HomeMy WebLinkAboutRES.648.07-15-1991 BILL N0. 91-151 RESOLUTION N0. (Q��-�--
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN ESCROW AGREEMENT WITH RANDOL FARMS
DEVELOPMENT INC. AND BOATMEN' S NATIONAL BANK OF
CAPE GIRARDEAU FOR WOODLAND PLACE N0. 6
SUBDIVISION
BE IT RESOLVED BY THE COUI�CIL 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 Randol Farms Development, Inc. and Boatmen' s
National Bank of Cape Girardeau for Woodland Place No . 6
Subdivision. A copy of said Escrow Agreement is attached to this
Resolution and made a part hereof .
PASSED AND ADOPTED THIS L� DAY OF ► 19�.
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_ �
Fr ncis E . Rhodes, Mayor
ATTEST :
�
Ju e A. Da e
Depu y City Clerk
. . ..
ES CROW AGR EEMENT
Tl�is Escrow Agreement made and entered into this 10th -
day of �ii1�, , 19g� , 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. , 63701
hereinafter called Developer , and
Boatmens Bank �, �001 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.
WITNESSETH :
WHEREAS , the Developer is the owner of Woodland Place No. 6
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, a proposed subdivision located
within. the City of Cape Girardeau , r�issouri , and has submitted to
the Cit.y 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 fcr said
subdivision ,
NOW, THEREFORE, In consideration of the foregoing ancl of the
mutual promises and agreements contained herein the parties to
this Escrow Aqreement stipulate and agree as follows :
1 . Developer is the owner of Woodland Place No. g
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 .
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2 . An I rr evocab] e Letter of Credi t has i>een i ssued for tt�e '
cost of the improvements in said Proposed Subdivision Uy
Boatmens Bank of Cape Girardeau ,
hereinafter referred to as " Finaricial Institution " . The
Irrevocable Letter of Credit , copy�� of which is labeled Exhibit "A"
and is attact�ed to this Escrow Aqreement and rrade 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 l, ender 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 p�rpose 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 tl�e
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
Escr ow Agr eement . The Escr ow Agent agr ees that it wi 11 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 onl�y 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 Administra.tive 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
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Ordinances of tl�e City of Cape Girardeau . The City Council agrees
that it will not unreasonably prevent the release of the final ten
per ce�t ( 10� ) of the sums deposi ted wi th 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 Ajreement 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 respons,ibilities 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 assiqnment by the City , but the City agrees not to
unreasonably withhold such assignment .
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. �
TN 1�1ITtJESS ���ifEREOF , the parties have executed this instrument
in triPlicate as of t1�e day and year first l�erein written .
DEVELOPER
Randol Farms Develo ment Inc .
� ( Typed ,.t:ame of Developer
jS�� l ) �
� l���Zti�U���=��
Si gna t ur e
A`r�rLs�' : P. David Gerlach Presisent
- ' Typed Name 6 Of f i ce of Si gn er
ynat ;�r e
�errie� L. Gerlach SecretarY
[ Typed t�ame & Of f i ce o f Si gn er � • �
ESC AGE %
.
_____ i �
S t� u r'�e -
[ Seal � � --
Danny R. Essner Vice-President
TType Name & Of fi ce of Si gner �
. CITY
CITY OF CAPE GIRARDEAU , MISSOURI
( Sea l ]
.7 . Ronal d Fi scher , Ci ty Manager
ATTEST:
Julie A. Da e _
Deputy City Clerk "
�
• r .
STATE OF MISSOURI )
) ss .
COUt��TY OF CP.PE GIRARDEAU )
On tnis lst day of rlay , 19 91 , befor e me
per sona] 1 y appear ed p. Da��i d Gerl �ch
to me �;nown to be the person des'cribed in and who executed the
foregoi. ng instrument , and acknowledged that he Executed the same
as his free act and deed .
IN TESTIMONY WHEREOF, I have hereunto set my har�d and affixed
my official seal at my office in said County and Stai=e the day and
year first above written .
� .
