Inc. and The Bank of Missouri, for Northfield Nineteenth Subdivision. A copy of said Escrow Agreement is attached to this Resolution and made a part hereof. 11) r PASSED AND ADOPTED THIS DAY OF , 19 l A. 14. Spradling, III, Mayor ATTEST: Lois J. Weed- y Deputy City Clerk ESCROW AGREEMENT This Escrow Agreement made and entered into this day of rri 1999', by and between rUort��iel� 1r0 �,e��es Nom, a Corporation organized and existing under the laws of the State of having its principal office and place of business at a110 Woodln0.yPki cN &%r^YJe .. W\c 37o hereinafter called Developer, and -rtlti ga,w I-c e4� Iii S 5ay y hereinafter referred to as Escrow Agent and the City of Cape Girardeau, Missouri, a municipal corporation, hereinafter referred to as City. WITNESSETH: / WHEREAS, the Developer is the owner of , 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 final 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 Escrow 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 Escrow Agreement stipulate and agree as follows: r 1. Developer is the owner of tVwri e(� (L�N�fi�N subdivision, hereinafter referred to as the "Proposed Subdivision", and has submitted to the City its plat of said Proposed Subdivision and requested approval of same the City has heretofore approved the improvement plans and spe ifications of thye Propose Subdivision. f,r 473 Doe,,, ou!'.y 14lArl�mt k4-,CV jf 13 `i5 S 2. 'fin T ^-- a� has been issued for the cost of the improvements in said Proposed Subdivision by `kw- &,AK off' hereinafter referred to as "Financial Institution". The copy of which is labeled Exhibit n "A" and is attached to this Escrow Agreement and made a part hereof as though fully set out herein, has been placed in the possession of Escrow Agent. &ftid I f 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 "?. ��c ec w4 Financial Institution as the issuer of the m rver ^��t to the Developer has sufficient resources with which to uphold its guarantee. mtwe* iMA�Q Ncda� 4. The Escrow Agent agrees to hold the original of the - t 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 the Escrow Agreement. The Escrow Agent agrees that it will 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. The Escrow Agent may release all such funds to the Developer only for the purpose of completing the improvements in the Proposed Subdivision. 5. The Escrow Agent shall not release more than ninety per cent (90%) of &MoN1Naruo?' etc a�ti -€uadeW deposited with him 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 Council is satisfied that the improvements for the development of the Proposed Subdivision have been completed in accordance with the plat and the improvement plans and specifications of the Proposed Subdivision and the Ordinances of the City of Cape Girardeau. The City Council agrees that it will not unreasonably prevent the release of the final ten per cent (10%) of the sums deposited with the Escrow Agent. 6. The City may from time to time partially release the Escrow Agent from all or any part of its 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 Escrow Agreement are concerned. 8. In the event of the failure or 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 reflected by 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 Escrow Agreement shall not in any fashion be construed to limit the powers, rights, or duties of City, but said agreement shall be construed in the light of the applicable ordinances of the City of Cape Girardeau, Missouri, regarding the subdivision of lands. -2- 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 instrument in triplicate as of the day and year first herein written. [Seal] ATTEST: 0 G� -�2. [Signature] YA [Typed Name & Office of Signer] SIGNATURE GUARANTEED MEDALLION GUARANTEED [ Sea--- ] THE BANK OF MISSOURI 'HOHitED SITUFIE (3) E 04270 SECURII IE 5 TiANSFER AGENTS ME.^,4LL�O. FOGS SR [Seal] ATTEST: Gayle L. Conrad Deputy City Clerk STATE OF MISSOURI ) ss. COUNTY OF CAPE GIRARDEAU ) DEVELOPER (� 1VQir'�tcE`Q V"faP�l��s� �NG [Typed Name of Developer] [Signatu ] -t!We_n�ziJ P. [Typed Name & Office of Signer] T/d did - [Typed D7 YI{15SBo'' [Signat ] [Typed Name & Office of Signer] CITY CITY CAP GIEAU, MISSOURI 1 G. Miller, City Manager On this CT -s day of e N, I , 19 q q before me personally appeared 4ifiiF n e�� 'Y►� Pr�S r� (�PavyPn �.t I d �rc z r fie �I Nc, to me known to be -the person described in and who executed the foregoing instrument and acknowledged that he executed the same as #ie free act and deedvC- N)eA-P4 4 VVIO r -11117 Zw- -3- 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. 1�.� & /Z [Notary Public Signature] My Commission Expires: (Typed N a 'Pbl is ] Notary Public State of ✓ lissourt Cape Girardeau County My Cnmm-sion Fxpires June 25, 199(-j STATE OF MISSOURI COUNTY OF CAPE GIRARDEAU On this TTP- dof appearedyzt��7 /le --a in and who executed the foregoing the same as his free act and deed. ss. , 19 q( before me personally to me known to be the person described instrument, and acknowledged that he executed 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. My Commission Expires: STATE OF MISSOURI COUNTY OF CAPE GIRARDEAU otary Public Signature] [Typed' o ame f ^a P'xi)51 i'b' ] Cape Girardeau ounty My Commission Expires June 25, 1999 ss. On this day of , 19 , before me appeared Michael G. Miller, 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 the said instrument was signed and sealed in 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, at