HomeMy WebLinkAboutRES.855.08-16-1993 r
BILL NO. 93-179 RESOLUTION NO. ; ��J
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN ESCROW AGREEMENT WITH G. KEITH
DEIMUND TRUST AND CAPITAL BANK OF CAPE
GIRARDEAU COUNTY FOR MOUNT AUBURN SUBDIVISION
NO. 5
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 G. Keith Deimund Trust Dated 9/3/79 and Capital Bank
of Cape Girardeau County for Mount Auburn Subdivision No. 5. A
copy of said Escrow Agreement is attached to this Resolution and
made a part hereof.
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PASSED AND ADOPTED THIS ��� DAY OF �� i t��� i i_�)?_ , 19 �_;'
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'�ri �If c .r � /C' l' (r`fL�...�Z�
Francis E. Rhodes, Mayor
ATTEST:
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Kimberly A. Pruett, Deputy City Clerk
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AUG 09 '93 16�48 CITY OF CAPE GIRARDEAU P.2i10
ESCROW AG�REE;N�N'I'
This Escrow Agreement ma:de and entered into this il
�ay a� August , 19 93 � by and be�ween
G. Keith Deimund Trust Dated 9/3/79
� 8����i�, having its princ�.pal oPfice and place of business at
2316 Jean Ann Drive, Cape Girardeau, MO 63701
hereinafter called D�veloper, and
Capital Bank of Cape Girardeau County, 407 N. Kingshighway, Cape Girardeau,
M�Ssouri, , herEinafter
referred to as Escrow Agent �.nd th� City of Cape Girardeau,
Missauri, a municipal corporation, hereinafter referred to as City.
WYTN�SSETH:
WHER�AS, the Deve].oper is the owner of Mount Auburn
Subdivision No. 5
, a proposed subdiv�sion located
within the City of Cape Girardeau, Missoux�i., and has submitted to
the City improv�m�nt 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 Subdivisian, be accepted and approved
by the C�.ty� and
WHEREAS, Develop�r proposes to meet the vrdinance requirements
o� �ha City with respec� tc� th� posting of this Escrow Agreement
prior to the approval by the City of the plat praposed Eor said
� subdivisivn,
NOW, THEREFORE, In consideration of the fo�egoing and of the
mutual promises and agreements contained herein the parties to this
Escrow Agreement stipulate and agree as follows: .
, 2. Developer 1S the owner Of Mt. Auburn Subdivision No. 5
subd9.vision, hereinafter refezzed to
as the ��Proposed Subdivision", and has submi�ted to the City its
pZat of said Proposed Subdivxsi.on and requested approval of same
the City has heretofore approved the improvement plans and
speci�ications of the Propased Subdivisivn.
2 . An rrrevacable Letter of Credit has been issued
for the cvst o� the improvemehts i.n said Proposed Subdivision by
Capital Bank of Cape Girardeau County t
hereinafter referred ta as "Financial Institution" . The
Yrrevocable Letter of Credit, copy oP which is labeled Exhibit "A"
and �s attached to this Escrow Agreement and made a part hereof as
though fully set out herein, has been placed in the possessien of
Escrow Agent. Said Irrevocable Letter oP Credit is a com�titment to
the Developer from the Financial Yns�3.tutic�n that it will serVe as
the pzimax�r l.ender for the development of th� Proposed Subdivision
and commits itself for enough funds to compl�te th.e improvements in
the Praposed Subdivision.
3. A copy of the most recent �inancial s���ement of the
Financ�a�. Institution is submitted far the purpose of guaran�eeing
tv th� City that the Financ�.al Institution as the issuer of the •
Letter a� Credit to the Developer has suffioient x�eseurces r�ith
which to uphold its guarantee.
�. The Escrow Agent agrees to hold the original of the
Letter af Credit issued by the Financial Ins�itution subject to the
provisions of this Agr�ement and the erdinances of tha City a� Cape
Girardeau, as they may appertain to the provisions of the Esarow
Agreement. The Escrow Agent agrees that it wi11 set up a speciaT.
escrow account sub�ect to audit b� the City in which all ftznds made
avai�.abl� by the Financial 2nstitution far the improvements in the
Proposed Subdivision, will be deposited. The Escrow Agent may
zele�:se a11 such �wnds to the Deve�.oper only for the pt�rpase of
completing the improvements in the Proposed Subd�vision.
