HomeMy WebLinkAboutRES.1373.06-15-1998BILL NO. 98-115
RESOLUTION NO. j�j��
ARESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN ESCROW AGREEMENT AND IRREVOCABLE
LETTER OF CREDIT WITH DKR PROPERTIES, L.L.C.
AND THE FIRST NATIONAL BANK OF THE MID -SOUTH,
FOR DKR 4TH SUBDIVISION
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU,
MISSOURI, AS FOLLOWS:
ARTICLE 1. The City Manager, for and on behalf of the City of
Cape Girardeau, Missouri, is hereby author'lzed to execute an Escrow
Agreement and Irrevocable Letter of Credit with DKR Properties,
L.L.C. and the First National Bank of the Mid -South, for DKR 4th
Subdivision. A copy of said documents is attached to this
Resolution and made a part hereof.
PASSED AND ADOPTED THIS
ATTEST:
Gayle(X. Conrad,
Deputy City Clerk
ESCROW AGREEMENT
This Escrow Agreement made and entered into this lOTH day of
JUNE , 1998 , by and between DKR PROPERTIES, L.L.C.
a Partnership, having its principal
office and place of business at 2316 JEAN ANN DR, CAPE GIRARDEAU, MO 63701
hereinafter called Developer, and
THE FIRST NATIONAL BANK OF THE MID-SOUTH, 2027 BROADWAY, CAPE GIRARDEAU,
MISSOURI 63701 hereinafter referred to as
Escrow Agent and the City of Cape Girardeau, Missouri, a municipal corporation,
hereinafter referred to as City.
WITNESSETH:
WHEREAS, the Developer is the owner of DKR 4TH SUBDIVISION
, 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 final
plat with request that said plat and the plans and specifications for the
improvements in the Proposed 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 this Escrow Agreement prior to the approval by the
City of the plat proposed for said subdivision,
NOW, THEREFORE, Zn 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 DKR 4TH SUBDIVISION
subdivision, hereinafter referred to as the "Proposed
Subdivision", and has submitted to the City its plat of said Proposed Subdivision
and requested approval of 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 THE MID-SOUTH 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
fu11y 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 lender for the development of the
Proposed Subdivision and commits itself for enough funds to complete the
improvements in the Proposed Subdivision.
3. A copy of the most recent financial statement of the Financial
Institution is submitted for the purpose of guaranteeing to the City that the
Financial Institution 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 the Financial Znstitution 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 all funds made
available by the Financial Institution for the improvements in the Proposed
Subdivision, will be deposited. The Escrow Agent may release all such funds to
the Developer only for the purpose of completing the improvements in the Proposed
Subdivision.
5. The Escrow Agent shall not release more than ninety per cent (90$)
of all funds deposited with him as Escrow Agent by the Financial Znstitution for
the improvements in the Proposed Subdivision 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 the Proposed Subdivision have been
completed in accordance with the plat and the improvement plans and
specifications of the Proposed Subdivision and the Ordinances of the City of Cape
Girardeau. The City Council agrees that it wi11 not unreasonably 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 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 Officer of said City, the City
shall appoint a substitute who will have the same responsibilities as the Escrow
Agent 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 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, 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.
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. �
11. No part of this agreement may be assigned by the Escrow Agent or the
Developer without first obtaining the express written consent of auch assignment
by the City, but the City agrees not to unreasonably withhold such consent.
IN WZTNESS WHEREOF, the parties have executed this instrument in triplicate
as of the day and year first herein written.
DEVELOPER
DKR PROPERTIES L.L.C.
[Typed Name of Developerl,
��� /4�--��L, �;��%c,l-•LC-7w" /?���:7r+r.�'L•
�
[SignatureJ
G. KEITH DEIMUND, MEMBER
(Typed Name of Signer)
[SignatureJ
C OW AGEN
[S' naturej
[Seal.;
PHIL R. IVERS, PRESIDENT
(Typed Name & Office of Signer]
CITY
CITY OF CAPE GIRARDEAU, MISSOURI
[Seal)
Michael G. Miller, City Manager
ATTEST:
Gayle L. Conrad
Deputy City Clerk
STATE OF MZSSOURZ )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this lOTH d of JUNE , 19 98 , before me personally
appeared G. �EII�ND,
_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.