my office in Cape Girardeau, Missouri, the day and year first above written. My Commission Expires: October 8, 2000 -4- Delores G. Needham, Notary Public Approved pursuant to Council action this day , 19 City of ape Girardeau, Missouri [Seal] 1 G. Miller, City Manager STATE OF MISSOURI ) ss. COUNTY OF CAPE GIRARDEAU ) On this day of , 19 , before me personally appeared 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. My Commission Expires: [Notary Public Signature] (Typed Name of Notary Public) STATE OF MISSOURI ) ss. COUNTY OF CAPE GIRARDEAU ) On this day of , 19 , before me personally appeared 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. My Commission Expires: -2- [Notary Public Signature] [Typed Name of Notary Public] STATE OF MISSOURI ) ss. COUNTY OF CAPE GIRARDEAU ) On this day of , 19 , before me appeared Michael G. Miller, 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 the said instrument was signed and sealed in 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, at my office in Cape Girardeau, Missouri, the day and year first above written. My Commission Expires: October 8, 2000 -3- Delores G. Needham, Notary Public 4/09/99 Deposit Inquiry Page 1 of 5 11:56:32 NORTHFIELD PROPERTIES INC CIF number..... N017500 0 2110 WOODHAVEN ST Home phone no... (000) 000-0000 CAPE GIRARDEAU MO 63701-2522 Business phone.. (573) 334-2917 Tax ID number... 43-1028677 Type....... BUSINESS MM SPECIAL Account no... 13455 D Messages Current balance .00 Officer CSU Collected balance .00 Date opened 3/06/1998 Available balance .00 Date last active 9/28/98 Available cash bal. .00 Date last overdrawn 0/00/00 Yesterday's bal .00 Date last interest paid 8/31/98 Y -T -D interest .00 Date last deposit 9/28/98 Last interest .00 Date last statement 9/30/98 Last deposit 45.12 Date last contact 3/06/98 Last stmt balance .00 Date last file maint 8/05/98 Accrued interest .00000 Stmt/service charge cycle 22 22 Interest rate .000 Service charge code/type M3 C Overdraft limit Statement/Passbook code Not coded More... F3=Exit F12=Previous F4,F5=History F6=Messages FB=Maintenance F9=Relationships F10=Stop/Holds F11=Memo post F24=More keys GI'I 4-I- 4'7 de pos i 0� 333129361AGE DEPOSIT TICKET �l CASH► 80-386/819 01 ' -_ Name 1 r'�yn1`l� o, (1 `K X3-7 CAPE GIRARDEAU MO 63701-2522 -- - $ 73 - Account No =ML 're h121 1 ` CMM Ctj DOLLARS El': S: DATE PAYABLE CENTENNIAL FAMILY OF FUNDS GH UMB BANK COLORADO --- - ljy-j---- _ �rrvl:-�M vNOT AVA/U FGO IMMEDIATE Ar fl:1070010671: 102232309LLL102037 W.EIF OASw AEOENF0 FRO.0 DEPOSIT TOTAL SUBTOTAL► NEMS TBE LESS CASH► Il Y' N I V NET DEPOSIT f� /yam\ 73 OO�).OV PERRVVIILE •CAPE OIRAROEAU 04100131157 40999#005 $73000.00 0 1:08 190 386 71: 333129361AGE 2037 NORTHFIELD PROPERTIES 14.G.Edwffds INCORPORATED A MISSOURI CORP CASH CONVENIENCE ACCOUNT C/O STEPHEN STROM 2110 WOODHAVEN ST _ DATE C( 82.106/1070 CAPE GIRARDEAU MO 63701-2522 PAY TO THE i S i U r $ 73 ORDER OF (B =ML 're h121 1 ` CMM Ctj DOLLARS El': SHAREHOLDER ERVICES, INC. FOR NOT VALID FOR LESS THAN $250 PAYABLE CENTENNIAL FAMILY OF FUNDS GH UMB BANK COLORADO --- - ljy-j---- 502 SECURITY BLVD. SECURITY, CO 80911 Ar fl:1070010671: 102232309LLL102037 lo'BANKCHECKINGDEPOSIT RECEIPT O F M I S S 0 U R 1 1622 N. Kingshighway I Cape Girardeau, MO 63701 i Member FDIC 573-547-6541 a Items received for deposit or collection are accepted under the terms and conditions of the bank col- lection code of the State of Missouri and the rules and regulations of the bank with respect to deposit accounts, as both are now in effect or as either or both may be amended from time to time. ACCOUNT NUMBER, DATE AND AMOUNT OF YOUR DEPOSIT SHOWN BELOW. ANY TRANSACTION AFTER 2:00 P.M. WILL BE POSTED THE NEXT DAY. a Y i 13455# 041BOM31157 40999#005D $73000.00 D `4/09/00 F8I 11:02 FAX 573 547 8072 BANK OF MI3D0DDl 444 BRANCH CAPS [a]VOl REPORT OF CONDITION of the of Petryville ;00 fo f at city inthe state ofMissouri mtthe close of business on . . Statement of Resources and Liabilities ASSETS Cash and balances due from depository Institutions Thousands nfdollars balances and currency and ooin.............................................. -........................................................... mtenest-bmaMngbalances ....................................................................................................................................................... Hold-to-maturitysecurities ...................................................................................................................................................... xvonble-fo~mwlemocuMdws ....................................................... .................... ....................................................................... Federalfunds sold ...................................................................................................................................................................... Securities purchased under agreements u,resell ....................................................................................................................... Loans and lease financing receivables; Loans and leases, net pfunearned income ...................................................................................... LESS, Allowance for loan and lease losses ................................................... --............ ..... —.' 