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Home My WebLink AboutRes.3601.04-15-2024 BILL NO. 24-42 RESOLUTION NO. .5(D/l A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A PERFORMANCE GUARANTEE AGREEMENT WITH THE RYLAND R. MEYR TRUST FOR CERTAIN IMPROVEMENTS FOR BALDWIN FARMS 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 The Amendment and Restatement of the Ryland R. Meyr Voluntary Trust Agreement of December 29, 2006, for public sidewalk, street light, and permanent turnaround improvements for Baldwin Farms Subdivision. 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. The officers, agents, and employees of the City are hereby authorized to execute all documents and take steps as they deem necessary and advisable to carry out and perform the purpose of this Resolution./ PASSED AND ADOPTED THIS 14 �� DAY OF r" U " ` / , 2024 . ,H__Ic) Stacy Kin e , ayor ATTEST: 4 (&//),- .._,....em , Bruce Tayle, Deputy City Clerk 4 c,t.. a . 4®ti ,. VVAl 'SHE UN/0 - r PERFORMANCE GUARANTEE AGREEMENT BALDWIN FARMS.SUBDIVISION (SIDEWALKS, STREET LIGHTS & PERMANENT TURNAROUND) This Performance Guarantee Agreement, hereinafter referred to as this "Agreement", is made and entered into this /17 day ofi j .. , 20,2t, by and between THE AMENDMENT AND RESTATEMENT OFT E RYLAND R. ME VOLUNTARY TRUST AGREEMENT OF DECEMBER 29, 2006, 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 organized and existing under the laws of the State of Missouri, hereinafter referred to as the "City". The Developer and the City collectively are hereinafterr referred to as the "Parties". WITNESSETH: WHEREAS, the Developer is the owner of Baldwin Farms 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 Farms 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, street light, and permanent turnaround improvements in the Proposed Subdivision by Montgomery Bank, a Missouri Non-Fiduciary Trust Company, Formerly known as Montgomery Bank, N.A., 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. - 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, 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. (Continued on following pages) Page 2 of 5 THE AMENDMENT AND RESTATEMENT OF THE RYLAND R. MEYR VOLUNTARY TRUST AGREEMENT OF DECEMBER 29, 2006 J /Ay h( - _ Ryland R. Meyr, Trustee STATE OF MMMTSSOUI : <'�; .-`=:1\ ) f1! ) SS. COUNTY OF GAP�E�GIRARDEAU ) : ! On,this 1 :' �� day of" 1 bry r�, , 20,)y , before me personally appeared Ryland R MeI` t rustee.of the';' fiendment and Restatement of the Ryland R. Meyr Voluntary Trust Agreei e ,<of Decemb0.29, 2006, 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 Trust 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. Angela Hearing Notary Public Signature Notary Public - Notary Seal Scott County, Missouri e Commission # 12463382 Ntvr r� Commission Expires 07/26/2024NotaryublicPrintedName J My Commission Expires: Page 3 of 5 CITY OF CAPE GIRARDEAU, MISSOURI Dr. Kenn'h Haskin, City Manager A TEST: 1.0 �4M �.4�� y� II . 1 ,"J la. g°, �"�w` Wks Printed Name and Title %Q + STATE OF MISSOURI 1�r ) SS. r,P►'' COUNTY OF CAPE GIRARDEAU ) ,. `Y` LA On this Ili Wday ofilti , 20 before me personally appeared Dr. Kenneth Haskin, City Manager o the City of Cape Girardeau, Missouri, a Municipal Corporation organized and existing under the laws of the State of Missouri, known by me to be the person described in and who executed 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 myhand and affixed my official seal in said State and County,the date first above written. alb 1, UliefluWw-- o ary Public Signature \ArscsCATIN 1112N tary Public Printedt.,;\,r\r-)0, ame My Commission Expires: AmL.anda Notary Public-Notary Seal STATE OF MISSOIJ?1 ' Commissioned for Cape Cbrarckau tay Commission Expires;3/3/2N6 ID#1458`193 ...... Page 4 of 5 EXHIBIT A LETTER OF CREDIT (on following page) Page 5 of 5 Montgomery BANK PERFORMANCE GUARANTEE • IRREVOCABLE LETTER OF CREDIT Letter of Credit No. #644 March 21, 2024 FROM: Montgomery Bank, a Missouri Non-fiduciary Trust Company 2027 Broadway Cape Girardeau, MO. 63701 TO: The Amendment and Restatement of The Ryland R. Meyr Voluntary Trust Agreement of December 29, 2006 966 Co Rd 616 Jackson, Mo. 63755 And City of Cape Girardeau, Missouri- Beneficiary City Hall, 401 Independence Street Cape Girardeau, Mo. 63701 We hereby establish our irrevocable letter of credit in your favor in the amount of$145,325.00. This amount is available upon demand and upon the approval of the beneficiary—City of Cape Girardeau, Missouri for the construction of sidewalks, street lights, and permanent turnaround. "Performance Guarantees", this irrevocable letter of credit is being provided by the construction company, The Amendment and Restatement of The Ryland R. Meyr Voluntary Trust Agreement of December 29, 2006., as a guarantee that the actual construction shall be completed on or before March 21, 2026. This irrevocable letter of credit being provided as a performance guarantee and represents the estimated total cost for the construction as estimated by the builders bid sheet, attached exhibit A, and approved by City of Cape Girardeau, Missouri. MONTGOME L BANK, a issouri Non-fiduciary Trust Company BY %� P J-les Li --..h;Community Bank President FDICA Telephone: 1-800-455-2275 E-mail: customerservice@montgomerybank.com EQUAL HOUSING LENDER