HomeMy WebLinkAboutRES.554.08-20-1990 BILL N0. 90- 196 ORDINANCE N0.
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 RANDOL FARMS N0. 2 SUBDIVISION
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAFE 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 Aqreement with Randol Farms Development , Inc . , for Randol
Farms No . 2 Subdivision . A copy of said Escrow Aqreement is
attached to this Resolution and made a part herecf .
PASSED AND ADOPTED THIS � DAY OF , 1990 .
_
`��--/--- / �
\ �i-- �`"� ' % � <�
Francis E. Rhodes , ayar
ATTEST:
Jul e A. Dale
De u y City Clerk
ESCROW AGREEMENT
This Escrow Agreement made �nd entered into this 15th
day of q„n„�t , 190�, bY and between
Randol Farms Development, Inc.
a Corporation orqanized and existing undeY the laws of the State
of Mic niiri , having its principal office and place of
business at 113 S. Broadview, Cape Girardeau, Mo 63701
hereinafter called Developer , and
Boatmens Bank, 2001 William, Cape Girardeau, P1o,63701
hereinafter referred to as Escrow Agent and the City of Cape
Girarde�u , Missouri , a municipa? corperation , hereinafter referred
to as City .
WITNESSETH :
WHEREP.S , the Developer is the owner of Rand�l Farms No. 2
. , a Froposed subcivisier. located
within the City of Cape Girardeau , A9issouri , �no has submitted to
the City improve:nent plans and specifications which have been
approved by t'r,e City and has submitted a fi�al p?at with request
that said plat and the plans and specifications for the
improvements in the Proposed Subdivision , be accepted and approved
by the City , ar.d
WBEREAS , Develcper proposes to meet the crdinance requirements
of the City with respect te the pesting cf this Escrow Agreement
prior to the apprcval by the City cf the plat preposed for said
subdivision ,
NOW, i'HERErORE, In consiCeration of the fcrEgoing ar,C of the
mutual pror�ises and agreements contained herein the parties to
this Escrow Agreement stipul�te and agree as follows :
1 , Developer is the owner of R�n��l Farms No i
subdivision , hereinafter referred to
as the " Proposed Subdivision " , and has submitted to the City its
plat of said Proposed Subcivision and requested approval of same
the City has heretofore apprcved the improverr,ent 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
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 Agreement and made a part hereof as
thouqh fully set out herein , has been placed in the possession of
Escrow Agent . Said Irrevccable 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
Subdivisicn and commits itself for enough funcs to complete the
improvements in the Prcpcsed Subdivision.
3 . A copy of the most recent f;nancial statement cf the
Financial Institution is submitted fcr the purpose of guaranteeing
to the City that the Financial Institution as the issuer cf the
Letter of Credit to the Developer has sufficient resources with
which to uphold its guarantee .
4 . The Escrcw Agent agrees to hold �he eriainal cf the
Letter of Credit issued by the Fir,�ncial Instituticn subject to
the provisions cf this Agreement ar.d the ordin�r.ces of the City of
Cape Girardeau , as they may appertain to the provisions cf the
Escrow P.greement . The Escrow Agent agrees that it will set up a
specia� escrow acccun� 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 Develeper cnly for
the purpose of compiet ing the imp:cve,��ents in t;e Frcpcsed
Subdivision .
5 . The Escrow Agent shall nct release more than ninEty per
cent ( °0� ) of all funcs depositeC with him as Escrcw Agent by the
Financial Institution for the improvements in the Proposed
Subdivision except en the appreval of the P.dministrative Officer
of the City and until the City Council is satisfied that the
improvements for the development of the Froposed Subdivision have
been completed in accordance with the plat and the improvement
plans and specifications of the Preposed Subcivision 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 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 thrcugh its �dministrative
Officer for the release of all funcs held by the Escrew P.gent ,
this agreement shall be terminated and the Developer and the
Escrcw P.gent shall be released from any further obligation to the
City insofar as the prcvisions of this Escrow Agreement are
concerned .