1 .322 LESS: Allocated transfer risk reserve .............................................................................................. Loans and leases, net ofunearned Income, allowance, and reserve .......................................................................................... Assets held htrading accoumts------------.----.-.-.......----------......~.--------.., Premises and fixed assets (including capitalized |uoyoo)............................................................................................................ Otherreal estate owned ................................................................................. ,......................... .... ~... .................................. Investments inunconsolidated subsidiaries and associated compamles... ................................................. ................................ Customers' |iau uyto this bank vnacceptances outstanding ..................................................... ................................................ utanoiblemooets-mcJudwmGovu,ill of .................... -.- ...... Otherassets ............................................................................................................................................................................... Totalassets ................................................................................................................................................................................ LIABILITIES Deposits: |ndomestic offices ................................................................................................................................................................. _--_'-_--"............................................................................................................... ....... 15,282 |nterest-hrodno--.............—...—.—...------------.--.....—.---.. 101,946 |nforeign offices, Edge and Agreement subsidiaries and |@ps............................................................................................... Noninterest -bearing ....................................................................................................................... |ntaresu-bwmring ............................................................................................................................. Federalfunds purchased .................................................... .......... ......................................................................................... Securities sold under agreements tqrepurchase .................................................................................................................... Demand notes Issued ovthe U/3.Treasury ..... ...................................................................................................................... Tradingliabilities ......................................................................................................................................... ............ ............. Other borrowed money. Wthoriginal maturity u/one year mless .................................................................................. ............................................. Nthoriginal maturity ofmore than one year .......................................................................................................................... Mortgage indebtedness and obligations under capitalized leaown-------------------------------.. Bank's liability vnacceptances executed and outstanding .................................................................. ...................................... Subordinated notes and debentures ........................................................................................................................................... Otherliabilities ............................................................................................................................................................................ Totalliabilities .......................................................................... ..... ........................ ^......................... -'.-..... ............ ...... ..... Llmdtod-life preferred stock and related surplus ................................................................................... ....................................... EQUITY CAPITAL Perpetual preferred Stock and related surplus ............................................................................................................................. Commonstock ............................................................................................................................................................................ Surplus (excluding all surplus related topreferred stock) ............................................................................................................ Undivided profits and capital reserves ........................................................................................................................................ Net unrealized holding gains (losmoo) onavoo blw4or-o2leaecvnUwo-------------..---...---------. Cumulative foreign currency translation adjustments .................................................................................................................. Totalequity capital ............................................. ........................................................................................................................ Accountant Title of the above-named bank do hereby declare that this ReDort of Condition is trUG and correcttomobest ofmv:nmwpdooand belief,