Loading...
HomeMy WebLinkAboutRES.1009.12-19-1994 . t BILL NO. 94-319 RESOLUTION NO. ;C,%C.�`1 A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN ESCROW AGREEMENT AND IRREVOCABLE LETTER OF CREDIT WITH LEXINGTON PLACE, L.L.C. AND CAPITAL BANK OF CAPE GIRARDEAU COUNTY, FOR LEXINGTON PLACE THIRD 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 authorized to execute an Escrow Agreement and Irrevocable Letter of Credit with Lexington Place, L.L.C. , a Missouri Limited Liability Company, and Capital Bank of Cape Girardeau County, for Lexington Place Third Subdivision. A copy of these documents is attached to this Resolution and made a part hereof. PASSED AND ADOPTED THIS / �/z.t�. DAY OF _;� a`i�!";x f4u L\ , 19�• A. M. Spradling, III, or ATTEST: t ,� , ' r� .�� / ,"1?'%E,(� L,E Gayle; .' Conrad Deputy City Clerk � ' � � ESCROW AGREEMENT • This Escrow Agreement made and entered into this 16th day of December , 19 94, by and between Lexi�ton P1ace, L.L.C. ___ A Missouri Limited Liability Company a��C���C�organized and existing under the laws of the State of Missouri , having its principal office and place of business at 2316 Jean Ann, Ca� Girardeau, MO 6�701 hereinafter called Developer, and ��i tal Bank of C`a�nP (;i rarr3Pa�, ('nnnrT_ 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 i.Pxinqt-nn Plac-P Thirr7 , a proposed subdivision located within the City of Cape Girardeau, Missouri, and has submitted to the City improvement plans and specifi�ations 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, 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 Lexington Place Third subdivision, hereinafter referred to as the "Proposed Subdiviaion", 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 Capital Bank of Cape Girardeau County , 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 fully 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 guara�ntee. � . + 4. The Eacrow Agent agrees to hold the original of the Letter of Credit iesued by the Financial Institution 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 Propoaed 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 Institution 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 ha e 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 will 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 T 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. -2- li. No part of this agreement may De assigned by the �scraw Ag�nt ar the Developer without firat obtaining the expres9 written consent'af guah as�ig�ment by the City, but the City agrees not to unreasonably withhold suCh aeaignment. IN WITNESS WHERE�F, the parties have execut�d thig instXument in triplicate as of the day and year first herein written. DEV$LOPER Lexing ton Place, L.L.C. , A Missouri Limited Liability Com ny _ (Typed Nam�-Qf Dev operJ (Seal� _ '��,�.` / )y�� r,�"`� b< [S�gnature]G. Keith Deimund� Trustee of the . � G. Reith Deimund Trust of 9-3-79 ATTESTs TITLE: Managing Member (Typed Name & Office of Siqnerj (Sigaature] - - (Typed Name & Office of Signer) F"' CR� AGENT_ t �� [Signaturej IS�= 1 Narvol A. Randol, Jr. Senior 'c President A � G � `,�� [Typed Name � Offioe of Signerj Che 1 Mabuce, ecretary CITY CITY OF CAPE GIRARDEAU� MISSOq1�I (Saal) ' ' J. Rvnald Fisahez', City Manager ATZ'EST: Gayle L. Conrad Deputy City Clerk � STRTE OF MISSOURI � - ) ss. COUNTY OF' CAPE GIRARDEAU ) . On this � day of , 19 , before me pezsonally appeared to me known ta be the person described in and who executed the foregoing instrument, and acknowledged that he executed � the same as his free act and deed. -3- 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. [Notary Public Signature] My Commiseion Expires: (Typed Name of Notary Publicj STATE OF MISSOURI � ) ss. COUNTY OF CAPE GIRARDEAU � On this 16th day of �Cember , 19 94 , before me personally appeared Narvol A. Ran o , Jr. '4:'. 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. �� �� � (Notary Public SignatureJ My Commission Expires: Barbara L. Burnette 6-25-95 (Typed Name of Notary Public] STATE OF MISSOURI � ) ss. COUNTY OF CAPE GZRARDEAU � On this day of , 19 , before me appeared J. Ronald Fischer, 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 written. Delores G. Needham, Notary Public My Commission Expires: October 8, 1996 -4- State of Missouri ) ) County of Cape Girardeau ) ' On this 16th day of _Oecember . 