HomeMy WebLinkAboutRES.889.01-03-1994 .a
BILL NO. 94-2 RESOLUTION NO.
�'� `�
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN ESCROW AGREEMENT AND IRREVOCABLE
LETTER OF CREDIT WITH ASHLAND LAND DEVELOPMENT
CORPORATION AND CAPITAL BANK OF CAPE GIRARDEAU
COUNTY FOR ASHLAND HILLS ESTATES EIGHTH
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 enter into an
Escrow Agreement and Irrevocable Letter of Credit with Ashland Land
Development Corporation and Capital Bank of Cape Girardeau County
for Ashland Hills Estates Eighth Subdivision. A copy of said
Escrow Agreement and Irrevocable Letter of Credit is attached to
this Resolution and made a part hereof.
PASSED AND ADOPTED THIS �.N�;�;�C DAY OF l� , 19 %���
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. � '� -,
-�"'' ` , . ,�
Francis E. Rhodes, Mayor
ATTEST:
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g, .c.r.f�,�' r�' (�'��l��
Gayl L. Conrad
Deputy City Clerk
ESCROW AGREEMENT
This Escrow Agreement made and entered into this 22nd day of
December , 19 93 , by and between Ashland Land Development Corporation
a Corporationorganized and existing
under the laws of the State of Missouri , having its principal office and
place of business at 105 S. Broadview, Cape Girardeau, MO. 63701
hereinafter called Developer, and Capital Bank of Cape Girardeau County
.
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 Ashland Hills Estates Eiqhth
Subdivisiqn 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, 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. Deveioper is the owner of Ashland Hills Estates Eiqhth Subdivision
subdivision, hereinafter referrgd 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 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 guarantee.
4. The Escrow Agent agrees to hold the original of the Letter of Credit
issued 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 a11 funds made
available by the Financial Institution for the improvements in the Proposed
Subdivision, wi11 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$)
of all funds deposited with him as Escrow Agent by the Financial Institution for
the improvements in the Proposed Subdivision except on the approval of the
Administrative Officer of the City and until the City Council is satisfied that
the improvements for the development of the Proposed Subdivision have been
completed in accordance with the plat and the improvement plans and
specifications of the Proposed Subdivision and the Ordinances of the City of Cape
Girardeau. The City Council agrees that it will not unreasonably prevent the
release of the final ten per cent (10$) 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 Rgent, 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 such assignment
by the City, but the City agrees not to unreasonably withhold such assignment.
IN WITNESS WHEREOF, the parties have executed this instrument in triplicate
as of the day and year first herein written.
DEVELOPER
A lan and D elo ent tion
(T Name evelop
[Seal.) .
[ ignature�
�TTyST: Herbert L. Annis, President
(Typed Name & Office of Signer]
Theln�a L. Annis, Secretary
;Si.g.nat�rE j �
:__✓��� �� _� r
G/-c..�/'"� /7 _ �Zzv�-c��
[Typed Name & Office of SignerJ
ESCROW AGENT
� J �
(Signature]
[S �
Narvol A. Randol, Jr. Sen' r Vi ce President
,� L,t� �TYPed Name & Office of Signerj
Cheryl Ma� uce, creatry CITY
CITY OF CAPE GIRARDEAU, MISSOURI
(Seal) '
J. Ronald Fischer, City Manager
ATTEST:
Gayle L. Conrad
Deputy City Clerk
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this 22nd daX of D cember 19 93, before me personally
appeared Herbert L. Annis, Presi ent o s an Lan3-�evelopment Co ration
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.
-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.
���� �� '
c
[Notary Public Signaturej
My Commission Expires:
G--25-95 __Barbara L. Burnette
- [Typed Name of Notary Public)
STATE OF h1SSS�URI �
) ss.
COUNTY OF CAPE GIRARDEAU �
a e On this 22nd day of DeCember � 19 93 � before me personally
pp ared Narvo-I A. �andol, Jr. enior i lde of Ca ital Bank of Ca
_ GirBrdeau oun y 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.
�
, `yc ` �,
[Notary Public ignature)
My Comr.�isaion Expires:
Barbara L. Burnette
6-25-95 (Typed Name of Notary Publicj
STAT� OF 2iiSSOURI �
) Ss.
COUNTY OF' C?.PE GIRARDEAU � '
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-
FROM: Capital Bank of Cape Girardeau County
[Financial Institution)
P.O. Box 1519
[AddressJ
Cape Girardeau, MO. 63701
December 22, 1993
[DateJ
To: Ashland Land Development Corporation
(Customer-Developer
105 S. Broadview �t.
[Address]
�'aqe Girardeau, MO 63701
AND
City of Cape Girardeau, Missouri - Beneficiary
City Hall, P. O. Box 617
Cape Girardeau, Missouri 63702-061?
IRREVOCABLE LETTER OF CREDIT #239
We hereby establish our irrevocable letter of credit in your favor up the
aggregate amount of �enty-Two Thousand Fifty-Four pollars and no/100
dollars ($ 22,054.00 ) available upon your demand and upon the approval of
Beneficiary - City of Cape Girardeau for the cost of developing Ashland Hill�
__ Eiahth �bdi �iG;on Subdivision according to the final plat and
improvement plans and specifications as approved by the City of Cape Girardeau
on December 22nd , 19 93 , 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
Ca ital Bank of Ca i y
(Typed Name of Fina ci 1
[Seal � Institution) �
' l C�.,�.��. �
�iG ' , [Signature�
Cheryl t�labyce, S cretary Narvol A. Randol,
Jr. Senior V' esident
[Typed Name & Office of Signer]
Accepted this 22nd day of December 19 93
CUSTOMER-DEVELOPER
hland Land Develo en r t'
( p d Name f Cus m - v oper]
fSeal]
( ignature)
Herbert T,. Ann i�, prPG;�aent
[Typed Name & Office of SignerJ
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 22nd day of December , 19 93 , before me personally
appeared
Girardeau County to me known to be t e 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, Z have hereunto set my hand and affixed my official
seal aL ny office in said County and State the day and year first above written.
✓��/.fi%�.:i�/r'l� �/` /�l/i�/���- � //
(Notary Public SignatureJ
My Commission Expires:
�3arhara T._ Riirnatt,P
6-25-95 (Typed Name of Notary PublicJ
STATE OF MISSOURI �
) ss.
COUNTY OF CAPE GIRARDEAU )
On this 22nd day of DeCember , 19 . 93 , before me personally
appeared _ Herbert L. Anni s Pr �i�Pnfi O AShI an� r anr� nA��AI�nment ��rr� n� ;� ,,
to me known to be the person described
in anci who executed the foregoing instrument, and acknowledged that he executed
the same 3s his free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official
seal ai, my of�ice in said County and State the day and year first above written.
/�!��. `-��� ��l�l�9�
(Notary Public Signature] —T
My Coru�lission Expires:
6-25-95 —��'bara L.. BurnPt-tP
[Typed Name of Notary PublicJ
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