HomeMy WebLinkAboutRES.903.02-23-1994 •,
BILL NO. 94-44 RESOLUTION NO. `;�!i"`'
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN ESCROW AGREEMENT AND IRREVOCABLE
LETTER OF CREDIT WITH RANDOL FARMS
DEVELOPMENT, INC. AND BOATMENS BANK OF CAPE
GIRARDEAU FOR WOODLAND PLACE NO. 7 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 Randol Farms
Development, Inc. and Boatmens Bank of Cape Girardeau, for Woodland
Place No. 7 Subdivision. A copy of said Agreement and Letter of
Credit is attached to this Resolution and made a part hereof.
PASSED AND ADOPTED THIS �i. f � �
`'�Z�;l DAY OF �)'rr,t�,.t���-z�/ , 19 ` � .
�
->
�:,�/ . ��, � /..��.`
Francis E. Rhodes, Mayor
ATTEST:
,
,
�.- ;
� _ �, ,
Gayle L. Conrad
Deputy City Clerk
ESCROW AGREEMENT ,
This Escrow Agreement made and entered into this 18th " day of
Februar� , 19 94, by and between Randol Farms Development, Inc.
a Corporationorganizedand existing
under the laws of the State of I�IiS s o uri , having its principal office and
place of business at Rt. 2 , Box 549 Cape Girardeau, Mo 63701
hereinafter called Developer, and BOatmens Bank Of Ca�e Girardeau,
2001 William, Cape Girardeau, Mo, 63701
hereinafter referred to as Escrow Agent and the City of Cape Girardeau, Missouri,
a municipal corporation, hereinafter referred to as City.
WIT[VESSETH:
WHEREAS, the Developer is the owner of Woodland Place No. 7
, 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. Developer is the owner of Woodland P13ce No. 7
subdivision, hereinafter referred 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 Boatmens Bank of
Cape Girardeau, Mo , 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
Znstitution 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 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 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 Agent, 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.
-2-
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
[Typed me of Dev loper �
,S e a 1] � ��u`���—
(%
[SignatureJ
ATTEST: P. Davi d Ger1 ach, PrPsi dPnt
- ���_ [Typed Name & Office of Signerj
�
[S' natureJ
Jerrie L. Gerlach, Secretary
[Typed Name & Office of Signer]
E RO A T �
�� �
ignature)
[S�al)
John G. Foley, Asst Vice-President
(Typed Name & Office of Signer]
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 1 th day of February , 19_94 , before me personally
appeared P. David Gerlach
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 n�v office in said County and State the day and year first above written.
C.�J`r1 � ` �k:�,'.:�,ti.
[Notary Public Signature]
My Commission Expires:
—�—.— [Typed Na ANGELA Ho�ar� Public]
R
NOTARY PUtiLIC—STATG OF MISSOURI
SCOTT COUiVTY
MY COMMISSION EXPIRES 1UNE 9L 1996
STATE OF MISSOURI �
) ss.
COUNTY OF CAPE GIRARDEAU )
On this 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.
ZN 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 Public]
STATE OF MISSOURI �
) ss.
COUNTY OF CAPE 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-
STATE OF Missouri )
) SS:
County �F Cape Girardeau �
On this 18th day of Februarv 1994 , tiefore me, a Notary
Public in and for said County (City) and State, personaliy appeared John G. Foley
, to me personally known, who, being by me duly
sworn (or affirmed), did say that_he_is (are) the Asst. Vice Pres.
(respectively, if more than one) of Boatmen's National Bank of Cape
Girardeau
, a corporation, and that the seal
affixed to the foregoing instrument is the corporate seal of said corporation, and that said instrument was signed and sealed
in behalf of said corporation by authority of its board of directors, and said person(s) acknowledged said instrument to be
the free act and deed of said corporation for the purposes therein stated.
IN WITNESS WI��REOF, I have hereunto set my hand and affixed my seal the day and year last above written.
�. �u,
Notary Public
MyCommission Expir�s: �r:cEL:1 H�'JRiiJG
NOTARY F�B:;:;—S1P.Tt UF h11SS0URl
SCGI"1' COUtiTY
MY C067MIScIQN E:;PIFES JUNE 9, 1996,
STATE OF )
) SS:
OF )
On this day of , before me, a Notary
Public in and for said County (City) and State, personally appeared
, known to me to be the person(s) who executed
the foregoing instrument, and acknowledged that_he_executed the same as _h_free act and deed for the purposes
therein stated.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal the day and year last above written.
