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HomeMy WebLinkAboutCityMgrForm.1372.09-06-1978 i � 1 . � CITY MANAGER FORM ORDINANCE NO. ��/ v AN ORDINANCE APPROVING THE FORM OF AN ESCROW AGREEMENT BETWEEN THE CITY OF CAPE GIRARDEAU, MISSOURI, A. D. PRICE CONSTRUCTION COMPANY, AND JOHN HALE OF CAPE MERCANTILE BANK & TRUST, AUTHORIZING THE MAYOR TO EXECUTE WHEREAS , A. D. Price Construction Co. , a corporation organized and existing under the laws of the State of Missouri, desires to construct and develop Pindwood Second Subdivision in the City of Cape Girardeau, Missouri; and WHEREAS , A. D. Price Construction Co. , John Hale of Cape Mercantile Bank & Trust 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 A. D. Price Construction Co. , John Hale of Cape Mercantile Bank & Trust 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 approva -f-� PASSED AND APPROVED THIS � DAY OF �-� , 1978. ,��a.�,..._..:. .... ATTEST: MAYOR �/,���,�_ a c.�,� CITY CLERK 3 � .n Y^ � LSCROW AGREEMLNT This Escrow Agreement made and entered ir.,to this 16th day of August , 1978 , by and between A. D. Price Construction Co. , a corporation organized and existing under th� laws of the State of Missouri , having its principal office and place of ; � r = business at 980 N. �Kingshighway, Cape Girardeau, P�issouri , � hereinafter called Developer, and Cape A4ercantile Bank & Trust ► hereinafter referred to as Escrow Agent, and the C.ity of Cape Girardeau, Missouri , a municipal corporation, hereinafter referred , to as City. WITN�SSETH : WHEFtEAS, the Developer is the owner of pi.ndwood 2nd , 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 fina:l plat with request � � that s�id plat and the plans and specificatio��s for the improvements ' in the proposed Pindwood 2nd _ � 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 th:is Escrow .�,greement 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 here:in tl-ie parties to this ; Escrow Agreement stipulate and agree as follows : � 1 . Developer is the owner of Pindwood 2nd � 4 . subdivision and has submitted to the City its plat of said subdivision and requested approval of same. The City has heretofore approved the improvement plans and specifications � of Pindwood 2nd subdivision. � i y 2 . An Irrevocable Letter of Credit, copy of which is labeled � Exhibit "A" and is attached to this Escrow Agreem�nt and made a ' �CHIBiT �'A� ,� � . . � ; y + � _ , -.: part hereof as though flill�� incorporated herei.n, tias been placed � in the possession of Escro�r Agent. Said Irrev��cable Letter of Credit is a commitment to the Developer from Cape Mercantile Bank & Trust Co. , (Financial Institution) that it will serve as the primary lender for the dE:velopment of Pindwood 2nd i subdivision and commits itself for enough funds to complete the improvements in : i � Pindwood 2nd ' subdivision. � � 3. A co of the mos recent financial statement of PY � Cape P�Iercantile� Bank & �ru�t Co. (Financi�►1 Institution) is labeled Exhibit "B" and is , attached to this Escrow Agreement and made a part hereof as thou�h fully incorporated herein, which financial statement is submitted for the purpc�se of guaranteeing to the City that the Financia� Institution as the issuer of the Letter of Credit to the Developerl�l, has sufficient resc�urces with which to ' uphold its guarantee. , 4 . The Escrow Agent �grees to hold the original of the Letter � of Credit issued by Cape � I��Iercantile Bank & Trust Co. i � (Financial Institution) subject to the provisions of this agreement s' R and the ordinances of the City of Cape Girardeau, as they may appertain ti F to the provisions of the E�crow Agreement. The Escrow Agent agrees that it will set up a spec'ial escrow account subject to audit �by the City in which all fund�'s made available by Cape P+Tercantile ; Bank & Trust Co. (Financial Institn�tion) for ' the improvements in the �indwood 2nd subdivision, will be deposlited. The Escrow Agent may release all . such funds to the Developelr only for the purpose of completing the # improvements in the Pindwood 2nd _ � subdivil'sion. ; , f 5. The Escrow Agent Iishall not release m�re