HomeMy WebLinkAboutRes.3557.06-05-2023BILL NO. 23-76
RESOLUTION NO. °55
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE A PERFORMANCE GUARANTEE AGREEMENT WITH
MEYR PROPERTIES, L.P., FOR PUBLIC SIDEWALK AND
STREET LIGHT IMPROVEMENTS IN BALDWIN CREEK
SUBDIVISION, IN THE CITY OF CAPE GIRARDEAU,
MISSOURI
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE
GIRARDEAU, MISSOURI, AS FOLLOWS:
ARTICLE 1. The City Manager, for and on behalf of the City
of Cape Girardeau, Missouri, is hereby authorized to execute a
Performance Guarantee Agreement with Meyr Properties, L.P., for
public sidewalk and street light improvements in Baldwin Creek
Subdivision, in the City of Cape Girardeau, Missouri. The
Agreement shall be in substantially the form attached hereto,
which document is hereby approved by the City Council, and
incorporated herein by reference, with such changes or amendments
as shall be approved by the officers of the City executing the
same.
PASSED AND ADOPTEDED THIS 5th day of June , 2023.
ATTEST:
'd A
Gayle onrad, City Clerk
Da\nzz-Ae
ston, Mayor Pro Tempore
PERFORMANCE GUARANTEE AGREEMENT
BALDWIN CREEK SUBDIVISION
(SIDEWALKS & STREET LIGHTS)
This Performance GittaiMee Agreem t, e einafter referm4 to as this "Agreement", is
made and entered into this r day of , 20 , by and between MEYR
PROPERTIES, L.P., a Missouri Limited P nership, having its principal office and place of
business at 966 County Road 616, Jackso , Missouri, 63755, hereinafter referred to as the
"Developer", and the CITY OF CAPE GIRARDEAU, MISSOURI, a Municipal Corporation
organized and existing under the laws of the State of Missouri, hereinafter referred to as the
"City". The Developer and the City collectively are hereinafter referred to as the "Parties".
WITNESSETH:
WHEREAS, the Developer is the owner of Baldwin Creek Subdivision, a proposed
subdivision located within the City of Cape Girardeau, Missouri, and has submitted to the City
improvement plans and specifications for said subdivision, which have been approved by the
City, and has submitted a record plat for said subdivision with request that said plat be approved
by the City; and
WHEREAS, the Developer proposes to meet the ordinance requirements of the City with
respect to the posting of this 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 stipulate and agree as follows:
1. The Developer has submitted to the City a record plat for Baldwin Creek Subdivision,
hereinafter referred to as the "Proposed Subdivision", with request that said plat be
approved by the City. The Developer has also submitted improvement plans for the
Proposed Subdivision, which have been approved by the City.
2. An Irrevocable Letter of Credit, hereinafter referred to as the "Letter of Credit", has been
issued for the costs of the sidewalk and street light improvements in the Proposed
Subdivision by Montgomery Bank, hereinafter referred to as the "Financial Institution".
The Letter of Credit is attached to this Agreement as "Exhibit A" and made a part hereof
as though fully set out herein. The 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 said
improvements in the Proposed Subdivision. Further, the Letter of Credit lists the City as
the Beneficiary and provides for payment of funds to the City in the event the Developer
is found to be in default under this Agreement.
3. A copy of the most recent financial statement of the Financial Institution is made
available for the purpose of guaranteeing to the City that the Financial Institution, as the
Page 1 of 5
issuer of'the Letter of Credit to the Developer, has sufficient resources with which to
uphold its guarantee.
4. The City may, from time to time, authorize a reduction in the balance of the Letter of
Credit and shall do so by written notification from the City's Administrative Officer.
5. Upon approval by the City through its Administrative Officer for the release of the
remaining balance of the Letter of Credit, this Agreement shall be terminated and the
Developer and the Financial Institution shall be released from any further obligation to
the City insofar as the provisions of this Agreement are concerned.
6. If, after two (2) years from the date of this Agreement, said improvements have not been
completed, the City may request payment from the balance of the Letter of Credit as
required in order to complete the improvements. Said request for payment shall be per
the terms of the Letter of Credit.
7. This Agreement shall not in any fashion be construed to limit the powers, rights, or duties
of the City, but shall be construed in the light of the applicable City ordinances.
8. No part of this Agreement may be assigned by the Developer or the Financial Institution
without first obtaining the express written consent of such assignment by the City, but the
City agrees not to unreasonably withhold such consent.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the above
date.
Page 2 of 5
MEYR PROPERTIES, L.P.
llft-\-\
Ryla R. , Preside
STATE OF n\
) SS.
COUNTY OF Cc. c 4 r G v' e."- )
On this 1 day of �11a 1 , 20 d'. , before me personally appeared
Ryland R. Meyr, President of Meyr Properties, L.P., a Missouri Limited Partnership, known by
me to be the person described in and who executed the foregoing instrument, and acknowledged
that he executed the same as the free act and deed of said Limited Partnership for the purposes
therein stated.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal
in said State and County,the date first above written.
