HomeMy WebLinkAboutRES.1408.10-19-1998 BILL N0. 98-207 RESOLUTION NO. 1�(,;,Y
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN ESCROW AGREEMENT WITH RANDOL FARMS
5UBDIVISIONS, L.L.C. AND COMMERCE BANK, NA,
FOR IMPROVEMENTS AT THE KENNETH DRIVE AND
ABBEY ROAD INTERSECTION, IN RANDOL FARMS
SUBDIVISION N0. 8
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 authorized to execute an Escrow
Agreement with Randol Farms Subdivisions, L.L.C. and Commerce Bank,
NA, for completion to improvements at the Kenneth Drive/Abbey Road
intersection in Randol Farms Subdivision No . 8 . A copy of said
Escrow Agreement is attached to this Resolution and made a part
hereof.
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PASSED AND ADOPTED THIS � UAY OF i��'.'Z� � 19��
f � ';- ; A. M Spradling, I II, M or
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,`' AfiTEST : ,•';
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` Gayle Conrad
Dep.uty City Clerk
Commerce Bank
160 South Broadview
Post Office Box 1490
Cape Girardeau, Missouri 63702-1490
(573) 335-3502
October 5, 1998
Mr. Eric Cunningham, City Attorney
401Independence
Cape Girardeau, Missouri 63701
Dear Eric:
Attached are three signed copies of the proposed cash escrow agreement for the
completion of the Kenneth/Abbey Road intersection. The escrow agreement will be
replacing the current letter of credit/escrow agreement currently issued by The First
National Bank in the amount of$40,000.
As you now know, Commerce Bank is financing the development costs for Randol Farms
8th Subdivision, however, the intersection was to be completed as part of Randol Farms
l lth Subdivision. Since Commerce is taking over the financing for the development, we
are being required to take over the escrow agreement as well. As we have discussed, the
escrow agreement will provide for a $40,000 cash deposit into the escrow account which
the City may draw on per the agreement. I know the current letter of credit/escrow
agreement expires on November 4, 1998. As you will see, we are asking for approval to
extend that date to November 30, 1998. We are confident that the developer can have the
intersection completed during that time frame, weather pernutting. We have closed on our
loan with the developer so the subcontractors will begin work immediately. Also, please
note, the developer will not be selling any lots in the new subdivision until all work is
complete and the City signs off on the improvements; therefore, an escrow agreement for
the new subdivision will not be necessary.
We appreciate the assistance you have provided in this manner as well as your patience.
We would like for the proposed escrow agreement to be placed on the agenda for the neat
City Council Meeting. Please let me know if this letter will suffice to do so. If you have
any questions, please call me directly at 986-7022.
Sincerely, . �„
�,: ,.t �'^ �;: � �,�• �
..s: ., ._ r .�
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� � ' � OCT 0 � ��98
Buck Brase
Asst. Vice President �.���i�;�c Oi� ;:f i y r�,7Tp�t}�€Y
:�:s �ac:�v e�y=2�.^:er.� �a�e a^� e.^.==='-� _.._.. �:;_s lst
October , .9Qa , �y a;� �e�:�ea:: 2�r:col �a:-;s1Su'cdi�;s�ons. L.�.C. �yv V`
3�::-:c:a�:.cr.c_7a::_�e�a:.�ax:st_.
.y
ur.der the laws c_ t:�a Sta�a o: �'1i.ssouti , ha•r;;5 i- Y�:.-;c; �a? o::j- a
nlace o� bus'_aess at 25�3 Kenneth Drive,
Cape Girardeau, i�o 63701 ' `e a""
he_eina�_er ca__e� Deve?eper, ar.� Ccm�nerce Bank, `I�, 160 S. Broadview,
Cace Girardeau, uo 63703
t:e:eiza=�e= :e=e==s� to as �sc_cc� �Ce.^.� a::� �:�a C.=:' c� Ca,a C:_a_aea�_. �!33 ••- ,
����
a ;�:ai.._�a: .._r�c.3_i..r., he_siaa�=e= re_e==�� �c as C:_•r.