than ninety per � , i , cent (90�) of all funds. deposited with him as Escrow Agent by � 4 1 Cape Mercantile Bank & Trust Co. ' � (Financial Institution) fqr the improvements i.n the � I � Pindwood 2nd ' subdi.vision except on the approval of the administra�tive officer of the City and until the I 2 . � ` � -�. � ''* � . f � . �. City Council is satisfied that the improvements for the development of Pindwood 2nd subdivision have been completed in accordance with the piat and the impravement plans and specifications of pir�dwood 2nd � subdivision and the Ordinances of the City of Cape Girardeau. The City Council agrees that it will not un- r ; reasonably prevent tlae release of the final ten per cent (10$) of �� the stxms 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 ,4 Officer of said City, the City shall appoint a substitute who will ; � t have the same responsibilities as the Escrow Rgent 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 � � � consti*:uting the balance of the escrow account required to complete j fi . '� 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 r � the City �of Cape Girardeau, Missouri , regarding the subdivision � i ' i of lands. ; 11. No part of this agreement may be assigned by the Escrow � � Agent or the Developer wit��hout first obtaining the express written � ii :� , r 3 . ° , i �, , � 3 i ; � `d . � � � . consent of such assignment by the City, but the City agrees not to unreasonably withhold suc?z assignment. IN WITNESS WHERF.OF, the parties have executed this i�nstrument in triplicate as of the day and year first herein written. DEVELOPER � A. Do Price Construction Coo Typed na o Develo , � �.��.''Szl.j ' K a (Signature) � A. D. rice• Pres• � Typed name & office of signer) ��r�r�sT: ���L���,,- Signature ' Bett Price Se Type name & o ice o signer) S 0 AGENT p ercant e B nk & Trust 2titi � . ignature) � [Seal] John Hale, Vice-Pres. �d name & office of signer) � CITY � ; CITY OF CAPE GIRARDEAU, MISSOURI z � [S e a 1] �y�AsJLf'�� � Paul W. Stehr, Mayor : ATTEST: '' � � a 1 � � � Verna L. Landis , City Clerk ! . , � , 4 � �� � S l i . + � � .i . j , I �� II S 3 � '. y. i � � � . A . i � �! 4 . % .. m . : � • � ' � ��� . . STATE OF MISSOURI ', ) � ' ) ss . COUNTY OF CAPE GIRARDEAU ) On this 16th day of Au�ust , 19_�, before me personally appeared A.o Do�Price ' � , to me known to be the pers n described in and �aho executed the foregoing instrument, and acknowledged that he executed the same as his free act and deed . I Ir; TESTIMONY t�IiEREOF, I�, I havc hereunto set: my hand and affixed my official seal at my o�fice in said County �nd State the day and year first above written. ; , , I �'�..—� c���7�/ j (Notary Pub c Signature) � � I3arbara J. Ba�:er (Typed name of. signer) I����y}s�ig�h��Cpires : �, ry Public, State of Miasourl r_ aau ��ountti �� • M C�rtimfssion Ex �ires Au .^_?_, lQ?S S�ATE OF M�SSOU�I ) � ) ss . COUNTY OF CAPE GIRARDEAU i ) On this �6 day of Au�ust , 19 78 , before me personally appeared John Hale � ' 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 off�ce in said County and State the day and year first above written. j ' � � � _ ,Lj� ��(�i_.�-�v�(r.,v�.�l� � � (Notary Public Signature) � MartYL K. �Tar#,mann __ (Typed name o� signer) My Commissi_on Expires : 2-12-80 . � STATE OF MISSOURI ) , ) ss . COUNTY OF CAPE GIRARDEAU ) On this day of , .l9 , before me � appeared PAUL W. STEHR, to me persona y nown, who, being by j me duly sworn, did say tha't he is the Mayor of the City of Cape k Girardeau, Missouri, a Municipal Corporation of the S�ate of � Missouri, and that the seal affixed to the foregoing instrument � is the corporate seal of s,aid City and that the said instrument � was signed and sealed in behalf of said City Ly authority of its � City Council and acknowledged said instrument to be the free act � ; and deed of said City. � _ i: IN TESTIMONY WHEREOF, I have hereunto se�. my hand and affixed my official seal, at my office in Cape Girardf�au, Missouri , the '� day and year first above writt.en. ��� a> � � ' Delores G. Ne�,dham, Notary Public � My Commission Expires : � October 8 , 1980 ' `,� 5 . , � �.