HomeMy WebLinkAboutRES.740.08-03-1992 �. : �.
BILL NO. 92-156 RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN ESCROW AGREEMENT WITH
STONEBRIDGE SUBDIVISION, INC. AND SOUTH EAST
MISSOURI BANK FOR STONEBRIDGE SUBDIVISION,
INC.
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 with Stonebridge Subdivision, Inc. and South East
Missouri Bank for Stonebridge Subdivision, Inc. A copy of said
Escrow Agreement is attached to this Resolution and made. a part
hereof.
PASSED AND ADOPTED THIS r DAY OF �-'1���-�=r , 19 �'�"'
Francis E. Rhodes, Mayor
ATTEST:
•\ i i ,
/� (; ' f.��t(--��.�;i�
Julie . Dale, Deputy City Clerk
r
��
ESCROW AGREEMENT
This Escrow Agreement made and entered into this 22nd
day of July , 19 92 , by and between Stonebridge Subdivision,
Inc.
a Corporation organized and existing under the laws of the State of
Missouri � having its principal office and place of business
at P•0. Box 581, Cape Girardeau, MO 63702-0581
hereinafter called Developer, and south East Missouri Bank
, 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 Stonebridge Subdivision,
Inc. 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:
l. Developer is the oWner of Stonebridge Subdivision, Inc.
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
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 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
-2-
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. �
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.
-3-
IN WITNESS WHEREOF, the parties have executed this instrument
in triplicate as of the day and year first herein written.
DEVELOPER
Stonebrid bdivis' , Inc.
[Typ me of e o r
�Seal]
. L
Signature]
AiT��T• Robert Penrod, President
� �� ' [Typed Name & Office of Signer]
.��
[Signature]
Carl M. Friese, Sec.
[Typed Name & Office of Signer]
ESCROW AGENT
[Signat e]
[S�al]
Douglas W. Ayers, Senior Vice President
[Typed Name & Office of Signer]
CITY
CITY OF CAPE GIRARDEAU, MISSOURI
[Seal]
J. Ronald Fischer, City Manager
ATTEST:
Julie A. Dale
Deputy City Clerk
-4-
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this 22nd da� of July , 1992 , before me
personally appeared Ro ert Penrod and Carl M. Friese
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 f irst above written.
���`
'(�,�✓i'(� ��n��'i �
�
[Notary Public Signature]
My Commission Expires:
Deanna Bogenpohl
January 4, 1995 [Typed Name of Notary Public]
STATE OF MISSOURI )
) ss. �
COUNTY OF CAPE GIRARDEAU )
On this 22nd day of July � lg 92 , before me
personally appeared Douglas w. Ayers
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.
��,�,�'�n�-- r�
[Notary Public ' ignature]
My Commission Expires:
, Deanna Bogenpohl
January 4, 1995 [Typed Name of Notary Public]
-5-
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, 1992
-6-
FROM' South East Missouri Bank
• [Financial Institution]
111 S. Broadview, P.O. Box 724
[Address]
Cape Girardeau, MO 63702-0724
July 22, 1992 �
[Date]
TO• Stonebridge Subdivision, Inc.
� [Customer-Developer]
P.O.- Box 581
[Address]
Cape Girardeau, MO 63702-0581
AND
City of Cape Girardeau, Missouri - Beneficiary
City Hall, P. O. Box 617
Cape Girardeau, Missouri 63702-0617
IRREVOCABLE LETTER OF CREDI'T
We hereby establish our irrevocable letter of credit in your
favor up the aggregate amount of One Hundred Eighty Three Thousand
Five Hundred and NO/100-----------dollar's ($ 183,500.00 ) available upon
your demand and upon the approval of Beneficiary - City of Cape
Girardeau for the cost of developing Stonebridge Subdi�ision, znc.
Subdivision according to the final plat and
improvement plans and specifications as approved by the City of
Cape Girardeau on , 19 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
� South East Missouri Bank
[Typed Name of Financial
Institution]
[Seal]
[signatu
Douglas W. Ayers, Senior Vice President
[Typed Name & Office of Signer]
Accepted this 22nd day of July � 19 92
CUSTOMER-DEVELOPER
Stonebridge Subdivision, Inc.
[Typed of C mer e loper
[Seai] �
[S 'gnature]
Robert Penrod, President
[ yped Name & Office of Signer]
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 July , 19 92 , before me
personally appeared Douglas w. Ayers
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.
��P.V1���1 � h-�
[Notary Public ignatur�]
My Commission Expires:
Deanna Bogenpohl
January 4, 1995 [Typed Name of Notary Public]
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this 22nd day of July , 19 92 , before me
personally appeared Robert Penrod
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.
�
n��,,(Lt ��1�y 1C �G�
[Notary Public �� ignature]
My Commission E�ires:
Deanna Bogenpohl
January 4, 1995 [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, 1992