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IN TESTZMONY 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.
��(�Ci <i C� ��t ��� L�i�u,
(Notary Public Signature]
My Conunission Expires:
1999 LAURA A. KLINE
SEPT i6, (Typed Name of Notary Publicj
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On thi p lOT�H. IVE�S�f JUNE , 19 98, before me personally
appeared
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 TESTZMONY WHEREOF, Z 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.
� [
"--�r r� ; �. �- f��'L �. �:
-(Notary Public Signature]
My Commission Expires:
LAURA A. KLINE
SEPT 16, �999 [Typed Name of Notary PublicJ
STATE OF MISSOURI �
) ss.
COUNTY OF CAPE GIRARDEAU �
On this day of , 19 , before me appeared Michael G.
Miller, to me personally known, who, being by me duly sworn, did say that he is
the City Manager 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 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
taritten.
Delores G. Needham, Notary Public
My Commission Expires:
October 8, 2000
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FROM: THE FIRST NATIONAL BANK OF THE MID-SOUTH
[Financial InstitutionJ
2027 BROADWAY
(Addressj
CAPE GIRARDEAU, MO 63701
JUNE 10, 1998
(Date)
To: DKR PROPERTIES L.L.C.
(customer-Developerj
2316 JEAN ANN DR.
[Address)
CAPE GIRARDEAU, MO 63701
AND
City of Cape Girardeau, Missouri - Beneficiary
City Hall, P. O. Box 617
Cape Girardeau, Missouri 63702-0617
IRREVOCABLE LETTER OF CREDIT
We hereby establish our irrevocable letter of credit in�your favor up to
the aggregate amount of ONE HUNDRED NINETEEN THOUSAND EIGHT HUNDRED THIRTY-ONE
dollars ($119,831.00 � available upon your demand and upon the approval of
Beneficiary - City of Cape Girardeau for the cost of developing
DKR 4TH SUBDIVISION Subdivision according to the final plat and
i.mprovement plans and specifications as approved by the City of Cape Girardeau
on , 19 . If you do not complete the improvements as
specified within two (2) years, Beneficiary - City of Cape Girardeau may, '
pursuant to the procedures in the Ordinances of the City of Cape Girardeau, draw
the balance of your account required to complete said improvements.
FINANCIAL INSTITUTION
THE FIRST NATIONAL BANK OF THE MID-SOUTH
(Typed Name of Financial
Instit ion)
[Sealj �
[S gnature]
PHIL R. IVERS, PRESIDENT
(Typed Name & Office of Signer]
Accepted this lOTH day of JUNE 19 98
CUSTOMER-DEVELOPER
DKR PROPERTIES L.L.C.
[Typed Name of C omer-Developer)
� (SealJ �:�✓� /��L. ��=�n�-c.c,.�� �Zs:>��%�
,/
[Signaturej
G. KEITH DEIMUND, MEMBER
(Typed Name & Office of Signer]
CITY
Approved pursuant to Council action this _ day of , 19
City of Cape Girardeau, Missouri
(Seal]
Michael G. Miller, City Manager
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this lOTH day of JUNE , 19 98 , before me personally
appeared G. KEITH DEIMUND, MEMBER
to me known to be the person described
in and who executed the foregoing instrument, and acknowledged that he executed
the same as his free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official
seal at my office in said County and State the day and year first above written.
� � �
� � /�.-� ����
\ '�l. �;f l �
[Notary Public Signature]
My Comm.ission Expires:
LAURA A KLINE
SEPT. lfi, 1999 (Typed Name of Notary Public]
STATE OF MISSOURZ )
) ss.
COUNTY OF CAPE GIRARDEAU �
On this OTH day of JUNE _, 19 9$ before me personally
appeared PHIL��S
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.
, ,,�,<< , ;�: /, �L.� ��
[Notary Public Signature]
My Commission Expires:
SEPT lo, 1999 LAURA A KLINE
(Typed Name of Notary Public)
-2-
STATE OF MISSOURI �
) ss.
COUNTY OF CAPE GIRARDEAU )
On this day of , 19 , before me appeared
Michael G. Miller, to me personally known, who, being by me duly sworn, did say
that he is the City Manager 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 seal of said City and that the said instrument �vas 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 TESTZMONY 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, 2000
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