HomeMy WebLinkAboutRES.552.08-20-1990 ,
BILL N0. 90-189 RESOLUTION N0. J�jro�
A RESOLUTION P.UTHORIZING THE CITY MANAGER TO
ENTER INTO AN ESCROW AGREEMEr1T WITH DRURY
DEVELOPMENT CORPORATION AND ROBERT A DRURY �
CO-TRUSTEE UNDER TRUST AGREEMENT AND BOATMEN' S
NATIONAL BANK OF CAPE GIRARDEAU FOR BLATTNER
SECOND WEST SUBDIVISION
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 Aqreement with Drury Development Corporation and Robert A.
Drury , Co-Trustee under Trust Aqreement and Declaration of Trust
dated January 3 , 1967 , as amended December 31 , 1978 and
September 11 , 1986 , for Blattner Second West Subdivision. A copy
of said Escrow Aqreement is attached to this Resolution and made a
part hereof .
PASSED AI�D ADOPTED THIS � DAY OF , 19_ o�.
�..._--- __� � C� � %
����.�_ �, .,�'�� .�.�.-
Francis E. Rhodes , Mayor
ATTEST:
_ (/L.
Ju i A. Dal e
D ty City Clerk
ESCROW RGREEMENT
This Escrow Agreement made and entered into this day of
July, 1990, by and between Drury Development Corporation, a
Corporation organized and existing under the laws of the State of
Missouri , having its principal office and place of business at 200
South Farrar Drive, Cape Girardeau, Missouri 63701 , and Robert A.
Drury, Co-Trustee under Trust Agreement and Declaration of Trust
dated January 3 , 1967, as amended December 31 , 1978 and September
11 , 1986 , respectively recorded in Book 256 at Page 377 , Book 365 at
Page 406, Book 453 at Page 753 , in the Office of the Recorder of
Deeds for Cape Girardeau County, Missouri , hereinafter collectively
National
called Developer, and Boatmen' s � Bank of Cape Girardeau, Cape
Girardeau, Missouri , 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 Blattner Second West
Subdivision, 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 Subdivison, be
accepted and approved by the City, and
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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 Blattner Second West
Subdivison, hereinafter referred to as the "Proposed Subdivison" ,
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 Subdivison by Boatmen' s Nation
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 sewer � improvements in the Proposed
Subdivision.
3. A copy of the most recent financial statement of the
Financial Institution is labeled Exhibit "B" and is attached to this
Escrow Agreement and made a part hereof as though fully incorporated
herein, which financial statement is submitted for the purpose of
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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 sewer improvements in
the Proposed Subdivison, will be deposited. The Escrow Agent may
release all such funds to the Developer only for the purpose of
completing the sewer�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 sewer� 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 sewer
improvements for the development of the Proposed Subdivision have
been completed in accordance with the plat and the 'sewer 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 obligaitons and shall do so
by written notification from the City' s Administrative Officer.
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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 sewer 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 sewer 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.
12. Robert A. Drury, Co-Trustee under said Trust Agreement
and Declaration of Trust dated January 3 , 1967, as amended, appoints
said Drury Development Corporation as its attorney in fact to act in
its behalf in all matters pertaining to this Escrow Agreement.
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IN WITNESS WHEREOF, the parties have executed this instrument
in triplicate as of the day and year first herein written.
DEVELOPER :
(SEAL) DRURY DEVELOPMENT CORPORATION
,
,����'�. By , �'
Rbert J. B sler obert A. Drury,
Assistant Secretary President
Robert A. Drury, Co-Trustee under
Trust Agreement and Declaration
of Trust dated January 3 , 1967 ,
as amended December 31 , 1978 and
September 11 , 1986.
�'
obert A. Drury, Co-Trus
ESCROW AGENT
National
(SEAL) BOATMEN' S �BANK OF CAPE GIRARDEAU
-�c-2~ ' /`JG�ti l �
Signature
Maurice R. Sandfort, Executive Vice President
(Typed Name & Office of Signer)
CITY
CITY OF CAPE GIRARDEAU, MISSOURI
(SEAL)
J. Ronald Fischer, City Manager
ATTEST:
Evelyn G. LeGrand, City Clerk
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STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
On this /� day of July, 1990, before me personally
appeared Robert A. Drury, President of Drury Development
Corporation, 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.
� .�-,f���
Mary r'. (;�osche, Notary Public
My Commission Expires : October 30, 1993.
STATE OF MISSOURI )
) SS .
COUNTY OF CAPE GIRARDEAU )
On this .�/� day of July, 1990, before me personally appeared
Robert A. Drury as Co-Trusteee under Trust Agreement and
Declaration of Trust dated January 3 , 1967, as amended December 31 ,
1978 and September 11 , 1986 , 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.
� � v�
Mary F Gosche, Notary Public
My Commission Expires : October 30, 1993.
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STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
On this 3rd day of August , 1990, before me personally
appeared Maurice R. Sand ort
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.
l/�- C�L2/�Gti
(Notary Public Signature)
Terri A. Heisserer
Typed Name of Notary Public)
My Commission Expires :
September 29, 1991
STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
On this day of , 1990, 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, 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.
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FROM: Boatmen's National Bank of Cape Girardeau
(Financial Institution)
P.O. Box 220
(Address)
Cape Girardeau, MO 63702-0220
August 3, 1990
(Date)
T0: Drury Development Corporation
(Customer - Developer)
200 S. Farrar
(Address)
Cape Girardeau, MO 63701
AND
City of Cape Girardeau, Missouri - Beneficiary
City Hall, P.O. Box 617
Cape Girardeau, Missouri 63702-0617
IRREVOCABLE LETTER OF CREDIT 5-269
We hereby establish our irrevocable letter of credit in your favor up
to the aggregate amount of EIGHTEEN THOUSAND THREE HUNDRED AND 00/100-------
-'------------------------ dollars ($ 18,300.00
) available upon your
demand and upon the approval of Beneficiary - City of Cape Girardeau for
the cost of developing Blattner Second West
Subdivision according tot he 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, purusant 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)
� �� �
(SEAL) Signature)
Maurice R. Sandfort, Executive Vice President
(Typed Name & Office of Signer)
Accepted this 3rd day of August , 19 90
CUSTOMER — DEVELOPED
����� n.
(Typed Name o L�ustomer-Developer)
(SEAL) Robert J. Basler, Vice President
(Signature)
DRURY DEVELOPMENT CORPORATION
(Typed 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 3rd day of August , 19 90 , before me personally
appeared Maurice R. Sandfort to me know
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�h
(Notary Public Signature)
My Commission Expires: Terri A. Heisserer
September 29, 1991
(Typed Name of Notary Public)
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this 3rd day of August , 19 90 , before me
personally appeared Robert J. Basler
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 a.nd
deed.
IN TESTIMONY WHEREOF, I have hereunto st my hand and affixed m; ��zfir_i31
seal at my off ice in said County and State the day and year first above written.
_ � • �.P�t�
(Notary Pub��zqSi�[g�3g��re)
My Commission Expires• t�dTA�v PU5L�'STATE('f M!SSOURt
' CAPE GIRAFL�EAU COUNTY —�
Pzv�� ��� I�P�S:��c✓
� r��/9� (Typed�l'G �� a I�ufi ic)
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 bahalf 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 by official
seal, at my office in Cape Girardeau, Missouri, the day and year first above
written.
(Notary Public Signature)
My Comission Expires:
(Typed Name of Notary)