8 . In the event of the failure or refusal or i:�abiiity of
the Escrow Agent to serve as determined by the Ad,��inistrative
Officer of said City , the City shall appoint a substitute who will
have the same responsibiiities as the Escrow Agent named 'nErein .
9 . If , after two ( 2) years from the date cf this aqreement ,
all 'the improvements reflected :.y the apgrcved improvement plans
and . specifications have not been completed , the City may require
the Escrow Agent to remit tc the City cas; cr negetiable
instrumer,ts constituting the balance af the escrow account
required to complete the imprcvements .
10 . This Escrow Agreement shall ;�ct 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 ap�licable
ordinances of the City of Cape GirardeaL , Misscuri , regarding the
subdivision of lands .
11 . No part of this agreement may be assigned by the Escrow
Agent or the Developer withou't first obtaining the express written
consent of such assignment by the City , but the City agrees nct tc
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
Randol Farms Development, Inc.
[ Typed Name of Developer
( Sea 1 ] /? �1���..0�-,�/���_
Si ona t ur e
ATTEST : P. Davi d Gerl 11 a"P�� }
�i, / � [ Typed Name & Of f i ce cf Si gn er
�'�r.�2-c.� _ � �� ..-�2��u..�. �
S gnat ur e '
�errie L. Gerlach Secretary
[ Typed Name & Of f i ce o f Si gn er )
ESCROW AGENT
� /
Si gnat ur e-
[ Sea 1 )
Dannv R. Essner Vi -Fr i nt
Typed Name & Of f i ce of Si gner
CITY
� CITY OF CAPE G?RARDEAU, MISSCURI
[ Seal j
J. Ronal d Fischer , City Manager
r�TT EST:
Julie A. Dale
Deputy City Clerk
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
`
On this � -= �� day of .�� -,�--- � , 19_ � ` , before me
personally appeared P. David er ac ;
to me known to be the person described in and who executed the
foregoing instrument , and acknowledged th�t he executed the same
as his free act �nd deed .
IN TESTIMONY WHEREOF, I have hereunto set my h�nd and affixed
my official seal at my office in said County and State the day and
year first above written .
:-`_---��;.�r `.,�� . `. � _ �- _ �;_�
�
_[__Not�ry Public Signature '��
My Commission Expires:
( �- - � - 1( 0
( Typed Name cf Notary Fubl; c;
��� sa ��eAuee
/OtkR1' PUBLIC ST#TF Of IRSSOlIiQ
CAPE 6IItAppEAG CWMT1'
R COlplttSI01l ExP. REC. 1, f9SlD
STATE OF MISSOURI )
) ss .
COUNTY OF CP.FE GIRARDEAU )
�-.f..-1� � . �:— �- , .
On this � day of -�i`��.:�'�'• , 19`"� �- , before me
personally appeared Danry R. ssner
to me known to be the perscn described in and who executed the
foregoing instrument , and acknowleoged th�t he executed the same
as his free act and deed .
IN TESTIMONY WHEREOr, I have her eunto set my har.d and aff i xed
my official seal at my office in said County and State tne day and
year first abcve written .
'�,�,'�.f�^ `�1'. ' . �� �:;'�- _ _ �';,�,,'����
� Not ar y Publ i c Si�gna t ur e ,�
My Commission Expires;
� =— — 7 � `�' �' ( Typed Name cf Nct ar y Fubl i c
.►AL'�IELIBE 3ttE SEABIW811
�TRRT PtlBIIL BT�TE pF pISgpyd
C1WE 6IQARDEAU COUBTT
fT COKMISSIOp Frp, �EL. 7. ]090
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 signec and
sealed in behalf of said City by authority of its City Council and
acknowledged said instrument to be the free act and deeci of said
City .
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed
my official seal , at my office in Cape Girardeau , Niissouri , the
day and year first above written .
Delores G. Need'nam, Nctary Public
My Commission Expires:
October 8 , 1992