5. The Escraw Ag�nt shall not release more than ninety per
cent (90�) o� alI funds deposited wa.th him as Escrow Agent by the
Financial Institu��on fdr the impravements in the Proposed
' Subdivision except on the approval o� the Administrative O�fiaer of
the City and until �he City Council is satisf�.ed that the
improvements gor the development of the Propcsed Subdivision have
been campleted in accardance with the pl.a� and the improvement
plans and specifications of the Proposed Subdivision and the
Ordinances a� the City oP Cape Girardeau. The City Council. aqrees
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that it will not unreasonably prevent the release of the final ten
pe� cent (10�) of the su�s deposited with the Escraw Agen�.
6. The City ma� fro� tim� to time partially release the
Escrow Agent fxom alI or any part a� �ts obliqations and sha�l do
so by written not���cation from the City's Administrative officer.
7. IIpon approval by the City through its Adraznistrative
Officer �or the release of all funds held by the Escrow Agent, �his
agreement shall be terminated and the Developer and the Escrow
Agent shall be released fram any Purther obligation to the City
inso�ar as the provisions af this Escrow Agreement are cancerned.
8. In the event oE the failure or refusal or inability og
�he Escrow Agent to serve as determ�.ned by the Administrative
Of�zcer of said City, the City shall appoint a substitute who will
have the same responsibil.�ties as the Escrow Agent named herein.
9 . Zf, after two (2) years from the date oP this agreement,
all the improvements reflected by the approved improvement plans
arid specifications have not be�n completed, the City may require
the Escraw Agent to remit to the City cash or negotiab].e
inetruments constituting the balance o� the escrow account requir�d
to comp].ete the improvements.
10. This Escrow Agreement shall not in any fashion be
const�ued ta lim�.t the powers, r�ghts, or duties o� City, but sai.d
agreement shall be cvnstrued in �he liqht v� the applicable
ordinances of the City oP Cape Girardeau, Missouri, regarding the
subdivision of lands.
x�.. No par� of �his agreemen� may be assigned� by tk�e �scrow
Agent or the Developer withaut first obtaining the express written
consent o� such assignm�nt by the City, but the City agrees not to
unreasonably withhold such assignment.
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IN WITNESS WHEREOF, the parties have executed this instrument
in triplicate as o� the day and year first h�r�in written.
AEVELQPER
�. KP;th Deimund Trust Dated 9/3/79
[Typed N f De.veloper]
, /�
�[Signatu�e]
G. Keith Deimund, Trustee
[Typed Name o� Signer�
�Signature]
ESC W AGEN AP T B K OF. PE GIRARDEAU C0.
i ature]
[Seal�
CharLes P. Daniel, President
('Syped Name & O�fice oY Signer]
CITY
CX'x'X OF CAPE GIRARDEAtJ, MYSSOURI
[Sea�3
�'. Ronald Fischex�, City Manager
ATTEST:
Gayle L. Conrad '
Deputy City Clerk .
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STATE OF MISS4URI )
) ss.
COUNTY Q�' CAPE GIRARDEAU )
On this il day of Aug,ust � 19 93 , befor� me
personally app�arecl Charles P. Daniel
t4 me known to be th� person desoribed iz� and who executed the
foregoinq instrument, and acknowledged that he executed the same as
his free act and deed.
IN TESTTMONY WHEREQF, r have her�unto set my hand and aPfixed
my official seal at my offic� in said County and State the day and
Xear first above written.
� !�
[ otary Pub ic Signa�ure�
. My Com.��ission EXp].x"es: 12/14/93
Bonnie S. Stahlman, Notary Public
�Typed Name of Notary Public]
STIATE QF MTSSQ'tJRI }
) ss.
C�UNTY OF CAPE G�RARDEAU )
On this 11 day of _ A��us� _, 19 93 , befare me
personal].y appeared . Keith Deimund
to me known to be the p�rson describ�d in and who executed the
foregoing instrument, and acknowledged that he exeauted the same as
his �ree act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and atfixed
my oEficial s�al at my office in said County ar�d State the day and
ye�r first, above written. � �
� 1
[No 'ary Public SignatureJ
My Commission Expires:
v I y �� .7[� ��tntn nnnnuunpm _
� [Typed Name of Notary Peibl.ic�
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STATE OF MTSSOURI �
COUNTY 4F CAPL GIRAR[aFAU } ss
On this day of , 19 , before me
appeared J. Ronald Fischer, to me personally known, who, being by
me du�y swaz�, � did say that he is the City Manager o� the City of
Cape G�,zazdeau, Missouri, a Municipal Carparation of the State of
MissQuri, and �ha� the seal a��ixed to the Poregoing instrument is
the seal of said City and that the sa�.d instrument was signed and
sealed in behalf of said City by authority o� its City Council and
acknowledged said instrument to be th� free aat and deed of said
City,
rN TESTZMONY WHEREOF, I have hereunto set my hand ax►d affixed
my oPficzal seal, at my office in Cape Girardeau, Missouri, the day
and year first above written.
