HomeMy WebLinkAboutRes.3559.06-05-2023BILL NO. 23-78
RESOLUTION NO. 5151
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE A PERFORMANCE GUARANTEE AGREEMENT WITH
MEYR PROPERTIES, L.P., FOR PUBLIC SIDEWALK
IMPROVEMENTS IN TOUCHDOWN RIDGE 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 improvements in Touchdown Ridge 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 ADOPTED THIS 5th day of June , 2023.
ATTEST:
Aal 6,.,j
Gay e Conrad, City Clerk
`;� �-\ I -%-
Dan P- \
re -190n, Mayor Pro Tempore
PERFORMANCE GUARANTEE AGREEMENT
TOUCHDOWN RIDGE SUBDIVISION
SIDEWALK IMPROVEMENTS
This Performance Gua a e Agreem nt, hereinafter referred to as this "Agreement", is
made and entered into this day of , 2023, by and between MEYR
PROPERTIES, L.P., a Missouri Limited Pa nership, having its principal office and place of
business at 966 County Road 616, Jackson, Missouri, 63755, hereinafter referred to as the
"Developer", and the CITY OF CAPE GIRARDEAU, MISSOURI, a Municipal Corporation 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 has submitted to the City, and the City has approved, the
record plat of Touchdown Ridge Subdivision, a subdivision located within the City of Cape
Girardeau, Missouri; and
WHEREAS, the Developer and the City previously entered into an agreement for
establishing a performance guarantee in lieu of the Developer constructing certain public
improvements in said subdivision prior to the approval of said record plat by the City; and
WHEREAS, said agreement has expired; and
WHEREAS, the Parties wish to execute this Agreement to replace the expired agreement
and to establish a new performance guarantee for constructing the public sidewalks in 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, and the City has approved, improvement plans
for the public sidewalks in said Touchdown Ridge Subdivision, hereinafter referred to as
the"Subdivision".
2. Montgomery Bank, hereinafter referred to as the "Financial Institution", has issued an
Irrevocable Letter of Credit, hereinafter referred to as the "Letter of Credit", for the cost
of the public sidewalk improvements in the Subdivision. 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 construction of the public sidewalks in the
Subdivision and commits itself for enough funds to complete said sidewalks. 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.
Page 1 of 5
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
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, all of the public sidewalks shown
on the approved improvement plans have not been constructed, the City may request
payment from the balance of the Letter of Credit as required in order to construct the
missing sidewalks. 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
DEVELOPER
Meyr Properties, L.P.
By: Meyr Management Company, Inc.
General Partner of Meyr Properties, L.P.
Ryland 'Meyr, President
Meyr Management Company, Inc.
STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
On this 5I-4"day of ; 1 , 2023, before me personally appeared Ryland R.
Meyr, President of Meyr Management Company, Inc., a Missouri Corporation, to me known 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 Corporation.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal
in the State and County aforesaid, the date first above written.
4
No ary Public
Name/My Commission Expires: Angela Heuring
Notary Public - Notary Seal
Scott County, Missouri
Commission # 12463382
Commission Expires 07/26/2024
Page 3 of 5
CITY
City of Cape Girardeau, Missouri
Dr. Kenneth; as , ity Manager
ATTEST: 1 CA!= '
Al 4&Ad , -go Ftv,404 %.
Tr 4 1 '
City Clerk' * ~�� i�j` .
•r ��' 4
STATE OF MISSOURI )
) SS. „.
COUNTY OF CAPEqThGIRARDEAU )
/
On this this day of I , 2023, before me personally appeared Dr.
Kenneth Haskin, City Manager •, the City of Cape Girardeau, Missouri, a Municipal
Corporation of the State of Mis%• to me known to be the person described in and who
executed the foregoing instrume , and who 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 the State and County aforesaid,the date fi . . ,ove t. '
111(,' / ariAlk
tt: _
Name/My Commission Expires:
13'01(J3 0Amanda L.McKinney
Notary Public-Notary Seal
STATE OF MISSOURI
Commissioned for Cape Girardeau
My Commission Expired:3/3/2026
ID 4 14583193
Page 4 of 5
Montgomery
BANK
DATE: January 25, 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#618
We hereby issue this Irrevocable Letter of Credit in your favor up to the aggregate
amount of three thousand, five hundred eighty-nine and 65/100 dollars ($3,589.65) available
upon your demand and upon the approval of Beneficiary—City of Cape Girardeau for the cost of
constructing the public sidewalks in the Touchdown Ridge 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)
11111011
E-)FDIC Telephone: 1-800-455-2275 • E-mail: customerservice@montgomerybank.com EQUAL HOUSING
___� LENDER
James P. Limbaugh
Executive Vice President
Cape Girardeau Regional President
Accepted this c3 t'‘ day of A. 0; I , 2023
CUSTOMER-DEVELOPER
Meyr Properties, L.P.
By: Meyr Management Company, Inc.,
General Partner of Meyr Properties, L.P.
By: J /, _1(-
Ryland '. Meyr, President of Meyr
Management Company, Inc.
Approved pursuant to Council action this day of A _Li 2023
t—Th1
CITY
Off,C ' • , , City of Cape Girardeau, Missouri
ir
- rt h /P;*a iC ,Zlil
r� .�. //// ,,, Dr. K Haskin, City Manager
old .
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this a S t-h day of r , i , 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.
Notary Public _—)
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 d.5' day of(�,r-;\ , 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 n r ' lday of 2023, before me personally appeared Dr. Kenneth
Haskin,to me personally kno who, being by me duly sworn, did say that he is the City
Manager of the City of Cape Gi rdeau, 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.
iMpfri._ A
Notary Public
Aizanda L.McKinney
Name/My Commission Expires: Notary Public Notary Seal
STATE OF MISSOURI
,361(i)\1 'e
11( Commissioned for Cape Girardeau
) J)\1 {' My Commission Expires:3/3/2026
ID#14584193