HomeMy WebLinkAboutCityMgrForm.1343.06-07-1978 : � �
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CITY MANAGER FORM ORDINANCE NO. l 3 �
AN ORDINANCE APPROVING THE FORM OF AN ESCROW AGREEMENT BETWEEN
THE CITY OF CAPE GIRARDEAU, MISSOURI, RIVERSIDE HOME BUILDERS,
INC. AND DONALD C. RASCHE OF FIRST FEDERAL SAVINGS & LOAN ASSOCIATION,
AUTHORIZING THE MAYOR TO EXECUTE
WHEREAS, Riverside Home Builders , Inc. , a aorporation
organized and existing under the laws of the State of Missouri,
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desires to construct and develop WestfieTd Court Second Subdivision
in the City of Cape Girardeau, Missouri; and
WHEREAS, Riverside Home Builders, Inc. , Donald C. Rasche
of First Federal Savings & 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 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 Riverside Home Builders , Inc. , Donald C. Rasche of First
Federal Savings & 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" , 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 �-.A_ ,
1978.
�C�.�..�._.Q� �:. �----
MAYOR
ATTEST:
V ,
CITY CLERK
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ESCROir1 AGREEME�T
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This Escrow Agreement made and ente�ed into thi� % � �`�
day o� `���'�c . , 19 ." ` , and contfnuinc� .�n affect until
the day of , l� , i�y and between
��i'��. S r1;'� -:Q'��"�' �:i:I.L)+'�� , INC . ,
a corporation organized and existing under the laws of the
State of l�ic;��,tl�� , having its principal of£ice
and place of business at 120 "�. Kar.�Shig:�iway
G�pe Girard�au, iM;isso�ari E3`7d1 , hereinafter call.ed
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Developer, and Fj,rst F�d�ral ��.ui.n�s and �an ,
her�inafter referred to as Escrow 1�gent, and the City of Cape
Girardeau, a municipal carporation, hereinafter referred to
as City.
WITNESSETH:
As the De°✓eloper is the owrier of ��rr�`���.d ��urt Se�ond
�a.t,�� � 4ris� i c�n , 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 wi�h request that
said plat and the specifications of the development of the
subdivision, ��y�:f i e ld ^o urt Se conci Subd iv i s ion ,
be accepted and approved by the City and Develaper proposes
to meet the ordinance requirements of the City with respect
to the postinq of this Escrow Aqreement prior to the approval �
by the City of the, plat proposed for said subdivision, nowtherefore;
In consideration of the foreqoing and of the mutual
promises and agreements contained herein the pa�ties to this
EsLrow Aqreement stipulate and agree as follows;
1. Developer is the own�r of W�c7� �;F��,j;� ,i�11RT SE�:C.?�D �UBD.
and has submitted to the City its plat of said subdivision
and requested approval of same. The City has heretofore approved
�he improvement plans of ��s�gi��e� ���rt ;e�onc� Subdivision .
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2 . An ir��vz�cable letter of credit, copy of which
is labeled E�chibit "A" and is attached to this Escrow Agreement
and ma►de a part herevf as tho�gh fully ir�corporated herein,
hns been placed i� the possession of Escrow Agent. Said irrevocable
letter of credit is a .commitment to the n�veloper fr�an
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Fi r�t Feder:�� ��:.=J:.n�a :�n� Loar� , that it will aerve
as the primary lender for the development of W G fi,eld Court
� - S�cand �ubdiv�.�i�r� � and camm.i.ts itself for
enouqh funds to complete the develo�mer,t of �Ps��ield Cour�
;k•�o��tu ��uk��_i:_�.F i 7 z ��t: �roject.
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3. Copy af the most r�ce:�t financi�l statement of
�:r�� F����:.,7 �aty i n�� ��i T�ac� is l�beled
Exhibit "B" and is attached to this Escrow Ayreement and made
a part hereof as though fully incorporated her�in, which financial
statement is submitted for the purpose of guaranteeing 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 original of
the letter of credit issued by _ Fir�t F�d�ral Savin�s and Loan
subject to the provisions
of this agreement and the ordinances of the City of Cape Girardeau
as they may appertair to the pro�✓isions of the Escrow Aqreement.
