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HomeMy WebLinkAboutCityMgrForm.1495.10-17-1979 ` . • , , CITY MANAGER FORM ORDINANCE NO. � -C AN ORDINANCE APPROVING THE FORM OF AN ESCROW AGREEMENT BETWEEN THE CITY OF CAPE GIRARDEAU, MISSOURI, GARY G. STANLEY AND SARAH J. STANLEY, AND THE FIRST NATIONAL BANK OF CAPE GIRARDEAU, AUTHORIZING THE MAYOR TO EXECUTE WHEREAS, Gary G. Stanley and Sarah J. Stanley, desire to construct and develop proposed Starwood Estates Subdivision in the City of Cape Girardeau, Ntissouri; and WHEREAS, Gary G. Stanley and Sarah J. Stanley, The First National Bank of Cape Girardeau, and the City of Cape Girardeau, Missouri, desire to enter into an Escrow Agreement for the proposed development; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU, MISSOURI, AS FOLLOWS : SECTION 1. The "Escrow Agreement" , copy of which is attached hereto and incorporated herein, marked Exhibit "A" , between Gary G. Stanley and Sarah J. Stanley, the First National Bank of Cape Girardeau and the City of Cape Girardeau, Missouri, is approved as to form. SECTION 2. The Mayor of the City of Cape Girardeau, Missouri, is hereby authorized and directed to execute said "Escrow Agreement" , copy attached hereto marked Exhibit "A" , for and on behalf of the City of Cape Girardeau, Missouri. SECTION 3. This ordinance shall be in full force and effect ten days after its passage and approval. PASSED AND APPROVED THIS � DAY OF "=���.0 , 1979. Y �- � _ 3�� T'IAYOR ATTEST: *�r ��� �� , "-:�,-�.�� �_�_-� CITY CL RK ESCP.OF7 AGREEMENT This Escrow Agreement made and entered into this 16th day of October , lg 79 , by and between Gary Stanley and Sarah Stanley — � a corporation oryanizeci �ilci �xistin�J under the laws of the �tate of , having its principal office and place of business . at . hereinafter called Devclo��er, and The First National Bank of Cape Girardeau -- � hereinafter referred to as Escrow A�ent, and the City of C��pe Girarc3eau, Missouri , a mur�iciF>al corporation, hereinafter referred to as City, WITNESSETH: WHEREAS, the Developer is the owner of 5tarwood Estates � , a proposed subdivision located within the City of Ca�e Girardeau, Missouri , and has submitted to the City improvement plans and s�ecifications which have been approved by the City and has submitted a final plat with request that said plat and the pl�ins and specifications for the improvements in the Proposed Subdivision, k�e accepted and approved by the City, and 6�THEREAS, Developer proposes to meet the ordinance requirements of the City with respect t� t;1�c posting of this Escrow Agreement prior to the a���roval by the City of the plat proposed for said subdivision, NOW, TFIEREFORE, In consider,ztion of the foregoing and of the mutual promis�s and agreements contained hereiii the parties to this Excrow Agreement sti�ulate and agree as follo�as : 1. Developer �s ttle owiier of Starwood Estates ____ subdivision, hereinafter referred to as the "Proposed Suk�<3ivision" , anc� has submittecl to the City its plat of said Prof�osed Sut�aivision and rec�uested approval of ' D(HIBIT �a„ same. The City has heretofore approved the improvement plans and specifications of the Proposed Subdivision. 2. An Irrevocable Letter of Credit has been issued for the cost of the improvements in said Proposed Subdivision by The First National Bank of Cape Girardeau � hereinafter referred to as "Financial Institution" . The Irrevocable Letter of Credit, copy of which is labeled Exhibit "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. Said Irrevocable Letter of Credit is a commitment to the Developer from the Financial Institution that it will serve as the primary iender for the development of the Proposed Subdivision and commits itself for enough funds to complete the improvements in the Proposed Subdivisioii. 3. A copy of the most recent financial statement of the Financial Institution is labeled Exhibit "B" and is att�ched to this rscrow Agreement and made a �art hereof as though fully incorporated herein, which financial statement is submitted for the purpose of yuarantceing to the City that the Financial Insti- tution as the i�suer of ttie Letter of Credit to !-he Developer has sufficient resources with which to u�hold its guarantee. 4 . The Escrow Agent ayrees to hold the original of the Letter of Credit issued by the Finailcial Institution subject to the provisions of this 1lqreement and the ordinances of the City of C����e Girardc��u, as t11ey m<�y appertaiti to the F�rovisions of the Escrow Agreement. The Escrow Agent agre�s that it will set up a special escrow account subj�ct to audit by the City in which all funds made availaUle by the Financial Institution for the inprovements in the Proposed Sut�division, will be deposited. The Escrow Agent may release all such fuc�c3s to the lleveloper only for the purpose of completing the imE>rov��n��nts in the F'roposed SuU�3ivision. 5. The �scrow Ager.t sYlall not release more than ninety per ' cent (90�) of all funds deE�osited with him as Escrow Agent by the 2 . . Financial Institution for the improvements in the Proposed Subdivision exce�t 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 Froposed Subdivision and the Ordinances of the City of Ca��e Girardeau. The City Council agrees that it will not unreas�nably 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 ��art of its obligations and shall do so by written not.ification from tlie City' s Administrative Officer. 