�i;:`�'SS?::?:
w-��Z.��, =::e �e�a_o�er �g t::a c�:e= o° Randol Farms Su�'ivision \0.8
, i _roccs2d ac:�d�-ri.s:or. .oca�a� w'_::::: _^e C:�y c: Care �__3_�23�.:,
:i:3ecu=:, ar.� ::as sc�ca:_�ed �� t::a Ci_; ��,_over..e^_ p' ar.s ar.� s�ec_=:�3=�,,;;s
w�i.c�: ha•re hee:t a_p=�ve� by t4e Ci�y ar.d haa sL�;,i:��zC a _i:a: p'_a� :�:c:: :ec-.:�s_
t::at 9aid pLa: ar.d �::e �?ar.s a::3 s�eci_�ca=:or.s .cr �::e �ac-�ve^e:�: _.. -��
�:�gesa� Su�div:sior., �e accepte� a::d a�o:�ved bv t4e C:_v, ar.�
r:??:Z?.;5, CeveLcce= _r�ccses _� �.e�: ��e er��.^a:.cs _ec��_:�^e^�a a: ";e C�_-r
w:�:� =ss�eC: �� �::e xst:^y c` _::i3 39c=cv 3c_ee�er._ �-��_ �o :he 3.pr�va: �.r _:e
Ci�y o� t�e �' a_ �-��aad .�_ �a:� �:bdivis��r
.,
vCK, :4'?�FCFL•:, Z:t ce^sidera�ien a_ t4e :aregc:ng a.^.d o° :he ��,.�a:
�_�caises and aqrerste^ta ccnta�ned ha_eia t::e ca�:es to �::i� �sc_cw �c,_se:er.=
st_�ulate aad agres as fcLlcws:
1. Deve:.oae: is t;�e c�.rne: a: Randol Farms Subdivision i�• 8
a�:�divis:cr., he_e:.Za`=e= r=='==a� _� aa t�a "r- :caec
Subd�•�isicz', ar.d has• ae:�mi.tad �c =::e Ci�� :�3 ::a� o� sa_d ?: �cse� Su��iJ'L3i....
ar.d requegted ag�rova: a: sasr.e t:�e C:�y haa '.:eret�°ors a_�r�-,e� �::e �.��=�•r�;_
gla.Zs aszd apec===cat�a^a af t:�e ?raxsed Subdi�:aicn.
2. Developer has deposited into the escrow account forty thousand
dollar� ($40,000.00) to complete the improvements to the Kenneth I1�. /Abbey Rd.
intersection.
3. � cogy o� the moat receat .i.Zancial �tatemertt af the �Tinanc_a?
Znatituticn ie aubmitted :or the pur�oae of quararsteeinq �o ti;e City that t:�e
gLnancial Inat°tution has
�u��icient resnu�cea with vhich to uphold ita guaruitee:
' '�, - =�z r3�=�w �y�::= -;==es �.. ::o_� the escrow account
sLS;ec� t� �:;e �:�vis:c^s of
`.:is � a
ar.� the or�tzances of tre City o: Ca�e G'__a�ceau ` ..� � .5 ere�`
, as ...,ey aay a�:e�a_:. �o -�Q
grovie.ons �: the 3acrov agreament. T4e �scrcw aqen� aqraes .�at �� w_' � 9e�`��
a apecia? escrcv acc�unt eubjec� to aud'_� hy t:;e Ci�v in wh� ^:� a.. �s,z�s ��e
availahle by t:�e !'i,Za:�cial Izet��:;�:on :er the imnr�versents` �n t�e P_��se�
Intersect�_on, Wi11 be depositad. :Ze *ac:ov agen� may relsaae a11 suc:t 'ur.ds to
t::e Develace; anly �or the pu�ose of ccmg:et:nq �:;a tmp.ove�Qr.-s iZ t�a ?:r,,,,�aed
S�hdivision.
