HomeMy WebLinkAboutRES.845.08-02-1993 BILL NO. 93-174 RESOLUTION NO. 'J'��7
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN ESCROW AGREEMENT AND IRREVOCABLE
LETTER OF CREDIT WITH SIX SISTERS PROPERTIES,
INC. AND CAPITAL BANK OF CAPE GIRARDEAU COUNTY
FOR SIX SISTERS 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 Six Sisters
Properties Inc. and Capital Bank of Cape Girardeau County, for Six
Sisters Subdivision. A copy of said Escrow Agreement and Letter of
Credit is attached to this Resolution and made a part hereof.
PASSED AND ADOPTED THIS � > �}� DAY OF � � '>!1' ' � , 19 `a`� .
i
� �a �,
� - r
Francis E. Rhodes, Mayor
ATTEST:
f^'""�
�' (
��LiI�'1���'l.l�,� i.�- ti, ��h.��?
Kimberly;JA. Pruett, Deputy City Clerk
�SCROW AGREEMENr
This Escrow AgreEment made and entered �nto this 2
day af AucusT , 1993 , by and between .
SIX SISTERS _PROPF.RTIES, INC. '
a Corp4ration organized and existing under the laws of`the State of
MISSOURI , having its p�incipal of�ice and place of business -
dt CAPE GI_R�IRDEAU. MISSpURI w
hereinafter ca�.�.ed Developer, and CAPITAI. BANK OF CAPE GIRARDEAU COUNTY
A MISSOURI BANKING CORPORATIQN,
, hereinafter referred to as
Escrow Agent and the City of Cape Girardeau, Missouri, a municipal
corporation, hereinafter referred to as Ci.ty. ,
WTTNESSETH:
WHEREAS, thE Developer is the oWneX af SIX SISTERS SUBDIVISION
, a proposed subdivision located within the
City of Cape Girardeau, Missouri, and has se�hm�.tted to the City
�mpxovement plans and specifications which have been approved by
the City and has submitted a final plat wi�h r�quest that said plat
and the �lans and speci.ficat5.ons fo� the improvements in the
Proposed Subdivision, be accepted and approved by the Ci.ty, and
WHEREAS, Developer proposes to meet the ordinance requirEments
of the City with respect to the posting of this Escrow Aqxeement
prior to the approval by the City of the plat proposed for said
subdivis�on,
NOW, THEREF�RE, In consideration of the foregoing and of the
mutual promises and agreements contained herein the parties to this
Esczow Agreement stipulate and agree as follows:
1. Developer is the owner o� �Tx CTSTFRC CIfRTIj,j(,jSjQN
subdivision, hereina�ter referred to
as the "Proposed Subdivision", and has submitted to the City its
plat of said Proposed Subdivision and requested approval o� same
the City has heretofore approved the improvement p�ans and
spea�.��.cat�.ons af the kraposed Subdivision.
2 . An Irrevocable Letter o� Credit has b�en zssued
for th� cost of the improv�ments in sa�d Px�oposed SubdivisiQn by
CAPITAL BANK OF CAPE GIRARDEAU COUNTY
�
hereinafter referred to as "Financial Institu�ion". The
IrrevQcable Letter af Credit, copy of which is labeled Exhibit "A"
and is attached to this Escrow Agreemertt and made a part hereof as
though Pu1�y set out herein, has been placed in the possession ot
Escrow Agent. Said Trrevooable Le��er of Cred�.t is a commitment to
the Developer from the Financial Tnstitution that it will serve as �
the primary 1end�r for th� dev�lapment of the Proposed Subdivision�
and commits itself for enaugh funds to complete the improvements in
the Proposed Subdiviszon.
3 . A copy oP the most recent f inancial statement oP the
Financial Institution is submitted for the purpose o� guaranteeing
to fihe City that the Fi.nanci.al Insti.tutzon as the issuer of the
Letter oP Credit to the Developer has sufficient resouzces with
which tv uphold its guarantee.
4 . The Escrow Agent agrees to hold the original of the
Letter oP Credit issued by the Financial Institution subj ect to the
provisions of this Agreem�n� and the ordinances oE the City of Cape
Girardeau, as they may appertain to the provisions of �h� Escrow
Agreement. The Escrow Agent agrees that it Will set up a special
escxow account subject to audit by the City in which all funds m�de
available by the Financial Institution for the impravements �.n the
Propased Subdivisian, will be depasited. The Escxow Agent may
r�lease all such funds to the Developer only for the purpose of
completing the improvements in the Proposed Subdivision.
5. The Escrow Aqent sha11 not release more than ninety per
cent (90�� oP all funds deposited with him as Escrow Agerlt by the
Financial Institution for the improvements in the Prvposed
Subdivision except on th� approval of the Administrative OfEicex af
the City and until the City Council is satis�ied that the
impravements �or the development of the Proposed Subdivzsion have
been completed in accordance w�.th the plat and the imprdvement
plans and spec�ticat�.ans o£ the Proposed Subdivision and the
Ozdinances of the City of Cape Girardeau. The City Council agrees
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RECEIUED FR019 314 335 ?940 68,02, 1993 89:33 p, 3
that it will not unreasonab�y preve�t the release of the final ten
per- ce�t (Z0�) of the sums deposited with the Esczdw Agen�. �
6. The City may from tim� to time partially release the
Escrow Aq�nt fram alI or any part of its obligations and shall do
so by written nota,fication �rom the City's Adiainis�rative �Officer.
