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HomeMy WebLinkAboutCityMgrForm.1307.03-15-1978 , � CITY Ni�NAGER FORM ORDINANCE NO. ��� � AN ORDINANCE APPROVING THE FORM OF AN ESCROW AGREEMENT BETWEEN THE CITY OF CP,PE GIRARDEAU, MISSOURI , WOODLAND HILLB DEUELOPMENT CO. , INC. , AND FIRS.T FEDERAL SAVINGS AND LOAN ASSOCIATION, AUTHORIZING THE MAYOR TO EXECUTE WHEREAS , Woodland Hills Development Co. , Inc. , a corporation organized and existing under the laws of the State of Missouri, desires to construct and develop Woodland Hills Estates No. 3 Subdivision in the City of Cape Girardeau, Missouri; and WHEREAS , Woodland Hills Development Co. , Inc. , a Missouri Corporation, Wayne Nessle'in, Vice President of First Federal Savings and Loan Association, 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 GOUNCIL OF THE CITY OF CAPE GIRARDEAU, MISSOURI , AS FOLLOWS : SECTION l. The "Escrow Agreement" , copy of which is attached hereto and incorporated herein, marked Exhibit "A" , between Woodland Hills Development Co. , Inc. , a Missouri Corporation; Wayne Nesslein, Vice President of First Federal Savings and Loan Association, 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" , cop�r attached hereto marked Exhibit "A" , for and on behalf of the Gity 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 �o� DAY OF � , 19 7 8 . �e��-t--s( � � MAYOR ATTEST: �.C'��-- �� �. CITY CLERK � � . , i� -• � ' . �c 1•� .� i..' . , ; _ , . . . c _. .. .. „ i � , � ESCROW AGREEMENT This Escrow Agreement made and entered into this 10 day of March , 19 78 , and continuing in affect until the 15 day of -� March , 19 80 , by and between W DLAI�ID HILLS DEV_E_LOP��+TT CQ. . INC. , a corporatdo:� organized and existing under the laws of the State af ��84uri , having its principal office ` and place of business at 1423 Blue Ridge, Cape Girardeau, Kissouri , hereinafter called Developer, and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION , • herein�fter referred to as Escrow Agent, and the City of Cape G.irardeau, a municipal corporation, hereinafter referred to as City. - WITNESSETH: P.s the Det,reloper is the owner of Woodland Hille Estatea Na. 3 , a proposed suhdivision located w�ithin thQ City of Cape Girardeau, Missouri , and has submi�ted to the City improvement plans which have be�n approved by the City and has submitted a final plat with request that said plat and the specificatians of the development of the subdivision, , be accepted and approved by the City and Developer proposes tq meet the ordinance requirements of the City with respect to the posting of this Escrow Ag�eement prior to the approval by the City of the plat proposed for said subdivision, nowtherefore; In consideration af the foregoing and of the mutual promises and agreements contained herein the parties to this Escrow Agreement stipulate and agree as follows : • 1. Developer is the owner of Woodland Hills Developinent Co. , Inc. and has submitted to the City its plat of said subdivision and requested approval of same. The City has heretofore approved the improvement plans of. Woodland Hille Esta�,es No. 3 • EXH I B IT �A,. 2,. An xrrsvocable letter of credit, copy of which i� lmbsl�8 Exhibit "A" and is attached to this Escrow Agreement �nd �ade a part hereof as though fully incorporated herein, ha� been placed in the possession of Escrow Agent. Said irrevocable letter of credit is a commitment to the Developer from . Firpt Federml �Sevings and Loan__Association , that it will serve as the primary Iender for the development of �,,,,,��,,,� u{��� �Q*,,.e8 Na. 3 and commits itself for , enough funds to camplete the development of Woodlaad Hills Eatatee No. 3 project. • 3. Copy of the most recent financial gtatement of � Woodland Hilla Developenent Co.,. Inc. is labeled Exhibit "B" and is attached to this Escrow Agreement and made a part hereof as though fully incorporated herein, which financial st�tenient is submitted for the purpose of guaranteeinq to the City that the Association as the issuer of the letter of credit to the Developer has sufficient resources with which to uphold its guarantee. • , 4 . The Escrow Agent agrees to hold the oriqinal of the letter of cre�it isssed by Firat Federal Sevinga and L�an Aaeociatioca � 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 ail funds made availab le by Fixst Federal Savinga and Loan Asaociation for the development of the Woodland Hilla E�,�t� No. 3 project, wi11 be deposited. The Escrow Agent may release all such funds to the Develop�r only for the purgose of the � development of the sr,-P.rA A+,d sewera project. 