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HomeMy WebLinkAboutCityMgrForm.1336.04-19-1978 , � CITY MANAGER FORM ORDINANCE NO. 1 �� �O AN ORDINANCE APPROVING THE FORM OF AN ESCROW AGREEMENT BETWEEN THE CITY OF CAPE GIRARDEAU, MISSOURI., A. D. PRICE CONSTRUCTION CO. , AND J. K. HALE OF CAPE MERCANTILE BANK & TRUST COMPANY, AUTHORI.ZING THE MAYOR .TO EXECUTE WHEREAS, A. D. Price Const:ruction Co. , a corporation organized and existing under the laws of the State of Missouri, desires to construct and develop Pinwood Fark subdivision in the City of Cape Girardeau, Missouri; and WHEREAS, A. D. Price Construction Co. , J. K. Hale, Executive Vice Pres:iderit of Cape Mercantile Bank & Trust Company, and the City of Cape Girardeau, Missouri, desire to enter into an Escrow P,greement for the proposed development; NOW, THEREFORE, BE IT ORDAINED BY THE COUNGIL 0�' THE CITY OF CAPE GIRARDEAU, MISSOURI, AS FOLLOWS: SECTION l. The "Escrow Agreement" , copy of wh'ich is attached hereto and incorporated herein, marked Exhibit "A" , between A. D. Price Construction Co. , J. K. Hale, Executive Vice President of Cape Mercantile Bank & Trust Company, 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 /9 DAY OF �--� , 1978. � -- ,� - - - , _-_. �.:, �, \ MAYOR ATTEST: . ���-Q-�.,. CITY CLERK Y � 1 _ � f ESCROW AGREEMENT This Escrow Agreement made and entered into this 18th day af Anxil , 19�, and continuing in ,affect until the �f?�th ciay of .�- A��il , 19 80 , by and between 4 � Ao n. Price Construction Coo , a corporati�n organized and existing under the laws of the State of '��is^ouri. , having its principal office and place of business at Qf3p N. Kin��hig?�wa;� Ca�e Girardeau. r��o , hereinafter called Develop�r , and ^�pe "".ercantile Bank , hereinafter referred to as Escrow Agent, and the City of Cape Girardeau, a municipal corporation, hereinafter referred to as City. WITNESSETH: As the Developer is the owner of pi�ndwood Park �, , a proposed subdivision located within the City of Cape Girardeau, Missouri , and has submitted to the City improvement plans which have been approved by the City and has submitted a final plat with request that said plat and the specifications of the development of the subdivision, Pindwood Park . be accepted and approved by the City and 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, nowthereforej 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 : 1. Developer is the owner of Pindwood Park 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 Pind�voo� Park • � ; :, � EXHIBIT �A� � ,� ; . ;r; 2 . An irrevocable letter of credit, copy of which i� latbeled Exhibit "A" and is attached to this Escrow Aqreement and ma�is a part hereof as thouqh fully incorporated herein, hss been placed in the possession of Escrow Agent. Said irrevocable letter of credit is a commitment to the Developer from C��e tanercan�ile �3nk , that it will serve � as the primary lender for the development of P�=ndwc�od P�rk and commits itself for enough funds to complete the development of Pindwood Par.� project. 3. Copy of the most recent financial statement of is labeled Exhibit "B" and is attached to this Escraw Aqreement and made a part hereof as though fully incorporated herein, which financial statement 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 resaurces with whieh to uphold its guarantee. 4 . The Escrow Agent agrees to hold the oriqinal of the letter of credit issued by Cape T�?ercantile Bank • • subject to the provisions of this agreement and the ordinances of the City of Cape Girardesu as they may appertain to the provisions of the Escrow Aqreement. 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 �ape :•"�rcantile ��nk for the development of the Pindwood Par�k project, will be deposited. The Escrow Agent may release s all such funds to the Developer only for the purpose of the ; development of the Pindwood Park '.� project. Y � 5. The Escrow Agent �hall not release more than ninety a `s per cent (90$) of all funds deposited with him as Escrow Agent �.; a �. ;� 2 . `,� :� U '� "�: ;� f�{: f t;� � ;� by Cape Mercantile Bank for the dtvelopment of the Pindwoed Park project except on the approval of the administrative officer of the City and until the City Council is satisfied that the improvements for the development of pindwood Park � have been completed in accordance with the plat and the improvement plans af Pi.ndwo o� P.3r'.> and the ordinances of the City of Cape Girardeau. The City Council agrees that it will not unreasonably prevent the release of the final ten per cent (10$) of the sums deposited with the Escrow Aqent. 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 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 obligation to the City insofar as the provisions of this Escrow Agreement • are cqncerned. 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 of the Escrow Aqent 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 Agent to remit to the City cash or n�gotiable instrw+nents 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 . ,>' ;;: ;�3 but said aqreement sha11 be construed in the light of the applicable ordinances of the City of Cape Girardeau, Missouri, reqarding the subdivision of lands. 