�. T:�a *ac_cw ar,e.^.t sh31I nct :e:
easa .:.c_e t:ar n'_:.e�.r -e:
� �1 f ' r �e'= (9Ct
o a :1:1G�9 de�osi_a� w::;; h� .� as �ac_c • • �
�5e.^.� :..� �::e , _
'd "'13^.�:3: �:3�� " ':fI �^�
the i�_::,ve:.er.ta iz the ?�oxaed SL:d�vis�aa exce�t .on the ana�ova:`oF tre
a�inistra�:ve 0'�icer a: t::e C�t� a.zd ur.ti� t�s Ci�y Caur.ci: j s aa��s:ia� t�a-
t�e imo:�ve:�e^�s For the de•reiar-�sr.s^t e� '-::e ?.^:ased S�d�vis�or.` :�ave �ee�
cempleted i: accordance wit;; t;e p�at` a::d vt;:e +..m^rov�e;- �' �.3 a:.�
s:eci�icat_��ns �: t::e 2roFosed Sub�v+_a!on ar.d ��a Qr�i:,a^ces o: t:�e C� t:' o= Ca^e
Girardeau. T�e City Cc�r.ci: a rees tha` it w� ?� �
4 _ _ not c:n_easc:ta5lv oro.,e;;� •40
releaae of �;�e .i:�a1 ten r,er c�nt (:0�) nf t:�e s:::�s �e�os��e� :�:-� •�e �ac_cw
�qent. - -- _� �..
E. :':e City :aay :�cta tiase �o t!�a �a�ial?� =elease t:�e �
ae_�w e15g;;t
�r�m a1? cr arty gart o: i=a cbiiga��ana az:d sha:? da so by :�rit-e:: act:.�catior.
:rcra t:�e Ci�y's ��.�ni�8�_ative O�.icer. �
7. Qpca appreval by t.�te Ci�� t:uoagh its �inistrative vf:icer for t:ze
re?ease o: a11 fur.ds held by the gscrcw Ager.t, t:;is agree:ner.� shall be te�iaa�ed
aad t.'�e Deveioper and t::a 3ac:ow agers� aha'_: be release� :.cm any �u�;;e:
ohl:qaticn t� the City izso�ar as t::e gr�v:.aier.s of t:��a Eac�cv ag�eeWer.t a.rg
corccerned.
' 8. .:s the ever.t of F r , c �
the .a�_ure ar re_uaa+ ar ir.a�'_Lit;r o� t:e �acrcv
agent to aerre aa dete..-�ined by ";e �y1lz`�at:ve of_icer o� sa:d ci�y, t he C:_;�
ahal: apcoint a subet+tute whe w±�� kave �tta eam� =esponaibi:i�i-ea as t::e Eac:cw
aqent named herei:s.
9- Z:, a�ter November 30, 1998 �
, aIl t.�a
improvemertts �ef�ected by t:�e agprvved improvemer.t p�ans aZd apeci:icatioas tsave
not beea comeletad, the Citt may rer�ire t.�e �acrew Aqent to remit ta the Citf
caah or negatiable iastruments conat�tuting the balance of the escroU accnunt
zequired to comgLete the ilaprevemen`g.
10. :hia Eacrcc� �e�en` $hall rsot in any !ashion be conat_-ued :o Ii�nit
the pacrera, riqhta, or dut+ea of Citi, but eaid agreemeat ehall be conatrued irs
the liqht of the applicabie ordi,�saz;cee of the City of Cape Girardeau, Kiasour�.
regasding the subdiv�9ian o: lande, .
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. . , '1- :to ��-= �= �^is ac,ree:-e: .:.a;� be ass' zed
��'e'-OPe= W'_t::ou� �irs� obta�Zi �;; `5' by the ?acr�y �ya-� „_ �:ze
�5 e ex�resa u:i���n cor.aeat o� euc�s aasigr.�ent
by the City, but the City aS=eQg not to'unreasenably withhold such consent.
