HomeMy WebLinkAboutRES.450.07-24-1989 BILL N0. 89-145 RESOLUTION N0. '�
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN ESCROW AGREEMENT AND IRREVOCABLE
LETTER OF CREDIT WITH RANDOL FARMS DEVELOPMENT,
INC. AND BOATMENS BANK OF CAPE GIRARDEAU, FOR
RANDOL FARMS N0. 1 SUBDIVISION
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU,
MISSOURI , AS FOLLOWS :
SECTION 1 . The City Manager, for and on behalf of the City of
Cape Girardeau, Missouri , is hereby authorized to enter into an
Escrow Agreement and Irrevocable Letter of Credit with Randol Farms
Development, Inc . and Boatmens Bank of Cape Girardeau, for Randol
Farms No. 1 Subdivision. A copy of said Escrow Agreement and
Irrevocable Letter of Credit is attached to this Resolution and
made a part hereof .
PASSED AND ADOPTED THIS a�� DAY OF , 1989 .
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ancis E. Rhodes, Mayor
ATTEST:
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elyn . LeGra d, City Clerk
ESCROW AGREEMENT
This Escrow Agreement made and entered into this 21st
day of .iuly , 19 $9 , by and between
Randol Farms Development, Inc.
a Corporation organize d and existing under the laws of the State
of Missouri , having its principal office and place of
business at 1028 N Kinashiqhway, Cape Girardeau, Mo
hereinafter called Developer , and
Boatmens Bank of Cape Girardeau,_�Q,, �On1 wi 1 1 i am� P _(�_ Rnx ��n
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 Randol Farms No. 1
, 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 Randol Farms No. 1
subdivision , hereinafter referred to
as the "Proposed Sub division" , and has submitte d 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 Proposec3 Subdivision.
2. An Irrevocable Letter of Credit has been issued for the
cost of the improvements in sai� Proposed Subdivision by
Boatmens Bank of Cape Girardeau, Mo ,
hereinafter referred to as "�inancial 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 len der f or the development of the Proposed
Subdivision and commits itself for enough fun�s to complete the
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 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 Proposec3
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 Sub division 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 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 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 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 construea 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 WHEREOF, the parties have executed this instrument
in triplicate as of the day and year first herein written .
DEVELOPER
; ;`�� Randol Farms �evelopment, Inc.
� ; � ��z `�',�� . [Typed Name of Develo er
[ S�al�� _ �
� G2s'�!�" l'-�-���
Signature
ATTEST• P. David Gerlach, President
� � Type Name & Of ice o Signer
' gnature
Typed Name & Office of Signer ]
ESCROW AGENT
Signature�
[ SealJ
Danny R. Essner, Vice-President
[Typed Name & Office of Signer )
CITY
CITY OF CAPE GIRARDEAU, MISSOURI
[ Seal �
J. Rona Fisc er , City Manager
ATTEST:
Evelyn G. LeGrand, City Clerk
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this 21st day of July , 19 89 , before me
personally apneared Darmy R. Essner
to me known to be the person described in and who executed the
foregoing instrument , and acknowledged that he execute d 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 � i
[Notary Public gnature ]
My Commission Expires:
Mindy Pulley
Oct��her 2, 19y1 [Typed Name of Notary Public
STATE Or MISSOURI )
) Ss .
COUNTY OF CAPE GIRARDEAU )
On this 21st day of July , 19 g9 , before me
personally appeared P. David Gerlach
to me known to be the person described in and who executed the
foregoing instrument , and acknowledged that he execute d 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.
� �
[Notary ublic ' gnature ]
My Commission Expires:
. Mindy Pulley
Octc'�r 2, 199� Typed Name of Notary Public .
STATE OF MISSOIIRI )
) ss
COUNTY OF CAPE GIRARDEAU )
On this day of , 198 , before me
appeared J. RonaT� 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 WAEREOF, 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. Nee dham, Notary Public
My Commission Expires:
October 8 , 1992
FROM: Boatmens Bank of Ca e Girardeau
Financial Institution)
2001 William
[Address
P.O. Box 220
Cape Girardeau, Mo 63701
Date
T0: Randol Farms Dvl t. Inc.
[Customer-Developer
1028 N. Kin shi hwa
Address
Ca e Girardeau, Mo 63701
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 of credit in your
favor up the aggregate amount of One Hundred Seven Thousand Forty and
no/100----------------------- dollars ( , 0 . ) available
upon your demand and upon the approval of Beneficiary - City of
Cape Girardeau for the cost of developing Randol Farms No. 1
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
Boatmens Bank of Cape Girardeau
[Typed Name of Financial
Institution]
[ Seal J' �
,, � [ Signatu
Danny R. Essner, Vice-President
[Typed Name & Office of Signer ]
Accepted this 21st day of July , 19 89
CUSTOMER-DEVELOPED
`' ��� � _ i : Randol Farms Dvl t. Inc.
- � ; , , } ,. ; Typed Name of Customer-Developer
� [rsp a 1] - ��G�u—�-e�Lr�ic�/�
Y '
Z Signature
�" � � �/� P. David Gerlach President
( �Q�'`�'' Typed Name & Office of Signer �
ie L. Gerlach, Secretary
CITY
Approved pursuant to Council action this day
of , 19
City of Cape Girardeau, Missouri
[ Seal]
J. Rona d Fischer , City Manager
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
On this 21st day of July , 19 89 , before me
personally appeared Darmy R. Essner
to me known to be the person described in and who executed the
foregoing instrument , an d acknowledged that he execute d 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. �
� �
[Notary ublic Si ature ]
My Commission Expires:
Mindy Pu11ey
October 2, 1991 [Typed Name of Notary Public]
. � � ' �' ,
, ��� . . �,
� • . .
, .. ,. ,
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this 21st day of Ju1y , 19 89 , before me
personally appeared P. David Gerlach
to me known to be the person described in and who executed t e
foregoing instrument , and acknowledged that he execute d 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.
�
[Notary ublic a gnature
My Commission Expires:
Mindy Pu11ey
Octo�r 2, iS91 [Typed Name of Notary Public
STATE OF MISSOURI )
) ss
COUNTY OF CAPE GIRARDEAU )
On this day of , 198 , 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. Nee dham, Notary Public
My Commission Expires:
October 8 , 1992