5. The Escrow Agent shall not release more than ninety per cent (90$) of all funds deposited with him as Escrow Agent 2 . by �,e nq�+ rd Lowe� President for the development of the Streeta and aewers prr��ect except on the approval of the administrative officer of the City and until the City Council is satisfied that the ir�provemeants for the development of Woodlaad Hijjs Egtates xn_ 3 .� have been completed in accordance with the plat and the improvement plans of Woodland Hilla Eatatea No. 3 and the ordinances , of the City of Cape Girardeau. The City Council agrees that it will not�unreasonably prevent the release of the final ten per cent (10$) of the sums deposited with the Escrow Agent. ' S 6. The City may from time to time partially release the Escrow Agcnt from all or any part of its obligations and shall do so on written notification of 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 Aqent, this agreement shall be terminated and the Developer and the • . . Escrow Agent shall be released from any further obliqation 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 wi11 have the same responsibilities of the �Escrow Agent named herein. � 9. If, at the end of the two (2) year period above specified, all the improvements reflected by the approved improvement plans have not been completed, City may require the Escrow Rgent to remit to the City cash or negotiable in�trurnents 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, 3. i but said aqreement shall be construed in the light of the agplicable ordinances of the City of Cape Girardeau, Missouri, r�garding the �ubdiviffiion of lands. 11. Nc� g�rt af this aqreement may be assigned by the �acrow Ag�nt or th� D�eveloper �vithout first obtaining the . e�re�s writt�n cansent of such assignment by the Cifiy, but the City agrees not ta unreasonably wiLhhold such assiqnment. � IN WITNE5S WHEREOF, the parties have executed this , instrumenk in trip7.i.cate as of the day and year first herein written. [S e a 1) WOOD � HILLS DEVELOPMENT CO.L INC. � ' ��_--�--�� :�.__� Pres ent� Leonsrd Lowes ATTEST: � -� - • -�,-a '� . , ecretary Flelen J. LoWee� DEVELOPER � ' ION [Seal] a eas e n, ce rea en ESCROW AGENT CITY OF CAPE GIRARDEAU, MISSOURI By Mayor Howard C. Tooke A�TEST: . City Clerk Verna L. Landis CITY [sea1J 4. �„ STATE OF MISSOI,RT ' ) , } ss. Ct3UNTY OF CAPE GIRARDEAU ) t�n this �' � day ,of �`��r r<, �, , 19 ��, before me personal ly appeared L ��� �.�x ,-_ �-�, ...r, to me nown to be the person escrib� in an w o executec� the � foreqoinq in�trument, and acknowledged that he executed the same a� his fres act and deed. � In Testirnony t�hereof, I have hereunto set my hand and affixed �ny �fficial seal at my office in said County and State the day and year first above writ��. 1 i � u-�- � . ��. / � . . � (_+:c,_ t ; -� �-.�'-r�'-1. _____... � Notary Publ c My Commission Expires: i�aul i:. Loi�e��t� P�ta.e.�o��►u.NocKr r��c Miswurf � ly Commisaion Expirca Ost. . � STATE OF MISSOUF.I ) ) ss . COUNTY OF CAPE GZRARDEAU ) On this �' day of �'l.�_ ,-� �, , 197 �� , before me personally appeare�Tc �;.,:__�� ni��, s � ,�, to me known to be the person describec� in and who executed the � foregoing instrument, and acknowledged that he sxecuted the same as his free act and d�ed. In Testimony �v'hereof, I have hereunto set my hand $nd ' affixed my official seal at my office in said County and Stat� the day and year first above writte�. , ,� ���: ', / C`\ I, `� .