HomeMy WebLinkAboutRES.635.06-03-1991 � �.
BILL NO. 91-114 RESOLUTION N0. ��S
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN ESCROW AGREEMENT WITH RANDOL FARMS
DEVELOPMENT, INC. AND BOATMENS BANK FOR RANDOL
FARMS SUBDIVISION N0. 3
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU,
MISSOURI , AS FOLLOWS :
ARTICLE l . The City Manager, for and on behalf of the City of
Cape Girardeau, Missouri , is hereby authorized to enter into an
Escrow Agreement with Randol Farms Development, Inc . and Boatmens
Bank for Randol Farms Subdivision No . 3 . A copy of said Escrow
Agreement is attached to this Resolution and made a part hereof .
PASSED AND ADOPTED THIS � � DAY OF C���YI.�� r 19 l�
,
�� .. � )
� , �.
rancis E . hodes, Mayor
ATTEST:
y��
ie A. Dale
De ty City Clerk
ESCR06�� AGREEMENT
This Escrow Agreement made and entered into this 31st
day of _La�, , 1991 , by and between
Randol Farms Development, Inc
a Corporation organized and existing under the laws of the State
of Missouri , having its principal office and place of
business at 113 S. Broadview, Cape Girardeau, Mo. , 637�1
hereinafter called Developer , and
Boatmens Bank , 2001 William, Cape Girardeau , h1o, 63701
hereinafter referred to as Escrow Aqent and the City of Cape
Girardeau , Missouri , a municipal corporation , hereinafter referred
to as City .
� - WITNESSETH :
WHEREAS , the Developer is the owner of Ranrinl F�rmS S�ihc�. No 3
, 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 ,
NOYd, THEREFORE, In consideration of the foregoing anq of the
mutual promises and agreements contained herein the parties to
this Escrow Aqreement stipulate and aqree as follows :
1 . Developer is the owner of Rando� Farms Subdivision No. 3
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 .
I
— I
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 ,
hereinafter referred to as " Financial Institution " . The
Irrevocable Letter of Credit , copy of which is labeled Exhibit "A"
and is attached to this Escrow A9reement and made a part hereof as
thouqh 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
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 Administcative
Officer for the release of all funds held by the Escrow P.gent ,
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 constitutinq 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 .
IN WITNESS 4�HEREOF , the parties have executed this instrument ,
in triplicate as of the day and year first herein written .
DEVELOPER
Randol Farms Develo ment Inc .
[ Typed Name oE Developer
( se� 1 )
� �����G-,��
Si gna t ur e -
ATT�ST : P. Davi d Gerl ach Presi sent
- ) � % Typed Name & Of fice of Si gner
/"
nat ;�r e .
�errie L. Gerlach Secretary
[ Typed tJame & Of f i ce of Si gn er ) � .
ESCR � AGENT
. � �..,,
Si n t �r e
f Seal ] '
Danny R. Essner Vice-President
� Type Name b Office of Signer
CITY
CITY OF CAPE GIRARDEAU, MISSOURI
[ Sea l ]
J. Ronald Fischer , City Manager
ATTEST:
Julie A. Dale
Deputy City Clerk
STATE OF MISSOURI )
. ) ss .
COUNTY OF CAPE GIRARDEAU )
On this 31st day of May , 19 91 , befor e me
personally appeared p. Da��id Gerlach
to me known to be the person described in and who executed the
foregoinq 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 .
` . ���`�� .��, � _ ,�u c �� _
,� ,
- ,t�o' r Publ ic Si gnatur e
My Commission Expires:
Jacqueline Sue Seabaugh
12/7/94 Typed Name of Notary Pu lic
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
� On this 31st day of May , 19 91 , before me
personally appeared
Ilannv R. F.SSnPr
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 .
( / =_7
�----�(� �,���„��-.� ��.� i:-�;`" �____-_
-- � Jtary Pu ic Signature '
My COmmiSSion EXpirES: `J Jacqueline Sue Seabaugh
12/7/94
Typed Name of Not ar y Pu 1 i c
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
rny 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 '
FRO M: Boatmens Bank
[ Financial Institution )
2001 William
Address
Carze GirarciPa�� M� 6�701
i�lay 31 , � 991
f D'a t e J—'-
T0: A�n�inl Farme flPVPI ��mPnt� inc'
[Customer-DeveloperJ
oadview
A dress ]
Cane GirardPa�, Mo 63701
AND
City of Cape Girardeau , Missouri - Beneficiary
City Hall , P. 0. Box 617
Cape Girardeau , Missouri 63702- 0617
��RREVOCABLE LETTER OF CREDIT
We hereby estab"lish our irrevocable, letter of c ed ' t ou
favor up the aggregate amount of Tnirty-S�x Thousand Four �-lun�r2d �wer�ty �nd 00/100
dol ars �h �q�n,�(1 available
upon your demand and upon the approval of Beneficiary - City of
Cape Girardeau for the cost of developing Randol F3�'F�s PJo. 3
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 balarice of your account required to complete said improvements ,
FINANCIAL INSTITUTION
Boatmens Bank of Ca�e Girardeau
[ Typed Name of Financial
stitu�on�
[ Sea 1 �
, .
�Si na ur-e
Danny Essner Vice-�'resident
[ Typed Name & Office of Signer )
Accepted this day of , 19��.
CUSTOMER-DEVELOPED
Randol Farms Develo ment Inc.
[ Typed Name of Customer-Developer
( S e a 1 ; � ��-����✓�--
( Signature ] �
P. David Gerlach President
Typed Name & Of f i ce of Si gn er
CITY
Approved pursuant to Council action this day
of , 19
City of Cape Gitardeau , Missouri
[ Sea 1 ] � .
� � J. Rona d Fischer , City Manager
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
On this 31st day of Mav , 19 91 , before me
personally appeared
Dann R. Essner
to me known to be the person described in and w o execute t e
foregoing instrument , and acknowledged that he executed the same
as his free act and deed .
IN TESTIMONY WHEREOF, I have her eunto set my hand and aff i xed
my official seal at my office in said County and State the day and
year ' first above written .
�
�__ � � �-Cil"/�'�-,`�` ���"�` W-c- ".��-
-- � �
. N ' � Public Signature
My Commission Expires:
12/7/94 Jacqueline Sue Seabaugh
[ Typed Name of Notar y Publ i c
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
On this 31st day of May , 19 91 , before me
personally appeared P• David Ger act,
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 her eunto set my hand and aff i xed
my official seal at my office in said County and State the day and
year first above written .
�
�, �, - ,��
�,�, � ,c.,� ;�-` " c_—
� �- � � .
-.�� I ��'
� �t�o a y Publ i c Si gna t ur e
My Commission Expires: �
Jacqueline Sue Seabaugh
12/7/94 [ Typed Name o Notar y Pu i c
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 Pub ic
My Commission Expires :
October 8 , 1992