Zy WZT`I�'SS WH�.�pF, the partiee have executeci this inet:^zunent in tri
as of the day ar.d year first hereia w:itten. P==�ate
D�7ELOPER
��c�d�i Fa�� Subdivision, LLC
(Sealj ('�roe.-�. yar,ie of Deve.c�e=j
�r, �,� ��---
,�� ,o..ure�
y• �
aTT°:5::
� � _ David Mitchell Kinder, Managing Member
(�ed Name & Office o: signerJ
(Signature1
P. David Gerlach, Member
(Typed Name S Office o: Sigr.erj
�SCROW AGc:IT ".
�
(Sealj �' ( qna. re
�� VVlLLIAM KEY �� PRESIDENT
(�ed :tame & of�ice of Signer]
CITY
CZTY O? C,�g GIRARD-^.AU, HiSSOURI
(Sealj
Hichael G. Hi11er, City ;ianager
ATTEST:
Gayle L. Coarad
Deputy City Clerk
STATE OF HZSSOfTRI
)
COUNTY OF CApE GZR.ARDEAU ) ee.
)
on thi9 5th day o: _ nc�tober
appeared Kinder � 19 98 , before me personally
in and who executed the fore oin +° Ae knoWn to be the persan described
9 g inatrumen,., and acknowledged that he executed
the eame aa hia free act and deed.
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. , . sea: a� :ny o':ice iz •r �� ' 1 ~av� :�eraLr.�o sat a;f ha:;d ar,d �-�
sai County aad State t`;e �a, and year :a_'�xed ay c;:�cia:
:st ahcve w::-t
�
� e r..
L �
�y i,_,s�i��x�ires: (NO �y Public Siqnaturej
' `'�x- L�O�
�A�A Mr7�CHEL,L, Laura Mitchell
°tary Public-Notary Sea� (T�ed Name o f Notar�
STATEOFMISSOURI �' �b�ic j
Scott County
My Comrnission Expires:Apri122,Zpp2 '
5��=� O? SSOCR=
�-�ti ���� �
COL':�:Y 0? y � , ) sa.
,t����� �---1_
apoeared ��(J i day y�,��, ��
- a-� � 19—�. 5e:ore me personally
ir. and who �xecuted the f to me ;c.-�own to be �he
�re same as hie free act �rQS�'nq �at�ent, and acknowled--ed �rBOn �esc=�bed
and dead, y �:�at he executed
ZN TES;;,�oNy W;.�L�OF, i have hereunto set m «
sea; at my of�ice in said Cou�tv and State the Y har.d and'a,.ixed my of::,ciai
and . edr .irst above writ�er,.
� `
C•GUEINi , �'/`�-�`�"�-
Hy Cq�p��_A�gr�rz�qk �Y°t blic_Siqnatc:re
STATE QF MISSQURI �
Commisala�ed irs J�ckson Caun 1 � (�2� � �
� ��a (iyped Yame of Nctar•
� 2ublicJ
S:.�TE OF MZSSOUR: _
)
COUN:Y OF C,e'�?g GI�.-�p,��+ U ) 89.
1
. on this day of
Miller, to me aeraonally kno�� u ' 19 � �e�oze me agpeared H:chael G.
the City Hanaqer of the Cit o� ho, being by �e duly sworn, did say trat he is
� Y Cape Girardeau, Hiasouri, a Municigal Carxration
o� the State cf ?iisaouri, and that the aeal a�fixed to the foregoing inetruntent
is the seal of aaid City and that the said instri:�aent Wae s�
behalf o: eaid City by authority eg ita City Council and ac:cnowledged eaaid
inatrument to be the free act and deed of sa:d City. _ _
IN TESTIHO:vy WHg�pF� I hade hereunto eet my hand and affixed r 1
eeai, at my office in Cape Girardeau, Hiseour�, the day and year first above
written. �Y offic�a_
My Commiseion Expires: Delorea G. Naedham, Notary ?ublic
October 8, Z000
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