HomeMy WebLinkAboutRES.240.03-16-1987 BILL N0. 87-34 RESOLUTION N0. _=_��_�.(J
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN ESCROW AGREEMENT LaITH CAPE
COUNTY BANK OF CAPE GIRARDEAU AND ROBERT L.
PENROD FOR LEE SUBDIVISION
BE IT RESOLVED BY THE COUPICIL OF THE CITY OF CAPE GIRARDEAU,
MISSOURI , AS FOLLOWS :
SECTION l . The City Manager on behalf of the City of Cape
Girardeau , Missouri , is hereby authorized to enter into an Escrow
Agreement with Cape County Bank of Cape Girardeau and Robert L.
Penrod for the development of Lee Subdivision. A copy of said
Escrow Agreement is attached to this Resolution and made a part
hereof .
PASSED AND ADOPTED THIS _�� DAY OF , 1987.
Francis E. Rhodes , Mayor
ATTEST :
�
,�� �? '
���i��-� � '�i � "��- ��-L- L
Alvin M. Stoverink , City Clerk
r
ESCROW AGREEMENT
This Escrow Agreement made and entered into this Tg
day of 'P°rua`y , 19 87 , by and between �obert L. Penrod
:{X���f�5�:��Yy{�.��� havinq_ its principal office and place of
business at I1�CC DI. Spri�~� St � C�pP Girardeau, Mo. b�70I
hereinafter called Developer, and
Cape �.,ounty 3ank o_'' Cape Girardeau
hereinafter referred to as Escrow Agent and the City of Cape
Girardeau , Missouri , a municipal corporation, hereinafter
referred to as City .
WITNESSETH:
WHEREAS, the DevelopeC is the owner of Lee 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 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 Lee Subdivision
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
i.3^�' �.Cl1Cis�(`' 73r''.{ ps' 'a�n ii ...�..,�,��•, - /
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 Developec 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 financial statement of the
Einancial 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 vriginal 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
ti�e 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
�J
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 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 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 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 .
DFVELOPER
r�ooert L. Penrod
Type N of Deve er /,
_ ���`.�� t! �I�
i n ture
obert L. Penrod
yped Name of Signer
Slgnature
ESCRO A ENT
Gc.�u.�..-
Slgnature
[ Seal ]
'�dilliari L 3owe s . e �
Typed Name & Office of Signer
CITY
CITY OF CAPE GIRARDEAU, MISSOURI
[ Sea1J
Gary A. Eide , City Manager
ATTEST:
A vin M. Stoverink , City C erk
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
On this 18 day of rebruas^,� , 19�, before me
personally appeared �ooert�. �erLrod
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 . -
_. ___.
�`�_� � � �-�7 CiC.-C�.liG�-`-Q�
[Notary Pub3ic Signature
My Commission Expires : F��r�� � yr,r,��,r','.;L'"
����7 �_� [Typed Name of Notary PublicJ
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
On this i8 day of =?�ruary , 19 37 , before me
personally appeared �.1i11iam �. owers
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 .
� � ;
����4 ���-� l>>�.���-«
[ Notary Publi Signature ]
My Commission Expires : ,�� � � � - • ���`'
�Y..1.�. ,. ♦ � .. . . . .
-S �� � �' � [ Typed Name of Notary Public)
�
STATE OF MISSOURI )
) ss
COUNTY OF CAPE GIRARDEAU )
On this day of , 198 , before me
appeared Gary A. Eide , 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 ,
t�lissouri , the day and year first above written .
Delores G. Needham, Notary Public
My Commission Expires :
October 8 , 1988
FROM: � „ � + � •T
Financial InstitutionJ
?. 0. 3o:c 637cI-17I9
[ Address ]
Cape �Jira.rdeau, ".o. b3'70I
I� .aeb. ��L7
[ Date ]
TO• i�ober� L. Penrod
• [Customer-Developer �
II�uG �I. Spri�� �te
( Addr ess , 637CI "
�:,ape Girardaau, r.o.
AND
City of Cape Girardeau , Missouri - Beneficiary
City Hall , P. 0. Box 617
Cape Girardeau , Missouri 63701
IRREVOCABLE LETTER OF CREDIT
We hereby establish our irrevocable letter of credit in
your favor up the aggregate amount of Fortv ai?ht thousar.d six
�,�n�-e d sixty ei=ht dollars ($ a8,_568.np ) available
upon your demand and upon the approval of Beneficiary - City of
Cape Girardeau for the cost of developing Lee
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
ir�provemen ts .
FINANCIAL INSTITUTION
Cane County Bank o.� E3ape sirardeau
[Typed ame of Financial
t ' tut ' n ]
[ 5eall
Signature
'rlilliari �. 3owers, President
[ Typed Name & Office of Signer ]
�
Accepted this 18 day of Februar.y _, 19 87 .
CUSTOMER-DEVELOPED
Rooert L. Penrod
[ Typed .Na�tf� of Cust r-De�e per ]
_,/
( Sea1 � �� ���� �� �.�-z ��
[ ignature ]
[ Typed Name & Office of Signer ]
CITY -
Approved pursuant to Council action this day
of , 19
City of Cape Girardeau , Missouri
f Seal ]
Gary A. Eide, City Manager
STATE OF MISSOURI )
) ss .
COUNTY OF CAPE GIRARDEAU )
On this I� day of reo;�1ar-, , 19 �7 , before me
personally appeared 3coert l. Denrod
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
ti�e day and year first above written .
�____ �
—��� � l<�r c��t,ct�a-
[Notary Pub ic Signature]
My Commission Expires : PEGGYJ. LlaNDEWE�
_5-<�7 z� � [ Typed Name of Notary Public]
STATE OF MISSOURI )
) ss .
COUNTY OE CAPE GIRARDEAU )
On th is I� day of r�ljr•z3.1^y , 19�_, before me
personally appeared ',dilliam L. 3owers
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 . _
_ _ �
� 7
���� l»�.��.�.���
[ Notary P lic Signature)
My Commission Expires : PEGf�yJ. I��ti��;.��.�;'��;"�
_�"��� � �' [ Typed Name of Notary Public
STATE OF MISSOURI )
) ss
COUNTY OF CA PE GIRARDEAU )
On this day of , 198 , before me
appeared Gary A. Eide , 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, 1988