HomeMy WebLinkAboutRES.649.07-15-1991 BILL N0. 91-150 RESOLUTION N0. 9
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN ESCROW AGREEMENT WITH DANIEL E .
DUMEY AND BRENDA KAY DUMEY, DAVID LEE HEISEL AND
KAREN ANN HEISEL, AND BOATMEN ' S NATIONAL BANK OF
CAPE GIRARDEAU FOR WEST END INDUSTRIAL PARK
(PHASE I ) 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 enter into an
Escrow Agreement with Daniel E . Dumey and Brenda Kay Dumey,
husband and wife, and David Lee Heisel and Karen Ann Heisel ,
husband and wife, and Boatmen' s National Bank of Cape Girardeau
for West End Industrial Park (Phase I ) Subdivision. A copy of
said Escrow Agreement is attached to this Resolution and made a
part hereof .
PASSED AND ADOPTED THIS /5� DAY OF , 19 �l
� ' �
� �
rancis E . Rhodes, Mayor
ATTEST:
Jul e . Dale
Dep City Clerk
ESCROW AGREEMENT
This Escrow Agreement made and entered into this lOth
day of July � 1991 � by and between
K & B Development Daniel E. Dumey and Brenda Kay Dumey
David Lee Heisel and Karen Ann Heisel
a Partnership , having its principal office and pla;ce of business
at xZoute 1, Box 90, Oran, MO 63771
hereinafter called Developer , and
Boatmen's National Bank of Cape Girardeau, 2001 William, P.O. Box 220,
Cape Girardeau, MO 63702-0220 ,
y
hereinafter refe�red 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 west End Industrial Park
(Phase I) , 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 West End Industrial Park (Phase I)
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
�
Boatmen's National 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 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 fi-nancial 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 suf�icient 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 Aqent may release all such funds to the Developer only for
the purpose of completing the improvements in the Proposed
Subdivision .
5 . The Escrow Aqent shall not release more than ninety per
cent ( 90$ ) of all funds deposited wi th 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 thrQugh 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' refusa�l 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 Agerit named herein .
9 . If , after two ( 2) years from the date of this aqreement ,
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 negotiab2e
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 , regardinq the
subdivision of lands .
11 . No part of this aqreement 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 .
IN WITNESS WHEREOF, the parties have executed this instrument
in triplicate as of the day and year first herein written .
DEVELOPER
K & B Development �
Type ame of� Developer ) �,
�
�"�� < <y�-��"-.�-C{-� 'L�/�:-.L�
Si gn ur e �
. ,
�° . .
. Danny bumey, Brenda Dumey
Typed Name of .Signer
av ���� .�D
Si gnat ur e
David Heisel , Karen Heisel
ESCR W AGENT
. _�—
t
[ Si gnat ur j
[ Seal ]
Rick J. Tolbert, Vice President �
, [Typed Name & Office of Sign er �
CITY
CITY OF CAPE GIRARDEAU, MISSOURI
( Seal ]
J. Ronald Fischer , City Manager
ATTEST:
Julie A. Dale
Deputy City Clerk
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
On this lOth day of July , 19 91 , before me
personally appeared Danny Dumey, ren a umey, an , David'�i'e'�S'el
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 .
� ��G�Z-,!� L.L�G � �
Notary Publi , Signat�'re
My Commission Expires: � �
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, � a6���f3 i�aeu �b
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
On this lOth day of July � 19 91 � efor me
personally appeared Rick J. o er , ice r ent of�aa'tmen�s National 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 .
', ` �t� �
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No ary Publ.' c ignature
My Commission Expires: � �
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gr�',c:�!' �"r^.Afl��''�< Cw�'esg 8�kr�.
6zcr:�s e� �iiw�::,:vi, Cc�.:, ��;ra.;u�r_� C�s,�s�tl
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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 '
STATE OF MISSOURI )
) ss.
COUN`I'Y OF CAPE GIR�ZDEAU )
On this llth da,y of July , 19 91 , before me personally
aPPe�� Karen Ann Hei� 1
to me known to be the person described in and who executed the foregoing
instrument, and ackncwledged that he executed the sa,-ne 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.