7. Upan approval by the City through its Administrative
Officer f4r the release of all funds held by the Escrow Agent, this
aqreement shall be termznated and the Developer and the Escrow �
Agent sha21 be released from any Purther obligation to the City
insofar as the provisions of this Escrow Agreement are concerned.
8. In the event of th� failure or refusal or inability of
the Escrow Agent to serve as determined by the .Administrative
O��icer of said City, the C1ty shall appoint a substitute who will
hav� thE same responsibi].ities as the Escrow Agent named herein.
9. If, after twa (2} years f�om the date of �his agreement,
all the improv�ments rEflectEd by the approved improvement plans
and speci�ications have not been completed, the City may require
the Esarow Agent to r�mit to the City cash or negotiable
instruments constituti.ng the ba].ance of the esc�ow account required
to complete the improvem�nts.
la. This Escrow Agreement shal�, not zn any Eashion be
construed to limit the powers, rights, or duties of City, but said
aqreement shall be construed in the light of the applicable
ordinances o� the c�.ty o� Cape Girardeau, Missouri, rega�ding the
subdivisian of lands.
11. No part of this aqreement may be assigned by the Escrow
Agent or the Developer without first obtaining the express written
consent of such assignmznt by the City, but the City agrees nat to
unreasonably withhold such assignm�nt.
-3-
P.ECEIVED FP.Ot9 �14 ��� '94o u8. �" 159� �9:33 P. 4
YN WTTNESS WHEREOF, the parties have executed this instrume�t
in triplicate as of the day and year first herein written.
DEVELOPER
SIX SISTERS PROPERTIES, INC. ,
�T p� me og DeveloperJ -
(S�al]
�.gnature]
�1TTEST' FRANCIS E. RHODES, PRESIDEN'�
[Typed Name & �f�ice of �igner}
�� ����
[s i:gnature]
[Typed Name & 0�'fice of Siqner] �
ESCR4 A T C4P AN �� C PE�G EAU C0.
signature]
[Sea�J
CHARLES P. DANIEL, PRESIDENT
[Typed Name & Offic� of Signer]
CITY
CITY OF CAPE GIR.A.RDEAU, MISSOCJRI
[Sea�.�
J. Ronald Fischer, City Manager
ATTEST:
Gayle L. Canrad
Deputy Ci�y Clerk
--4--
RECEtUED FRi]M 31�3 335 794o G8,�32, 1993 E�9�34 P• 5
ST.ATE OF MISSOURI �
COUNTY' OF CAPE GTRARDEACJ � ss.
) �
On this 2 day of AUGUST 93
personally appeared CHARLE . � �-9 , before me �
to me known to be the person described ire and who �xecuted the
�oregoing instruuier��, and acknowledged that he executed the same as
his free act and deed. -
IN TESTII�ONX WH�REOF, I have hereunto set my hand and affi.xed
my official seal at my office in sa�.d County and State the day and
year fzrst above written.
� �
�
�' /'llG"�r�
[ otary Public Signature�
�Y ���?5sion Expires:
12/14/93 BONNIE S. STAHLMAN, NOTARY PUBLIC ,
[Typed Name of Notary PublicJ
STATE OF MISSOURI �
C4C7NTY �F CAPE GYRARDEAil ) ss.
)
On this �N�i day of TIC� �1,,1� T ��
ersanall � • 19 / '' , before me
p Y Pl�ec.�z'ed —_ RRN`�� �. �'r-�.� � �s
/;l,� �n�,� h. �'�� ;.,s
to me known to be the person described in and who execnted the
foregaing ins�rument, and acknow].edg�d that he executEd the same as
his free act and deed.
IN TESTTMONY WHERL4F, I have hereunto set my hand and affixed
my officiaZ seal at my office in said County and State the day and
year first above written.
[Notary P�.b 1 i c 5�gnature]
My Commission Expires: ) )
���t�� �% • _ �, 5 , �� //� �
[Typed Name of Notary Public3
_gW
RECEIVEG FRUP1 �14 335 ??46
�2.92. 1'39� Ei9:,;5 P. 6
STATE OF MTSSOURI . ) � �
} ss
COUIVTY�4F CAPE GIRAFtDEACJ ) . .
� an this day of , 19 , before me
appeared J. Ronald Fischer, to me personally known, who, being by
me duly sworn, " di.d say that he is the City Manager of the City of
Cap� Girardeau, Missouri, a Mun�.cipal corporation o� the State of �
Missouri, and that the seal affixed to the foregoing instx'ument i.s -
the seal of said City and that the said instrument was signed and
sealed i.x� behalf af said City by authori�y of its City CQuxlc�.l and �
acknowledged said instrument to be the free act and deed of 5aid
City.