, De].ores G. Needham, Notary Public
My Cqmmiss�,on Expires:
Dotober s, i��a
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FROM: Capital Bank of Cape Girardeau County
[Financial Institution� � �TT
4�7 N__ K;noshi hwav
(Address] �'
�,C,�ynr� (_i rarr�aati Mn Fj37Q2 15] 9
(Da eJ
TO: r_ xA;rh llaimnnr� Tr>>�r dated 9/3/79
(customer--Dev�loper�
- �'i16 Te�n Ann DrivP
[Address]
__CanP r;r=r,�o�„ MO 63701
AND
City o�' Cape Girardeau, Missouri - Beneficiary
C1fiY Ha21, P. 0. Box 61'7 '
Cape Girardeau, Missouri 63702-0617
IRREVUCABLE LETT'ER QF CREDIT
No. 227
We h�reby establish our �rrevocable letter of credit in yaur
favor up the aggregate amount 01' Forty—seven Thousand Six Hundred
--= _� ��nn ------------------ C3.C].�.dx'S ($ 4�,600.oo ) available upon
Ya�' demand and upan the approval af Bene:�ioiary - City .of Ca e
Gixardeau for the cost of developing Mt. Auburn Subdivision No. 5 p
Subdivi,sion aacording to the final plat and
improvement p7,ans and sp�cificatians as appxoved by the City of
Cape Girardeau on n„g,,,S� 11, , �g 93 Tf you da n�t
complete the improvements as specified within� two (2) years,
Bene�i�iary - City of Cape Girardeau may, pur�uant to the
procedures in the Ordinances of th� Gity of Cape Girardeau, dzaw
the balance o� your account required to complete said improvements.
FTNANCIAL INSTITUT24N•
CaDital Bank of Cape Girardeau County
LTYP� me of Fi a
[Seal] titu ' ] '
[Signature]
Charles P. Daniel , President
[Typed Name���& � Office of Signer�
l
Accepted this 1=_ day of August � 1g 93
CUSTOMER-DEVELQPER
G. Keith Deimund Trust Dated 9/3/79
[Type N of Cust er-Developer]
[Seal] �• / ���
[Signature]
�__KP 'rh nP;mtmd T�„Gtee
[Typed Name & Office of Signer�
CITY
Appraved pursuant to Council action this day of
, �.9
C�.ty of Cape Girardeau, Missouri
(seal] .
J. Ronald Fischer, Gity Manager
STATE 4F MTSSOURI � �
COUNTY OF CAPE GIRARDEAU } ss.
On this � day o� August i 1g 93 � b�fore me
personally appeared Charles P. Danie
to me known to be �he person desaribed i.n and who ex�cuted the
:�o�egQing instrument, and acknowl�dg�d that he executed the same �s
his free act and deed.
IN T�STxMONX WHEREOF, Y have hereunto set my hand and aPfixed
my official seal at my office in said County and S�ate the day and
year first above written.
. � �
My Cc;•.amission Expires: 12/14/93�N����y Publ�.c Signature]
Bonnie S. Stahlman, Notary Public
[Typed Name oE Notary Publial
STATE OF MISSOURI �
COUNTY OF CAP� Gx�gn�� ) ss. .
)
On thi$ i�mH day of AUGUST 93
personally appear�d �. KEITH DEIMUND � 19 , before me
to me known to be the persdn described �n and who executed the
foregaing i.nst�ument, and acknowledg�d �hat he exe�uted th� same as
his free act and deed.
iN TESTIMdNX WH�REoF, � have hereunta se� my h�nd and af�ixed
my ofPicial seaZ at my a��ice in said Caunty and State the day and
.y'ear first above written.
�
, ,
(Not ry Public Signatur�]
My Comm�.ssiQn Expires:
9-14-95 JO DONNA MARKHART
['�YP�� Nam� o� Notary publ�.c)
STATE OF MISSOURI �
C�UNTY OF CAPE GIRARDEAU ) ss
?
On this day of
appeared J. Roriald F�scher, to me persanally known, who,bbeing by
me duly sworn, did say that he is the City Manager of the City of
��p� Girardeau, Missouri, a Municipal CorpoXatian o� the State oE
Missouri, and that the seal a��ixed ta the faregoing instrument is
the seal of said City and that the said instrument was signed and
sealed in behalf of said City by authority of �.�s �ity CouncS.l and
acknowledged said instrument to be the �ree ac� and deed of said
City.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed
my official seal, at my o�fice in Cape G�,xardeau, Mis�ouxi, the day
and jre�,r f irst above wr itten.
Delores G. Needham, Notary Public
My Commissian Expires:
�ctober 8, lgg6
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