The F�crow Agent agrees that it will set up a epecial escrow
account �ubject to audit �y the C'ity in wh�ch all funds made
available by �;�.d;t ���,�v ra� c.��►�n FTs �r:d ��a;
for the development of the 'v�F 7 uf�Rxld Caurt ::�cond Subdivision
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project, will be depasited. The Escrow Aq+�nt may r�lease '•
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all such funds to the D�velop�r c�nly far the purpo�e of the j
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development of the ��y�_�gield �our� ?nd Subc�ivisin�. i
project. .
5. The Escrow Agent shall not release more than ninety . �
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per cent (90$) of all funds deposi�ed with him as Escrow Agent 1
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bY i'. r:��„�'c dc�r.�1 �;�y_i.r.�s ��nc� �?,�=�� for
the development of the N�:;+f'iQ 1� ;cau�+ :��canri ��bd:v is ion �
project �xcept or� the approval of the administrative officer
of the City and until the City Council is satisfied that the
improveme�ta for the develop�ent of '"�'�stfield Court Second Subdivisic�n
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have been completed in �
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accordance with the plat and the improvement plans of
� '�estfiPld �o�ar�. uecand �u�b�tivisi�n anci the ordinances
of the City of Cape Girardeau. The City Council agrees that
it will not unreasonably p�event the releasc� of the final •
ten per cent (1J$) af 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 apprcval by the City through its administrative
officer for the r�lease of all funds held by the Escrow Aqent,
this aqreement shall be terminated• and the Developer and the
Escrow Agent shall be released from any further obligation
to the City insofar as the grovisians 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 respon�ibilities of the Escrow Aqent
named herein.
9. If, �t the end of the two (2) year period above
specified, all the improvements reflected by the approved
improvement plans have not been campleted, 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,
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�'� but said agreement shall be construed in the light of the
applicabl� ordinancea of th� City of Cape Girardeau, Missouri,
raqardinq the subdivision of lands.
11. No part of this agr�ement may be assigr;ed by the
Escrow Agent or the DeveToper without fir,st obtaining the
express wxitten consent af such assignment by the City, but � �
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the City agr�es not �o unreasanably withhold such asslqnment.
' . � iN WITNESS WF..EREOF� the parties have executea this
instYwnent in triplicate as o� the day and year first her�in
written.
(Seal� ` V� SIDE HOME L`ILDERS INC .
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� � ��By—- �r... � �`<_Cc,-'<�4�
Presi�ent �
C. F. Rudesill
ATTEST:
. G � � �
Secretary %
Bernice Wagner �
�, DEVELOPER
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FI ST' FEDE � S ING� & I�GAN ASSOC.
[Seal) � �� �,,-��;.��;�,� � _..�
Donald C. Rasche
�SCROW AGENZ'
CITY (JF CAPE GIRARAEAU, MISSOURI
By .� ,���� � - � �
� Mayor
Paul Yv'. Stehr
ATTEST:
��-a-- ���-�-E
City Clerk
Verna L. Landis CITY
[seal]
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STATE JF MISS�URI . )
) ss.
COUNTY C3F` CAPE GIRARDEAU )
On this 17th day of 1��v_ , 19 78 , before
�e personally appeare G . �iTL�"
to me knawn to b+� the person escribed n an who executed t e �
foreqoing instrum�nt, anc� acknowledged that he executed the
same as his fr�a act and deed.
In -Testimon I -�
y Wt�ereof, Z have hereunto set my hand and
affix�d my official seal at my ff in said County and State
the day and yeaz f�rst above w itten.
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v, ` Natary Publ c
My Commission �xpires: �
d ��rde�w c;;��r►��
��t�i��—F�'�a .
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRAI2DEAU )
On this day of ��, , 19�_. before
me personally appeare �jnalr3 C_ Rasrhr�
. �
to me'known to be the person escribed in and who executed the
foreq�inq instrument, and acknowledqed that he execute$ the
.same as his free act and deed.
In Testimony Wfiereof, I have hereunto set my hand and
- affixed my official seal at �y o 'ce in said Coun.ty and State
the day �nd year first above wr� tten. ;
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Notary Pub c
My Comrr�ission Expires : --'
�'9.Td�^}°.��'G�r�,:ar�� -: �
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STATE nF MZSSnliRI ) i
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COUNTY OF CAPE GIRARDEAU �
PauZ Ca. Stehr •
On this day of , 197 , before
me appeared/�HO��-�.-�E�K£; t� m� persona y k�nawn�;�o, beinq �
by me duly sworn, did say that he is the Mayor of the City af
Cape Girardeau, Missouri , a Municipal C�orporation of the State +
of Missouri, and that the seal affixed to the foregoinq instrument +
is the corporate seal of said City and that the said instrument �
was signed and sealed in behalf of said City by suthority 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. �
otary ic
My Commission Expires : Delores G. Needham
October 8 , 1980 '' �
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. FROM: F ° & N ASSOC.