7 . Upon approval by tlie City through its Administrative Off�icer for the release of. all funds held by the �scrow Agent, this ac�reement shall be term.inated ��nd the Developer and the Escrow Agent shall be released from any further obligation to the City insofar. as ttie ��rovisions of ttiis 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 h�ve the same responsibilities as the Escrow Agent named herein. 9. If, after two (2) years from the date of this agreement, all the irnprovements reflected by the approved improvement plans and specifications have not been completed, the City may require the Escrow 1lgent to remit to the City cash or negotiable instruments constituting the balance of the escrow account required to complete the improvements. 10. This. Escrow Agreenlent 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. 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 wittihold such assignment. IN WITN�SS WII�R�OF, the parties have executed this instrument in triplicate as of the day and year first herein written. DEVELOPER Garv G. Stanley, Sarah J . Stanley [Seal� (T ped �ame of Developer) °, � �t / r ''"�� l�,c i_[� t� 1 . .�C .� �L(r (Sig ature) , � owners ATTEST: (Typed name & office of signer) (Signature) (Typed name & office of signer) � - The First National Bank o� ESCROW AGENT _ Cape Girardeau r�� �� /;' �t�-'�-+�r��. (Signature) [Seal] Richard H. Swaim, Pi�esident Typed name & office of signer) C I'I'Y CITY OF CAPE GIRARDEAU, b]ISSOURI [Seal] By ^����- Paul W. Stehr, NIayor ATTEST: Verna L. Landis , City Clerk 4 . STATE OF MISSOURI ) ) ss . COUNTY OF CAPE GIRARDEAU ) On this 16thday of October , 19 7� before me personally appeared Garv G. Stanlev and Sarah J . Stanley to me known to be the personsdescribed in and who executed the � foregoing instrument, and acknowledged thattheyexecuted the same as ��cst free act and deed. their 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. C l�C<< r�� �<__�f` (Notary Public Signature) Alice A. Birk, Notary Public Typed name of signer) My Commission Expires : April 12 , 1982 STATE OF MISSOURI ) ) ss . COUNTY OF CAPE GIRARDEAU ) On this 16th day of Uctober , 19 79 , before me per.sonally appeare�i Richard H. Swaim, President of The irs ationa an o ape lrar eau � 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 WHERF.OF, 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. �/J --� ,; '�� � ,�,�,� ,� �C�� �� l�, (Nota Public Signature), Lawana F. Wulfers, Notary Public (Typed name of signer) My Commission Expires : October 9, 1982 STATE OF MISSOURI ) ) ss . COUNTY OF CAPF GIRAkUEAU ) On this day of , 19 , before me appeared PAUL W. STEHR, to me persona y nown, who, being by me duly sworn, did say that he is the Mayor 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 corporate 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 offic.ial seal, at my office in Cape Girardeau, Missouri , the day and year first above written. Delores G. Needham, Notary Public My Commission Expires : October 8, 1980 S . FROM: The First National Bank (Financial Institution) P. O. Box 70 (Address) Cape Girardeau, Mo. 6370] October 16, 19�9 (Date) TO: Gary Stanley and Sarah Stanley (Customer-Developer) 2241 Hillbrook (Address) Cape Girardeau, Mo. 63701 11ND City of Ca�e Gi�ardeau, fdissouri - �3eneficiary City Hall , P . O. I3ox 564 Cape Girardeau, N,issouri 63701 IP.REVOCABLE LETTER OF CREDIT We hereby establish our irrevocable letter of credit in your favor up to the aggregate ��mount of SIXTY EIGHT THOUSAND TWO HUNDRED FORTY and no/100dollars ($ , ) available upon your demand and upon the a���roval of IIeneficiary - City of Cape Girardeau for the cost of developing Starwood Estates Subdivision according to the final plat and improvement plans and speci£ications as approveci by the City of Cape Girardeau on " , 19 . I f you do not complete tlie irnprovements as specified within two (2 ) }�ears, Beneficiary - Cit y of Ca pe Girarcleau may, �ursuant t� the procedures in the Ordinances of the City of Cape Girardeau, draw the balance of your account rec�uircd to com��lete said improvements . FINIINCIAL INSTITUTION The First National Bank of Cape Girardeau (Typed na'm� of I'inancial Institution) [S�al] - ' � w (Sign ure) W. L. Winkler, Sr. Vice President (Typed narr,e & office of signer! AcceE�ted this 16th day of _October , 19 79 CUSTOMER-DE�'ELOPER Gary G. Stanley, Sarah J. Stanley (T ped name of Customer-Developer) � �S e a 1 J �` '� v� y�� Sigu ure)� � owners (Typed name & office of signer) CITY Rpproved pursuant to Council action this day of 19 . - ' City of Cape Girardeau, Missouri [Seal ] B}� J Paul W. Stehr, Mayor STATE OF MISSOURI ) ) ss . COUNTY OF CAPE GIRARDEAU ) On this 16th day of October � lg 79 , before me personal ly appeared W. . in e r, r, ice P res i ent of The First ationa an o ape irar eau 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. � CZ C c�-sc/ � L ^L�./ (No ar Public Signatu �) Lawana F. Wulfers, Notary Public Typed name o signer My Commission Expires : October 9, 1982 STATE OF MISSOURI ) ) ss . COUNTY OF CAPE GIRARDEAU ) On this 16thday of October , 19 79 , before me personally appeared ary . an ey ancT-Sarah J . Stanley to me known to e the person escribed 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. ���`(�< <� ._ � ��'E �� (Notary Public Signature) Alice A. Birk, notary public Typed name of signer) My Commission Expires : Apr. il 12 , 1982 STATE OF MISSOURI ) ) ss . COUNTY OF CAPE GIIZARDEAU ) On this day of , 19 , before me appeared PAUL W. STEHR, to me personally known, who, being by me duly sworn, did say that he is the Mayor 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 corporate 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. Delores G . Needham, Notary Public My Commission Expires : October 8, 1980 2 .