IN TESTIMQNY WI�EREDF, I have he�eunto set my hand and af f ixed
my off icial sEal, at my offic� in Cape Girardeau, Missouri, the day
and year first above written.
Delores G, Needhaln, Nota�'y Public
My Commissian Fxpires:
Ootober 8, 1992
. • `
_�_
RECEIVED FROt9 314 335 7946 63,02, 1'39? 09: 35 P, 7
FRQM: CAPITAL BANK OF CAPE GIRARDEAU COUNTY
_ � [Financial Tnstituti.ott]
P._ _p_r BOX 1519
[Address)
_�APE GIRARDEAU. MO 63702-1519
AUGUST 2, 1993 •
[Date) -
TO: �„�X SISTERS PROPERTIES. INC.
[Customer-Developer]
P.O. BOX 557
�Address]
CAPE GIRARDEAU, MO 63702-0557
AND
City of Cape Girardeau, Missouri -- Beneficiary
City Hall, P. O. $ax 617
Cape Girardeau, Missouri 63702-061'7
�REVOCABLE LETTER OF CREI)�'
We hereby establish our irrevocable let�er o� credit in your
favor up the aggregate amount of Thirty-five Thousand and no/loo--
------------------------------- dol.ldz's 35,000.00
{$ ) availab?.e upon
yvur demand and upon the �pproval of Bene�iciary - City of Cape
Girazdeau �pr the cost of developinq six sisters
Subdivisian according to the final plat and
improvement plans and specificatians as approved by the City of
Cape Girardeau on August 2, � �g93 �� you do not
complete the improvements as specified within� two (2) years,
Benefic.iary - City o�' Cape Girardeau may, pursuant to the
procedures in the ordinances af the City of Cape Girardeau, draw
the balance o£ your account required to complete said improvements.
FINANCIAL INSTITUTION
CAPITAL BANK OF CAPE GIRARDEAU COUNTY
- �Typed e of Financia �
s i tiona
[S�a1J
Signature]
CHARLES P. DANIEL, PRESIDENT
[Typed Nam� & office of Signer]
Accepted this Z day Og AUGUST � 19 93 .
CUSTOMER-DEVFLOPER �
SIX SISTERS PROPERTIES, INC.
' [Typed Name of Customer-Developer]
[Seal]
[Signature] _
FRANCIS E. RHODES, PRESIDENT `
[Typed Name & Offi.oe of Signer]
CYTY
Appxqv�9 p u�su3rit to Council action this 2 day of AucusT
r
City of Cage G].rardeau, Missouri
[sea1�
J. Ronald Fischsr, City Manager
ST.ATE OF MxSSQURI )
) ss,
COUNTY OF CAPE GIRI�FtDEAU )
On this 2 day of AUGUST � �� 93 � before me
personally appeared cxAxL .
to me known to be the person described in and who executed the
foregoi.ng instrum�nt, and acknowledged that he executed the same as
his free act and deed.
YN TESTIMoNY WHEREDF, Y have hereunto s�t my hand and affixed
my officia]. seal at my oEEice in said County and S�at� the day and
year first abave written.
[No ary Pu}alic Signature]
M17 CC�Ti11�It��$�022 Expires: BONNIE S. STAHLMAN, NOTARY PUBLIC
/1 /
[Typed Name o� Notary Public]
RF�^GTiicn CDiiM :�:, :-c �,.�� -_- -- _ - -- - - -- _
STATE OF MISSOURZ )
} ss.
COUNTY� OF CAPE GII�ARDEAU )
On this 2nd day ar August , 19 93 befox�e me
pexsonally appeared Francis E. Rhodes, Pres a t
to m� known ta be the person described in and who executed the
fQ.regoing instrumen�, and acknowledged that he executed the same as -
his free act and d�ed. �
IN TESTIMONY 6�HEREOF, T havE hereunto set my hand and affixed
my official seal. at my office in said County artd Stat� the day and
year Pirs� above written.
[Notary Public Signature]
My Commission Expires:
Rebecca L. Figliolo
November 12, 1995 �Typed Name of Notary Publzc]
STAT� aF MISSOURT )
) ss
COUNTY OF CAP� G�RI�RDEAIJ )
On this day af , l� , b�fore me
appeared J'. Ronald Fischex, ta m� personally known, wh�, being by
me duly sworn, di.d say that he is ths City Manager of thE City of
Cape Girardeau, Missouri, a Municipa3. Gorporation of the State o�
Missouri, and that the seal af�zx�d to the foregoing i.nstrument is
the seal oi said City and that ths said instrument was signed and
seaZed in behaJ.f of said City by authority af its City Council and
acknawledged said instrument to be the free act and deed of said
City.
IN T�STIMoNY WHEREOF, Z have hereunto set my hand and af�zxed
my official seal, at my office in Cape Girardeau, Missauri, the day
and year �irst above written.
D�1.ores G. Needham, Notary Public
My Cammission Expires:
October 8 , 1996