��''�-^�.E�J ���_7/f,.LP�A�P�
(Notary Public Signature)
Barbara J,_ Fr;�hi P
(Typed Name of Notary Public)
My Commission Expires:
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FRO M• Boatmen's National Bank of Cape Girardeau
( Financial Institution ]
2001 William
Address
Cape Girardeau, MO 63701
July 10, 1991
[ Date ] ,
T0: ' Danny & Brenda Dumey, and David Heisel & Karen Heisel
[Customer-Developer ]
Route 1, Box 90
A dress
Oran, MO 6377i
AND
City of Cape Girardeau , Missouri. - Beneficiary
City Hall , P. 0. Box 617�
Cape Girardeau , Missouri 63702-0617
IRREVOCABLE LETTER OF CREDIT
We hereby establish our irrevocable letter o� credit in your
favor Up � the aggregate amount of One Hundred Nineteen Thousand Six Hundred
Eighteen and 00/100 dollars 119,618.00 ) available
upon your demand and upon the approval of Beneficiary - City of
Cape Girardeau for the cost of developing west End Industrial Park,
(Phase I) 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
Boatmen's National Bank of Cape Girardeau
[ Typed Name of Financial
Institution]
[ S e a 1 ) � �--
� �iJ
Si gna u
Rick J. Tolbert, Vice President
[ Typed Name & Of f i ce of Si gn er )
Accepted this lOth day of .Tuly , 19 91
CUSTOMER-DEVELOPED
K & B Development '
Typed me of C.ustomer-Develop r J � '
�� �� � � �
[ Se a 1 ] , �,• :�� _-�_,, ,,,_.:�. �w�
[ Si gna� r e . �j
. „
i;
Danny Dume�-and_Brenda-Dumey, & David Heisel and
Typed Name & Of f i ce of Si gn er Karen Heisel
CITY
Approved pursuant to Council action this lOth day
of Julv , 19
City of Cape� Girardeau , Missouri '
[ Sea 1 ]
J. Ronald Fischer , City Manager
,
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
On this lOth dax of July , 19 91 , before me
personally appeared Danny Dumey, Brenda Dumey, and David Heisel, �ren Heisel
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 .
���� u��� �.
Notary Pub i Siqnature)
My Commission Expires: , ,, �
�r,��/'�-�=�' �f'� c iF',4��i
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`� � [ Typed Name f Notar y Publ i c
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g�, :.a M�::�,. c� ai�,�ne�u cxin�
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ac. ..._. :__. , ,.:.v°�.s �— , l
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
,
On this lOth day of July , 19 91 , before me
personally appeared Rick J. Tolbert, Vice President of Boatmen's National
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 .
i,�� ��..: ����-.� �
[ Notary'�'Publ icJ'S'i gnatur:eT�
My Commission Expires: �%
�i2��l.�� ���!1�2��'��
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�e�aeY �c. � ��+�:
�S3e oi SNlie�so.x�. cape 3irav��u '�
, �r �arr+ ��raa 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 Public
r9y Commission Expires:
October 8 , 1992
STATE GF I�II�SGLr'2I ) �
� SJ.
CGUZvfiY OF C��� GI�.RDEP_U )
Or. tris llth cl�,y of July , 19 91 , ��ore me �rsor_ally
Gpr�ear2d Karen Ann Heisel
to me k.-�cwr. to �� tre r�rscn d�scri� i� �:c �v-'r:o �xe�at�d tne foreco�r.g
LiS�rl:IC�E:1L� cI:Q GCtCI'iGWl-�'..---QCEL1 t-,�u� he eY���lt� t_^.` S�T�E cS r11S f�c� G� aI':G�
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czLic�a� _�:= �.� :r�� oirice in sa=d Co�nty ar:d S�a�� tre da,,- �:C1 V•C� �iiSi.
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C� r�;-C',z,-zc�- J� // �/LC-P Kl-,e�,
��JCLw i r,��,_,r i ��C �-Ci:�L",:_'"=;
Barbara L. Frisbie
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