11 . No part of this agreement may be assigned by the Escraw Agent or the Developer without first obtaininq the 3 express written consent of such assiqnment by the City, but , •� the City agrees not to unreasonably withhold such assiqnment. IN WITNESS WHEREOF, the parties have executed this instrument in triplicate as of the day and year first herein written. [Seal J �� ° �,'�r BY �^ � .�C// ..�c- Presi ent A. D. Price AT'!' ST: � ec etary Be ty Price DEVELO�ER ;- C�p� M rcantile Bank & Trust Company (S�a 1 j ` ' ,�- �.�? , , � ESCROW AGENT '� � �� �� , EX F c' � �« ��'�:� CITY OF CAPE GIRARDEAU, MISSOURI By y��-,s���_ . _. Mayor Paul W. Stehr ATTEST: �J � . ����� City C erk Verna L. Landis CITY [seal] , ;; 4. � L Y .i x k � �. ''R.; ST11TE OF MISSOURI . ) ) ss. COUNTY OF CAPE GIRARDEAU ) On this t�th day of April , 19 78 , before me psrsonally appeared J . K. Hale to me nown to e t e person escri e n an w o execute e � foregoing instrument, and acknowledged that he executed the satne as his free act and deed. In Testimony Whereof, I have hereunto set my hand and affixed my official seal at my office in aaid County and Stat� the day and year first above written. C/��r � � C��Q V��g � I�otary P c 2fiy Commissi,on Expires: '�FQ� My COmmissicn Expires Nov. 11, 1y8� STATE OF MISSOURI ) ) ss. COUNTY OF CAPE GIRARDEAU ) On this 18th day of April , 19 78 , before me personally appeare3 A . D. Prlce to me known to be the person escribed in and who executm t a � foreqoing instrument, and acknowledged that he executed the same as his free act and deed. Zn 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. .' J � � � r �.a �- �o �, �. N�a-��otary P c My Commission Expires : My Commission cxp��es ►�ov. 11, 1980 STATE OF MISSOURI ) ) ss. COUNTY OF CRPE GIRARDEAU ) Paul W. Stehr On this/ day of �• , 197 8 , befota me appeared #Q�������, to me persona y known,w�o, beinq by me duly sworn, did say that he is the Mayor of the City ot Cape Girardeau, Missouri, a Municipal Corporation of the Stats of Missouri, and that the seal affixed to the foreqoinq in'trument is the corporate seal of said City and that the said instr�nt. 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 affix8c� my official seal, at my office in Cape Girardeau, Mioaouri, the day and year first above written. o ary c ' My Commission Expires: Delores G. Needham X' October 8 , 1980 '' S ; , �: FROM: Ca e t,�ercantile B nk Financia lnstitut on 325 No Kingshi�hway Cape Girardeau� "�o. Address Arri � 18 1978 , � Date T0: A . n. PricG Customer-Deve oper 9�o id. Kirl7rh.i;Thwav �ape Glrar��au, �Yio. Address • � AN D City of Cape Girardeau, Missouri - Beneficiary Court of Common Pleas Building Cape Girardeau, Missouri 63701 i IRREVOCABLE LETTER OF CREDIT � � We hereby establish our irrevocable letter of credit in your favor up to the aggregate amount of Eleven thousand f ive �,undred and OOf�00---�ollars ($ avai e upon - your demand and upon the approval of Bene iciary - City of Cape Girardeau for the cost of developing st t a w r Pindwood Park c bdivi�ion accordinq to the inal p at an mprovement speci ications as approved by the City of Cape Girardeau on April 29 . 198� If you do not complete the improv��ments as specified within two�2��years, Beneficiary - City of Cape Girardeau may, pursuant to the procedures in the Ordinanc�s of the City of Cape Girardeau, draw �he balance of your account rtq�ized to complete said improv�ment�. t ' �/ � �/ w"-�;/%i) �i � [Seal) � � ��7/E' �'� /�".. .�•� ;� • � J Financia lnstitution �:�l��.�� . ��c<' f'r"�'=:- , � �{ t � Accepted this / �. day of � ����° , 19�� � • [Seal] A . D. PricA Customer-Deve oper , � Appr�o�d pursuant to Council action this � day of . 1`�_1JL• City of Cape Girardeau, Mis ouri , ___ � � � BY *�?;,����, -- Ma or Paul W. Stehr [Seal] STATE OF MISSOURI ) ) ss. COUNTY OF CAPE GIRARDEAU ) On this 18th day of April , 19�, before m� personally appe� �Tohn Ha1 . to me nown to be the person escribe in an who executa s I foregoing instrument, and acknowledged that he executed the same as his free act and deed. • Zn Testimony Whereof, I have hereunto set my hand and affixed my official seal at my office in said County and State ths dsy and year first above written. , �`�a v(.t 5 � . /�?af�NOtdI� C My Cammissian Expires: My Commission Expires Nov. 17, 1980 STATE OF MISSOURI ) ) ss. COUNTY OF CAPE GIRAR.DEAU ) On this 18th day of April , 19 78 , before me personally appeared p n price r to me known to be the person escri e in an w o execute 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 a€fixed my official seal at my office in said County and State the day an:i year first above written. ���'L�P�� i��� Notary PuSI�C— My Com�ission Expires: � � Q '��� f � f�P�� �-(, My Commission Expires Nov. 11, 1980 U 2 • i ; STATE OF MISSOURI ) ) ss . COUNTY OF CAPE GIRARDEAU j Paul W. Stehr On thi� day of A ril , 1978 , before me appeared�c�Ocx� to me personal y known, who, being by; sae duly sworn, did say that he is the Mayor of the City of Cape Girardeau, Missouri, a Municipal Corporation of the Stat� of Missouri, and that the seal affixed to the foreqoinq inattru�ent ' is the corporate seal of said City and that the said instru�nt wms aigned and sealed in behalf of said City by authority of it' City Council and acknowledqed 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. Notary P c My Commission Expires : Delores G. Needham October 8 , 1980 ., � 3.