Notary Public
My Commission Expires:
FROM: Boatmens Bank of Cape Girardeau �
(Financial Institution� `
2001 Wi liam
[Address)
Cape Girardeau, Mo 63701
[Date]
To: Randol Farms Development, Inc.
[Customer-Developer]
Rt. 2 , Box 54
[Address]
Cape Girardeau, Mo 63701
AND
City of Cape Girardeau, Missouri - Beneficiary
City Hall, P. O. Box 617
Cape Girardeau, Missouri 63702-0617
IRREVOCABLE LETTER OF CREDIT # 5441
We hereby establish our irrevocable letter of credit in your favor up the
aggregate amount of Thirtv One Thousand Eight Hundred ' gh�� One
dollars ($ 31 , 881 . 00 ) available upon your demand and upon the approval of
Beneficiary - City of Cape Girardeau for the cost of developing Woodland
PlaCe Na. 7 Subdivision according to the final plat and
improvement plans and specifications as approved by the City of Cape Girardeau
on FPhr>>ary 18 , 1994 If you do not complete the improvements as
specified within two (2) years, Beneficiary - City of Cape Girardeau may,
pursuant tc �re procedures in the Ordinances of the City of Cape Girardeau, draw
the balance of yc,�r account required to complete said improvements.
FINANCIAL INSTITUTION
Boatmens ank of Ca e Girardeau
[Type Nam f Fi an 'al
ns ut'o ]
iSea'_J
� . � ei
'gnature]
� �I�hn G. Fo� ev As�t Vice-President
(Typed Name & Office of Signer]
Accepted this 18th day of February � 19 94
CUSTOMER-DEVELOPER
Randol FarmG Deve� o�gment . Inc.
[Typed N me of Cust,�omer-DeveloperJ
��� � `
[Seal] �• ��� ---
[Signature)
P.David Gerlach, President
[Typed Name & Office of Signer]
CITY
Approved pursuant to Council action this day of , 19
City of Cape Girardeau, Missouri
[SealJ
J. Ronald Fischer, City Manager
STATE OF MISSOURI )
) ss.
COUNTY OF EAPE GIRARDEAU )
On this 18th day of Februarv , 19 94 , before me personally
appeared P_ navi� �Prlarh
to me known to be the person described
in and who executed the foregoing instrument, and acknowledged that he executed
the s3n:e as his free act and deed.
IN ?'ESTTMONY WHEREOF, I have hereunto set my hand and affixed my official
seai. at my office in said County and State the day and year first above written.
l�J��
(Notary Public Signature]
My Conur.i�5ion Expires:
[Typed I��g���E��t,�ry Publicj
NOTARY PUBLi�—STATF OF MISSOURI
SCOTT CGUNTY
M,Y CO��iP,tiSSION EXPin�� JUNE 9, 1996
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this 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 Public]
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE 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
STATE OF Missouri �
) SS:
County �F Cape Girardeau �
On this 18th day of February 1994 , 4efore me, a Notary
Public in and for said County (City) and State, personally appeared John G. Foley
, to me personally known, who, being by me duly
sworn (or affirmed), did say that_he_ is (are) the Asst. Vice Pres.
(respectively, if more than one) of Boatmen's National Bank of Cape
Girardeau
, a corporation, and that the seal
affixed to the foregoing instrument is the corporate seal of said corporation, and that said instrument was signed and sealed
in behalf of said corporation by authority of its board of directors, and said person(s) acknowledged said instrument to be
the free act and deed of said corporation for the purposes therein stated.
IR V1/ITNESS WHEREOF, I have hereunto set my hand and affixed my seal the day and year last above written.
\�'N� � �152.�..�,.,-.,.,.
Notary Pu lic \
My Comm+s�i�fl EXpll'eS: A�lGELA hiEURING \J
NOTARY f'Cf�J(;—STATE OF MISSOURI
SCGTT COUNTY
MY COh1MISa1GN EXPiRES 1UfJE 9, 1996
STATE OF )
) SS:
OF )
On this day of , before me, a Notary
Public in and for said County (City) and State, personally appeared
, known to me to be the person(s) who executed
the foregoing instrument, and acknowledged that_he_executed the same as _h_free act and deed for the purposes
therein stated.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal the day and year last above written.
Notary Public
My Commission Expires:
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 si�ned and
sealed in behalf of said City by authority of its City Council and acknQwledged
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