HomeMy WebLinkAboutRES.456.08-21-1989 BILL N0. 89-164 RESOLUTION N0. ��
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN ESCROW AGREEMENT AND LETTER OF
CREDIT WITH ASHLAND LAND DEVELOPMENT CORPORATION
AND FIRST EXCHANGE BANK FOR ASHLAND HILLS ESTATES
SEVENTH 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 Ashland Land
Development Corporation and First Exchange Bank, for Ashland Hills
Estates Seventh Subdivision. A copy of said Escrow Agreement and
Irrevocable Letter of Credit is attached to this Resolution and
made a part hereof .
PASSED AP1D ADOPTED THIS �DAY OF , 1989 •
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\Francis E. Rhodes , Mayor
ATTEST:
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Evelyn G. LeGranEd, \City Cle- rky- �
ESCROW AGREEMENT
Tnis Escrow Agreement made and entered in�o this 16th
day of Aucrust , 19�g, by and between
Ashland Land Development Corporation
a Corporation organizer] and existing under the laws of the State
of Missouri , having its principal office and place of
b usines s at 125 S. Broadview, Suites 11, 12 and 13. Cape Girardeau, MO
hereinafter called Developer , and
First Exchange Bank
160 S. Broadview, Cape Girardeau, MO ,
hereinafter referred to as Escrow Agen� and tne City of Cape
Girardeau, Missouri , a municipal corporation, hereinafter referred
to as City .
WITNESSETH :
WNEREAS, the Developer is the owner of Ashland Hills Estates,
Seventh 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
it�provements 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 Ashland Hills Estates, Seventh
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 tne improvements in said Proposed Subdivision by
First Exchange Bank, 160 S. Broadview, Cape Girardeau, MO
.
hereinafter referred to as "r^inancial Institution' . Tne
Zrrevocable 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 for tne developmen't of �he 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 �he
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 Aaent agrees to hold the original of the
Letter of Credit issued by the Financial Institution subject to
the provisions of this Agreer�ent 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 w;�ich 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 ( 900 ) 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 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 PLOpOS@d 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 Administra�ive Officer .
7 . Upon approval by the City through its Administrative
Officer for the release of all funds held by t-ne Escrow P.gent ,
this agreement shall be terminated and the Developer and the
Escrow Agent shall be released from any furcher obligation to the
City insofar as the provisions of tnis 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 construed in the light of the applicable
orainances 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 WHEREOr, the parties have executed this instrument
in triplicate as of the day and year first herein written .
\
DEV�LOPER
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S gnature
k�I'mEST• Herbert L. Annis, President
� , Typea Name & Ofrice o Signer
Signature -
Thelma L. Annis Secreta
Typed Name & Office of Signer ]
ESCR AGENT �
.��C'� /�I � � ti��
ignature %
[ Seal ]
Bill M. Stanfield, President & CEO
[Typed Name & Office of SignerJ
CITY
CITY OF CAPE GIRARDEAU, MISSOURI
[ Seal ]
J. Rona d Fiscner , City Manager
ATTEST:
Evelyn G. LeGrand, City Clerk
STATE OF MISSOURI �
) ss .
COUNT� OF CAPE GIRARDEAU )
On this 16th day of Augusc , 19 89 , before me
personally appeared Herbert L. Annis
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.
[N ary Public SignatureJ
My Com:�ission Expires:
Joyce L. Barrett
November 4, 1992 [Typed Name of Notary Public
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
On this 16ch day of AuQust , 1989 , before me
personally appeared Bill M. Stanfield
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.
oL .
[N ar Public SignatureJ
My Commission Expires:
Jo ce L. Barrett
November 4, 1992 Typed Name of Notary Public
STATE OF MISSODRI �
) ss
COIINTY OF CAPE GIRARDEAU )
On this day of , 198 , before me
appeared J. RonaTd 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
FROM: First Exchange Bank
LFinancial Institution]
160 S. Broadview
(Address]
Cape Girardeau,MO 63701
August 16, 1989
� Date
T0: Ashland Land Develo ment Cor ration
[Customer-Developer
125 S. Broadview, Suites 11, 12 & 13
[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
We hereby establish our irrevocable letter of credit in your
favor up the aggregate amount of �ixty Four Thousand Three Hundred
dollars i $ 64,300.00 ) available
upon your demand and upon the approval of Beneficiary - City of
Cape G=ra:deau for the cost of developing Ashland Hills Estates,
Seventh Subdivision according to the final plat
and improvement plans and specifications as approved by the City
of Cape Girardeau on August 16th , 19 89 . If you do not
cot�plete 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
FIRST EXCHANGE BANK OF CAPE GIRARDEAU
[Typed Name of Financial
Institution]
[ S e a 1 l �,� ��. G� �„c��
[ Signature ] �
Bill M. Stanfield, President & CEO
[Typed Name & Office of Signer ]
Accepted this day of � 19
CUSTOMER-DEVELOPED
ASHLAND LAND DEVELOPMENT CORPORATION
,;" \ , - p d N me of u er-Developer
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��
- _ jSeal ] ' _ �
: ignature
Herbert L. Annis , President
. Typed Name & Office of Signer ]
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 16th day of August , 19 89 , before me
personally appeared Bill M. Stanfield
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.
�.
[No ry ublic Signature ]
My Commission Expires:
Joyce L. Barrett
November 4, 1992 [Typed Name of Notary Public]
STATE OF MISSOURI �
) ss .
COUNTY OF CAPE GIRARDEAU )
On this 16th day of auQust , 19 g9 , before me
personally appeared Herbert L. Annis
to me known to be the person described in and who executed t e
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 affixe d
my official seal at my office in said County and State the day and
year first above written.
[No ry Public Signature ]
My Commission Expires:
Joyce L. Barrett
November 4, 1992 [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. Needham, Notary Public
My Commission Expires:
October 8 , 1992