HomeMy WebLinkAboutRES.938.06-06-1994 �� -
BILL NO. 94-137 RESOLUTION NO. `�-���
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 SECOND 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 Second Subdivision. A
copy of said documents is attached to this Resolution and made a
part hereof.
PASSED AND ADOPTED THIS % �- DAY OF 'c .� �� , 19 '� .
.
A. M. Spra ling, III, or
ATTEST:
� � � ,�
Gayl� L. Conrad
Deputy City Clerk
ESCROW AGREEMENT �
Thia Eacrow Agreement made and entered into this 6th day of
June , 1994 , by and between Lexington Place, L.L.C.
' A MissOuri Limited Liability Canpany a P�@��� having its principal
office and place of business at 2316 Jean Ann Drive '
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 LeXinqton Pldce SeCond
, a proposed subdivision located within the City of Cape
Girardeau, Missouri, and has submitted to the City improvement plans and
specificatfons 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 Lexinqton Place Second
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 Capital Bank of
Cape Girardeau County , hereinafter referred to as "Financial
Institution". The Irrevocable Letter of Credit, copy of which is labelefl 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 develo�ment 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 Institut2on 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 Institutfon 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 Eacrow Agreement. The Escrow Agent agrees that it will set up .
a special escrow account subject to audit by the City in which all funda made
available by the Financial Institution for the improvementa in the Proposed
Subdivision, will be depoeited. The Eecrow Agent may release all such funda 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$)
of all funds deposited with him as Escrow Agent by the Financial Institution for
the improvements in the Propoaed Subdivision except on the approval of the
Adminiatrative Officer of the City and until the City Council is satisfied that
the improvements for the development of the Proposed Subdivieion have been
�
completed in accordance with the plat and the improvement plans and
specifications of the Proposed Subdivision and the Ordinances of the City of Cape
Girardeau. The City Council agrees that it will not unreasonably prevent the
release of the final ten per cent (10$) 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 specificat�ons have
not been completed, the City may require the Escrow Agent to remit to the City
caeh or negotiable instrumenta constituting the balance of the escrow account
required to complete the improvements.
10. This Eacrow Agreement ahall 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 o� this agraement may be ac�igned by the E�Crow Agent or the
beve�.opex without first obtaining the expreas written oonEent vf such asaignment�
by the Citx, buti the City agreee nat to unraaeonably withhoid such as$ignmant.
Ild WITNESS WHEREOF, the partiee have Qxecutied thfs instrumant in triplicate
' as of the day and yeax ftrst herein written.
::
• DE�LOPER
Lexing ton Place, L.L.C,. A Missouri Limited
Liability Company _ � •
. T ped am Davelo r)
: �...��`�� �.�
� [si� n��u�a}� ei eimun , rus ee of the
� G. K�i e mund Trust of 9-3-79
TI Mana in Member
( yp Nam�f $ ner) y� �
!
L�Sign tu Q� arry . Haert g, Trustee of the
rry �. E#aertling Living Trust of. 10-31-84
, TITi�E: Managing Member �
ESCROW A(iENT � •
�
(Signature)
(Soai� Narvol A.� Randol, Jr. 'or Vice President
[Typed Name & office of Signer�
CITY
• CITY QF CAPE GIRARDEAU� MZSSOURY
(sealj
J. Ranald Fi9cher, C1Cy Manager
ATTESTt
Gayle L. Conrad
Deputy City Clerk
STATE OF MISSOURI )
) ss.
COUNTX �F CAPE GIRARDEAU )
On this day of , 19 , before me personally
appaared
to ma known to be �he parson described
in and wha executed the foregoing l.nstrumant, and aaknawledged that he executed
the satne as his free act and deed. � � . ,
- - Y3` . .
<<
: . . �
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 Commission Expires:
�Typed Name of Notary PublicJ
'
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 WH�REOF, 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.
My Commission Expires: (Notary Public SignatureJ
[Typed Name of Notary PublicJ
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 ie
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 eaid Cfty 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
aeal, at my office in Cape Girardeau, Missouri, the day and year first above
written.