1994, before me appeared _G. KEITH DEIMUND, Trustee of the G. Keith Deimund Revocable Trust U/A dated 9-3-79, who being by me duly sworn, did say that he is the A MANAGING MEMBER of Summit Enterprises L.L.C., a LIMITED LIABILTY COMPANY of the State of Missouri, and said G. KEITH DEIMUND,Trustee of the G. Keith Deimund Revocable Trust U/A dated 9-3-79 , acknowledged said instrument to be the free act and deed. IN TESTIMONY WHEREOF, 1 have hereunto set my hand and affixed my official seal, at my office in Cape Girardeau the day and year first above written. My term expires JUNE 25, 1995 ��tc%!�� �(/'/�' Barbara L. Burnette,'Notary Pub ic ��- FRbH: Ca ital Bank of Cape Girardeau County , ��a �►1 I�ct�tution� ' ings ig way , �AddrQ�sj a Girardeau, Mo. 63701 December 16 1994 (i�ate j Tp= Lexington Place, L.L.C. (Customer-DQveloperl A Missouri Limited Liability Company (Addressj "�" 2�16 Jean Ann Dr. , Cape Girardeau,MO. 63701 AND City o� Capa Girardeau, Mieaauri - HenQficiary City Hxll, P, o. Box 6�7 Cape Cirardeau, Hiesouri 63702-0617 __ . . IRREVQCABLE LETTDR QF CR�7pIT �273 . �4' We hereby ectablish our irrevocable letter ot cxedit in your favor up the agqregate amount of Four Thousand Dollars and no 100 - dollars ($ j qrailablp upon yoyr demnnd �nd upon the approv�l o! P�'acei Thai�d � City of Cape Girardeau for the cost of developinq LexirS ton Subdivision according to the final plat ind �►pXavement plan9 and epecifications ac �tppraved by tha City of Cape flirardeau on December 19 �9 94 , Yf you do r,ot complQte tho impravementc aq spaaJ,fied within two (2) ycarc, 8�nmfioiary - City oP Capa air�rdeau ta�ty, pursuant ta tha pr4ceduraa in the Ordinencea o! the City af Cape diraxdeau� draw the balance of youz aaCount rQquired tc aomglatQ aaid improvomQnte. . FINANCZAL IN8TI7'UTION Ca ital Bank of Ca Gir ea y � (Typed Name of F an ial [Saal] �9titutio j r ��` (Sign:�ture) Narvol A. Randol J . i esident (Typed NamQ & office ot SiqnQr� Accepted thic _ 16th day of December , 19��. C�US2'OMF£R-DE�LOPT�t exing on P ace, L.L. C. , A Missouri Limited Liabilitv Company ('1'yp N e t Cu omer-Deval.oper] [Seal j � ���a�r�`��.� ln.� G.�a.,.-�-.... (SignaturQ� G. Keith Deimund, Trustee of the G. Keith - - ember [Typed Name & �ffioe af Siqner CITY ' . \ . �, . Approved pursuant to Council action this day of �, 19 City of Cape Girardeau, Missouri (Seal� J. Ronald Fischer, City Manager STATE OF MISSOURI ) ) ss. COUNTY OF CAPE GIRARDEAU ) On this 16th day of �cember , 19 94 , before me personally appeared Narvol A. Rando , Jr. to me known to be the person.d'escribed 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. �✓G2L�� ��>• � (Notary Public Signaturej My Commission Expires: Barbara L. Burnette 6-25-95 [Typed Name of Notary Public� STATE OF MISSOURI ) "' ) ss. COUNTY OF CAPE GIRARDEAU ) On thia day of , 19 , 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 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. (Notary Public SignatureJ My Commission Expires: [Typed Name of Notary PublicJ STATE OF MISSO[JRI ) ) ss. COUNTY OF CAPE GIRARDEAII ) On this day of , 19 " , before me appeared J. Ronald Fischer, 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 suthority of its City Council and acknowledged eaid inatrument 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, Mfssouri, the day and year firat above written. Delores G. Needham, Notary Public My Commission Expires: October 8, 1996 F�- State of Missouri � ) County of CaQe Girardeau ) ' On this 16th day of December . 1994, before me appeared G. KEITH DEIMUND, Trustee of the G. Keith Deimund Revocable Trust U/A dated 9-3-79 who being by me duly sworn, did say that he is the A MANAGING MEMBER of Summit Enterprises L.L.C., a LIMITED LIABILTY COMPANY of the State of Missou�i,and said G. KEITH DEIMUND,Trustee of the G. Keith Deimund Revocable Trust U/A dated 9-3-79 , acknowledged said instrument to be the free act and deed. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal, at my office in Cape Girardeau the day and year first above written. My term expires JUNE 25, 1995 �/� . ����� Barbara L. Burnette, Notary Public� F�: .