CA^
,Notary Public
Angela Heuring
Notary Public - Notary Seal
My Commission Expires: Scott County, Missouri
Commission # 12463382
Commission Expires 07/26/2024
Page 3 of 5
CITY OF CAPE GIRARDEAU, MISSOURI
Dr. Kennet,. City Manager
1
CAP'"
ATTEST:
Al d g ... irt,
‘I0 \j� 1 1 t''',,i\
City Clerk � �ice;,
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STATE OF i l 11 UV�.�1 I ) T �,,,e
SS. ... '�
COUNTY OF cu ) . t'
On this day of — , 20 O,9, before me personally appeared Dr.
Kenneth Haskin, City Manager of the City of Cape Girardeau, Missouri, a Municipal
Corporation organized and existi under the laws of the State of Missouri, known by me to be
the person described in and who xecuted the foregoing instrument, and acknowledged that the
foregoing instrument was signed and sealed on behalf of said City by authority of its City
Council, and acknowledged that he executed the same as the free act and deed of said City.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal
in said State and County, the date first above written.
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Al , • c I 1 tliTe Notary Public
My Commission Expires: 5)(Dj Le
Amanda L.Mny
Noublic-Natty Seal
STATE 1vIISSOURI
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Page 4 of 5
Montgomery
BANK
DATE: 05/12/2023
FROM: Montgomery Bank, a Missouri Non—Fiduciary Trust Company
2027 Broadway
Cape Girardeau, Missouri 63701
TO: Meyr Properties, L.P.
966 County Road 616
Cape Girardeau, MO, 63701
AND
City of Cape Girardeau, Missouri—Beneficiary
City Hall, 401 Independence Street
Cape Girardeau, Missouri, 63701
IRREVOCABLE LETTER OF CREDIT#639
We hereby issue this Irrevocable Letter of Credit in your favor up to the aggregate
amount of one hundred twenty thousand, four hundred eight and 00/100 dollars ($120,408.00)
available upon your demand and upon the approval of Beneficiary—City of Cape Girardeau for
the cost of constructing the public sidewalks & street lights in the Baldwin Creek subdivision,
according to the record plat and improvement plans and specifications on file at the City of Cape
Girardeau. 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 City ordinances,
draw the balance of your account required to complete said improvements.
FINANCIAL INSTITUTION
Montgomery Bank, a Missouri
Non-Fiduciary Trust Company
(Seal)
A
^)FDIC Telephone: 1-800-455-2275 • E-mail: customerservice@montgomerybank.com
LENDER
Ja s P. Limbaugh
Executive Vice President
Cape Girardeau Regional President
Accepted this (6_t"day of '(\1c,1 , 2023
CUSTOMER-DEVELOPER
Meyr Properties, L.P.
By: Meyr Management Company, Inc.,
General Partner of Meyr Properties, L.P.
By: A
Ryland . Meyr, President of Meyr
Management Company, Inc.
d"
Approved pursuant to Council action this day of Al ,.'L°, 2023
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vi 11,i ' % City of Cape Girardeau, Missouri
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�'''',.,,.Z�"' * 1.�¢,: Dr. Kenneth skin, City Manager
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this i6 day of 'J , 2023, before me personally appeared James
P.Limbaugh, Regional President of Montgomery Bank, a Missouri Non-Fiduciary Trust
Company to me known to be the person described in and who executed the foregoing instrument,
who acknowledged that he executed the same as his free act and deed of said Bank.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed by official seal at
my office in said County and State the day and year first above written.
6: PIVQ----1'6\-1-1-1-----Notary ic ..
Angela Heuring
Name/My Commission Expires: Notary Public - Notary Seal
Scott County, Missouri
Commission # 12463382
Commission Expires 07/26/2024
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this\( '' day of VC\ c..A , 2023, before me personally appeared Ryland R. Meyr,
President of Meyr Management Company, Inc., General Partner of Meyr Properties, L.P., a
limited partnership 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.
Notary Public
Name/My Commission Expires:
Angela Heuring
Notary Public - Notary Seal
Scott County, Missouri
Commission # 12463382
Commission Expires 07/26/2024
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
On this iay of AL A 2023, before me personally appeared Dr. Kenneth
Haskin, to me personally known ho, being by me duly sworn, did say that he is the City
Manager of the City of Cape Gir. deau, Missouri, a Municipal Corporate, and that the seal
affixed to the foregoing instrument is the seal of said City, and that said instrument was signed
band sealed on 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 by official seal at
the State and County aforesaid, the date first above written.
afrak
OPP
Name/My Commission Expires: I 9.0
4-
Amanda L.McKinney
Notary Public-Notary Seal
STATE OF MISSOURI
Commissioned for Cape Girardeau
My Commission Expires:3/3/2026
ID#14583193