Delores G. Needham, Notary Public
My Commiesion Expires: '
October 8,� 1996
,
-4-
,
State of Missouri 1
)
County of Cape Girardeau 1
On this 2ND day of JUNE , 1994, before me appeared G. KEITH DEIMUND , who being by me duly
sworn, did say that he is the A MANAGING MEMBER of LEXINGTON PLACE, L.L.C, a LIMITED
LIABILTY COMPANY of the State of Missouri, and said G. KEITH DEIMUND, 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
/i�l�ir� �S • �-�//,//I_/x0�
Barbara L. Burnette, Notary Pub icl
State of Missouri )
)
County of Cape Girardeau )
On this 2ND day of JUNE , 1994, before me appeared LARRY L. HAERTLING , who being by me
duly sworn, did say that he is the A MANAGING MEMBER of LEXINGTON PLACE, L.L.C, a LIMITED
LIABILTY COMPANY of the State of Missouri, and said LARRY L. HAERTLING , 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
/,_j�t/'�/.1/�!L � �Ca'l�/�.��%i��/"
Barbara L. Burnette, Notary Public
25S
FROM: CapitaJ_ Bank of Cape Girardeau County
' Financial Inetitution)
�07 N. Kingshighway
�aper�ir�ardeau, MO 63701 .
(DataJ
TO: LeXin9ton Place, L.L.C. .
(C�stomer-DeveloperJ
A Missouri Limited Liabilitv Company '
[Addrese]
2316 Jean Ann Drive
Cape Girardeau, MO 63701 ' �
AND
Ci.ty of Cape Girardeau, Migsouri - seneticiary •
Ci�y Hall� P. O. Box 617
Cape Girardeau, Miss4►�xi. 63702-0617 �
IRREVQ�A�I,I] LETTER OF CREDIT ��255
We hereby ertabli�h oux i,rrevocabl� lattar ofl crediC in your favor up the
aggrega#.e amoun� of ONE HUNDRED SIXTY ONE THOUSAND DOLLARS AN1� 00/100's-------
dollara ($ 161.000.00 ) available upon your demand and upon the approval of
Benefioiary - C�.ty of Cape Girardeau for the vost of developing Lexin o
P1 ar-a SRr„�n� Subd�.vlsion according to the f nal plat and
improvement plane an�l apeaifl.aations as appraved by the Gity of Cape airardeau
on June 6 , 19 94 , IE you do nQt complete the impravemente ao
epecif ied within two (2) ye�re, Henaficiary - City of Cape Cirardeau may,
pyrsuant to the prooedure� in tha Ordinancee of the City o� CapQ Girardeau� draw
tha balanca of your account z'e�uired �.o oompleta aaid improvements.
FINANCIAL INSTITUTION
� Capital Bank of Cape Girardeau County
[Typed Name ot F ial
(Seal) Ynstitytio )
(Signature�
• Narvol A. Randol Jr./�nior Vic President
(2yped Name & Office of Signer�
Aaoepted thi.o �n�3 dsy o! June � 19 94 .
CUSTOMER-DEVELOPER
Lexington Place, L.L.C. , A Missouri
Limited LiabilitY Companv
[Typed ame Gustamer-P�aveloper)
�saal j � l �'� � ��v�a
(Signatura] '
G. Keith Deimund, Tru_stee of the G. Keith
_Deimund 'I`rust of 9/3/79-Manaqinq Mernber
(Typad Nama & Office of Signer]
' , X?�{ Customer-De�reloper •
Lexington Place, L.L.C. , A Missouri
Limited Liability Company
ame o us aner- ve oper -- `
_ <<
��... � �� � �-e
igna ur
Larry L. Heartling, Trustee of the Larry L.
Heartling Living Trust 10/31/84-Managing MemUer
(Typed Name & Office.of Signer)
„1 � � �
Approved pursuant to Council action this day of , 19
. City of Cape Girardeau, Missouri
[Seal]
, J. Ronald Fischer, City Manager
�
STRTE 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.
r
(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 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 a,ffixed my official
seal at my office in said County and State the day and year first above written.
(Notary Public Signature)
My Commiesion Expires: •
[Typed Name of Notiary PublicJ
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 $eal of said City and that the said instrument was signed and
�
. 1
~ � `
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
�
.
�
, r
State of Missouri )
1
County of Cape Girardeau )
On this 2ND day of JUNE , 1994, before me appeared G. KEITH DEIMUND , who being by me duly
sworn, did say that he is the A MANAGING MEMBER of LEXINGTON PLACE, L.L.C, a LIMITED
LIABILTY COMPANY of the State of Missouri, and said G. KEITH DEIMUND, 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
.er`�/ �. ��1 .
�
Barbara L. Burnette, Notary Public
State of Missouri )
)
County of Cape Girardeau 1
On this 2ND day of JUNE , 1994, before me appeared LARRY L. HAERTLING , who being by me
duly sworn, did say that he is the A MANAGING MEMBER of LEXINGTON PLACE, L.L.C, a LIMITED
LIABILTY COMPANY of the State of Missouri, and said LARRY L. HAERTLING , 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
�,��� �i/'i2�%�'7D
Barbara L. Burnette, Notary Public