-�,,l�� �Z.'�'C�� L—�( ��,� �� � �� �C.._,
�
Nca r Pu ic Si gnatur e '
My Comrr�ission Expires: _. � ,
Jacqueline Sue Seabaugh
12/i/94 Typed Name of Not ar y Pu i c
Jra���iwe ��re��e�
<. �lot8ry Puplic State ot t�Ais�o1�K
Cape Girerdeau County
AAY Gomm�ssion �x;:, '�ec ', ! 994
STATE U� MISSOURI ) �
) ss .
COUNTY OF CAPE GIRARDEAU )
� On this lst day of r�ay , 19 91 , before me
pers�na).ly appeared ,'
Dannv R. Essner
to me hnown 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 'c]ay_ and
year first above written .
�` ;� � /��.���-..-� ,,��.-ti %�,� � i �
� . �`�d��ry Pub�c Sicnature —`
M}� Co:�1Tit.Ss?On EXp][ eS: �acqueline Sue Seabaugh
12/7/94 �
Typed Name o Not ar y Pu i c
J�cQueqne 8ua 8ee.bnagh
Notary PuDlic State of Mosaonrf
Cepe Girardeau County
Ma� Gommiesion Expe Dec. 7. 1994
� �
STATE OF MISSOURI )
) ss
COUtdTY 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 focegoiny instrument is
t}ie seal of said City and that the said instr �ment was signed and
sealed in behalf of said City by authority of its City Council and
ackno�aledged 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
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FR 0 M: Boatmens Bank
( Financial InstitutionJ
2001 ldilliam
Ad dr es s
Cape Girardeau , Mo 63701
7/10/91
( Date )
T 0: Randol Farms Development, Inc.
(Customer-Developer J
113 S Broadview
A dress
Cape Girardeau , Mo 63701
AND
City of Cape Girardeau , Missouri - Beneficiary
City Hall , P. 0. Box 617
Cape Gi r ar deau , Missour i 6 3702- 0617
IRREVOCABLE LETTER OF CREDIT
We hereby establish our irrevocable letter of credit in your
favor up the aggregate amount ofTwent -Ei ht Thousand Ei ht H�andred Fifteen
and 00/100-------------------------- dollars 28,815.00------ ) available
upon your demand and upon the approval of Beneficiary - City of
Cape Girardeau for the cost of developing Woodland Place No. 6
Subdivision according to the fina] 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
[ Typed Name of inancial
nst ' t `ion]
[ Sea 1 ] /
i
� Si gna r
Danny R. Essner Vice-President
[ Typed Name & Of f i ce o f Si gn er )
Accepted this 10th day of ����Y , 19 91
CUSTOMER-DEVELOPED
Randol Farms Development, Inc.
[ Typed Name of Customer-Developer )
( S e a 1 ) � ��r.,�u---P��CZ.C/�._�
[ Si gnat ur e
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 Girardeau , Missouri
[ Seal ]
J. Ronald Fischer , City Manager
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
On this � ��h day of �i;� �� , 19�L_, before me
personally appeared Danny R. Essner
to me known to be the person described in and who executed t e
foregoinq 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 .
� , �',�,2�
j�--�� � � � ti-,.,.� �,'�u ,'���
Not�r,y Publ ic Si gnat ur e �
My Commission Expires : �
Jacqueline Sue Seabaugh
12/7/94 [ Typed Name of Notar y Publ i c
J€a�Quetlne Sue Seabaugh
Notsry Pubiic State of Misaonr!
C&pe G►rardeau Countx
A9y Commiasion Exp_ Gec� �., �99Q
STATE OF MISSOURI }
) ss .
COUNTY OF CAPE GIRARDEAU )
On this loth day of July � 19 91 � before me
personally appeared P. David �er ach
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 .
�
� �:��,1 � �.L,�-�; '�C,'` ��'���;� c=
[INot ry Public Signature
My Commission Expires: —
Jacqueline Sue Seabaugh
12/7/94 Typed Name o Not ar y Pu i c
Jac uellne �
NOtery PuDlic CyatS pfe�is8obr(
�gDe Gsrarde8u Countr
�Y �o�nruission ExP• Ddc. 7, 1�p��
STATE OF MISSOURI )
) ss
COUNTY OF CAPE GIRARDEAU )
On this day of , 19 , befor e 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. NeeCham , Notary Pu ic
My Commission Expires :
October 8 , 1992