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Home My WebLink AboutRES.977.09-06-1994 BILL NO. 94-222 RESOLUTION NO. �� f A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN ESCROW AGREEMENT WITH NORTHFIELD PROPERTIES, INC. AND AMERIFIRST BANK OF CAPE GIRARDEAU FOR NORTHFIELD SIXTEENTH 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 with Northfield Properties, Inc. and AmeriFirst Bank of Cape Girardeau for Northfield Sixteenth Subdivision. A copy of said Agreement is attached to this Resolution and made a part hereof. PASSED AND ADOPTED THIS �_ DAY OF � �� "z, , 19��. ��, A. . S adling, II ayor ATTEST: L� r �, � � Gayle{ L. Conrad Deputy City Clerk - � . ESCROW AGREEMENT � This Escrow Agreement made and entered into this ��— day of A��„Gt , 19�, by and between Northfield Properties , Inc. _ a Corporationorganized and existing under the laws of the State of Miss ouri , having its principal office and place of business at P 0 Box 1300, 3113 Independence, Cape Girardeau, MO hereinafter called Developer, and AmeriFirst Bank of Cape Girardeau 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 Northfield Sixteenth , 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 Northf ield Sixteenth 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 specificationa of the Proposed Subdivision. p 2. `a' ��x��Xm��2�x��x�xR40Q 3�asf�ee�l lis's�ed fo� the cost of the improvements in said Proposed Subdivision by AmeriFirst Bank of Cape Girardeau , hereinafter referred to as "Financial Institution". ��X��°Py 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. 9�� €2�K�S�K�x�CtX��EX�KIf x�dk�l€��X�l�if��r��'i�� t�a�cic�c�ci��ca�c x��d�d�txs��X&et��&nu�exx�xKDt�c��b�rlctX2§i��bl4 �c��x��d�tg�xxx�x��x.��€�xB�x��Kx�i��Xt��t� $�d�S��F��r��F7a�X��fi��fiYi��t`�'iXs�� 3. A copy of the most recent financial statement of the Financial Znstitution is submitted for the purpose of guaranteeing to the City that the mone m rket account Financial Institution as the issuer of the 8��$X� to the Developer has sufficient resources with which to uphold its guarantee. 4. The Escrow Agent agrees to hold the ori inal of themoney market aCCount 9 ��x��CXx'�� iseued 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 P'roposed Subdivision. 5. The Escrow Agent shall not release more than ninety per cent (90$) the money market account of 3� funds deposited with him as Escrow Agent by the Financial Institution for the improvements in the Proposed Subdivision except on the approval of the Administrative Officer of the City and until the City Council is satisfied that the improvements for the development of the Proposed Subdivision have been completed in accordance with the plat and the improvement plans and specifications of the Proposed Subdivision and the Ordinances of the City of Cape Girardeau. The City Council agrees that it will not unreasonably prevent the release of the final ten per cent (10$) 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 NORTHFIELD PROPERTIES , INC. [Typed Name of Devel er) (Sea1J � [Signatu eJ Stephen E. Strom, President ��Gi�2��t_.c� (TYPed Name & Of f ice of S igner] (Signaturej Patricia F. Strom, Secretary (Typed Name & Office of SignerJ ESCR W GENT AM FIRST BANK OF CAPE P3�t, �A tJ"�l__� (S'gnatureJ �seal) S an Thompson, President [Typed Name & Office of Signer] CITY CITY OF CAPE GIRARDEAU, MISSOURI (SealJ J. Ronald Fischer, City Manager ATTEST: Gayle L. Conrad Deputy City Clerk STATE OF MISSOURI ) ) ss. COUNTY OF CAPE GIRARDEAU ) On this �S� day of August , 19 94 , before me personally appeared Stephen E Strom, President of Northfield Properties , Inc. 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 TESTZMONY 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 u 'c S' nature) �� My Commission Expires: y . DAY 2/18/95 [Typed Name of Notary Publi�} STATE OF MISSOURI ) ) ss. COUNTY OF CAPE GIRARDEAU ) On this 15TH day of AIIGIIST , 19 94 , before me personally appeared _ Stan T�pson, Presi ent of AmeriFir� Bank of Cape Girardeau 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 lic S' nature) My Commission Expires: R. D 2/18/95 (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 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- ` H1�=18-94 THU 13:37 FINCH LAW FIRM FRX N0. 3143342947 P, O1 . � � ,� � �a 0 IN�UIRV DATE: 3/18/?4 TRANSACTION SYSTEN ACCOUNT INAUIRY 20�•700 � REOUESTIN6 OFFICER� ^ � � v � x-•�------ACCOUNT NANE/ADDRCSS--------� O E �' a ?CCOUNT NUN6FR: 040 063 21 � 1: NORTI�FIEI.D PROPERTIES INC � � v a 4 �NORi NAME,: NORTNFTELD PROP 2: ESCRQW ACCOUNT �,� '�A�E QI�I�Q: 9/02/9� �q; CAPEB6IRARDEAu MO 637021300 � � STATEHENT CYCLE 022 5� � � .� s �---_.__---BALANCE DATA------------t � �`a .C� s CURRENT BALANLE: 113,011,79 BRANCH: 042 00� � r COLLECTED BALANCE: ll3,011 J9 STQPS-NOLDS ACTIVE Y ti � N � COLLECTED TOHORROW: 113,011.�4 DATE IAST ACTIVE 8/15/94 � r � �^ MEMO BALANCE: 113,011.79 DATE LAST DEPOSIT B/15f9q � � ``� _ � � ACCOUNT TYPE� 037 APIOUNT LAST DEPOSII 103700.OQ , PROCESSED THRl1: 8/17/94 0000000 CHECK CREDIT BAL .00 � � � � � �-------PREVIOUS STATEMENI' DATA-------� LAST STATEMENT DA1E 7/29/9A _. LAST STATEMENT BALANCE 9,311.14 CHECKS SINCE DEPOSITS SINCt 2 SERVICE CNARGE CODE W 15 STATEMENT CONTROL COUfS D 0 INTEREST PNID TNIS YEAR 610.03 PR�SS CMD 1 FOR ANOTHER �NQUIRIflChlD 2 FQR ACi1VE STOPS/C�iD 3 FOR CREDIT "� � / �� i�� /�' � � > �� , y �� :