��_t ;L�'–c�-_—__. Notary Pub ic My Commission Expires : 'r ,<�u� �. Lo� seuu 'AUL�.L019F/W.Nohry rn610 My Con��ssioa Expires Oct.9,19�! STATE OF MISSOL'RT ) � JS. � COUNTY OF CAPE GIRARDEAU ), On this day of , 197�_, hefore me appeared IiOWARD C. TOOKE, to me personal�l.y known,w�o, being by me duly sworn, did say that he is the Mayar of the City of Cape Girardeau, I�4issouri , a Municipal Corporation of the State of Missouri, and that the seal affixed to the foreqoinq instrum�nt is the corporate seal of said City and that the said instrument , was signed and sealed in behalf of said City by authority of its City Council and acknowledged said instrument to be the 'free act and deed of said City. IN TESTIMONY WHER.£OF, I have hereunto set my hand and affixed my official �eal, at my office in Cape Girardeau, Missouri, the day and year first above written. Delores G. Needham o ary ic My Commission Expires : October 8, 1980 FROM: FIRST FEDERAL SAV�NG.S AND LO N ASSOG ATION , Financial Institutio� �75 Rr nAwjv CaDe Girardeau, MissoLri 6�701 � Address . 3/10/78 � • Date T0: Customer-Deve oper . Woodland Hilla Developmeat Co., Leonard Lowes, Preaident 1423 Blue Ridge, Cape Girsrdeau, Miasouri Address AND � City of Cape Girardeau, Missouri - Beneficiary Court of Common Pleas Building Cape Girardeau, Missouri 63701 IRREVOCABLE LETTER OF CREDIT • , We hereby establish our irrevocable letter of credit in your favor up to the aggregate amount of T�o Hundred Bight Thousand and Seven Hundred dollars ($ 208 700.00 gva� ab e upon ' your demand and upon the approval of Bene iciary - City of Cape - Girardeau for the cost of developing Streets and Sewers according to the final plat and improvement speci ications as approved by the City of Cape Girardeau on March 15 , 19 78 • If you do not complete the fmprovements as specified within two (2) years, Beneficiary - City of Cape Giracdeau may, pursuant to the procedures in the Ordinances of th� City of Cape Girardeau, draw the balance of your account required to complete said improvements. � [Seal} FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION . I%Gs��.-�- Financia lnst tion p8� Neselein, Vice President Accepted this 10 day of March , 19 7g . WOODI1lND HILbS DL�/ELOPI�NT CO.. INC. (.Seal] � • , �----��--� • u omer-Dev ope i,eonard Lo�wea, President Approved p:irsuant to Council action this day of , 19 City of Cape Girardeau, Missouri By [Seal) Mayor Howard C. Tooke „ STATE OF MISSOURI ) ) ss. COUNTY OF CAPE GIRARDEAU ) � On this � day of ��z r � `i , 19 7:� , before me personally appeared ic��. �� iv�ss N ,��� to me knawn to be the person describe 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 off ' ce in said County and State the day and year first above writC�. � , � . � �� �' � ��" _� �_ �� �(.,� � ��� �� -,..-� r- � raul l�. I,oise��u �atary P lic My Commission Expires : ►AUL 8.LOISEAU,NMary PubRc Mi uri IIy Commission Expircs Oct.9,19 9 STATE OF MISSOURI ) ) ss . COUNTY OF CAPE GIRARDEAU ) On this /Q day of f'],.;,_�-� l� , 19 7�' , before me personally appeared L ���,.,�, �T�� __ ___ , to me known to be the person escri e in an who execute t e 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 offi in said County and State .�the day and year first above written. � ) �; ;� — � � i ' '�t_;1�'c�-�•- � � L��ti ��-� - � l�:�ul B�. Loiseau � Notary Pub ic My Commission Expires : ►AUl B.LpI�U �u urttr, Miasouri �1'Commission 4qre�pa.9, 1919 , 2 . � . . . , . . STATE OF MISSOURI ) _ ) ss. COUNTY OF CAPE GIRARDEAU ' ) On this day of , 1978 , before me appeared HOwARD C. TOOKE, to me persona ly 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 foregoinq inatrument is the corporate seal of said City and that the said instrument was siqned 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 �nnd � affixed my official seal, at my office in Cape Girardeau, Missouri, the day and year first above written. Delores G. Needham, Notary P ic My Commission Expires : October 8, 1980 - .,> 3 .