Financial Institut on
325 proadwav
Cave Girardeau. Missouri 63701
Adc�re s s �
Date
TO: , V RSIDE HQIYW BUILDERS INC . -
Customer-Deve oper
. 120 N. Kingshighway
o 'r r�io t i F 7n�
Ad ess .
• t�ND
City of Cape Girardeau, Missouri - Beneficiary
Court of Common Pleas Building
Cape Girardeau. Missouri b3701
ZRREVOCABLE LETTER OF CREDIT �
We hereby establish our irrevocable letter of credit
in your favor up to the aggregate amount of One Hurxired �en Thousand
and 00/100---------- ---- dollars (�20,000.00 avai a e upon ,
your demand and upon the approval of Bene iciary - City of Cape ;
Girardeau for the cost of develog}inq Wes f'eld ourt Second Subdivision '
accordinq to the ina plat an mprovement �
speci ications as approved by the City of Cape Girardeau on May 17, 1978
, 19 . If you do not complete the improvements
as speci ied within two�2) years, Beneficiary - City of Cape
Gira.rdeau may, pursuant to the proce ures in the Ordinances of
the C�ty of Cape Girardeau, draw the�t�alance of your account
zequired to co�uplete said improveme�its�. �
[Sea2) _
;`� ,��,?,� �� 3 � -� ���
• FIRST FEDERAL SAVINGS & IAAN ASSOC.
� Fxnancia lnst tut on '
Cy`j ald C. Rasche- . �
Accepted this /7 day of ' ��•y� , 19 /�� .
,:
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YSeai ) . ', t / . _j .
" �� /',:t;-r. e .�,� �
- f ` "R� .� H S INC
Customer-Deve oper '
C . F. Rudesill i
Appr� e�? pursuant to Council action this 7tL day of �_ , . .
19�.
City of Cape Girardeau, Missouri .
BY .d� � --
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Mayor paul W. Stehr
[Seal�
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STATE OF MISSOURI j '
) es. '
COUNTY OF CAPE GIRARDEAU )
• On this 17th day of May , 1978 , before
me personally appear�ce Donald C. Rasche
to me known to be the person described in and who executed the �
foreqoinq instrument, and acknowledged that he executed the
same as his free act and deed.
• Zn Testimony Whereaf, I have hereunto set my hand and
affixed my official seal at my off said County and State
the day and year first above writ en�
" . ary Pub c
My Commi$sion Expires :
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' � JERItY!.SqEED.Nobry Pubi►c .
�b�oa E�piret ftl,d,1981 's
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STATE OF MISSOURI ) -
) ss.
COUNTY OF CAPE GIRARDEAU ) .
On this 17th day of May , 1978 , before �
me personally appeared �, F. Rudesill. Pres�dent �
� to me known to be the person descri ed 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 off e in a "iinty and State
the day and year first above writt n. �
� Notary P c �
My Commission Expires: f
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6ft�rdNu Count�r.wuoar� ;
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STATE OF MISSOURI ) '
) ss.
' COUNTY OF CAPE GIRARDEAU ) .
Paul W. Stehr '
On this day of , 197 , befure
me appeazed/KAWARB-E:-�9@iE£; to me persona y known, who, beinq
by me duly sworn, did say that he is the Mayor of the C�.ty of
Cape Girardeau, Missouri, a Municipal Corporation of the State
of Missouri, and that the seal affixed to the foreqoinq instrument
' is the corporate seal of said City and that the said fnstrwaent
was aiqned and sealed in behalf of said City by authority of
its City Council and acknawledged said instrument to be the
free act and deed of said City.
ZN TESTIMONY WHEREOF, Z have hereunto set m� hand and ,
affixed my official seal, at my office in Cape Girardeau, Missouri,
the day and year first above written. � �
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Notary P c
My Commission Expires : Delores G. Needham �
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October 8 , 1980
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