HomeMy WebLinkAboutRes.3602.04-15-2024 BILL NO. 24-43 RESOLUTION NO. .- (,n (`L2
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE PERFORMANCE GUARANTEE AGREEMENTS WITH
RIVERWEST PARTNERS, L.C. , FOR PUBLIC SIDEWALK
IMPROVEMENTS FOR WALDEN PARK, 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
Performance Guarantee Agreements with RiverWest Partners, L.C. ,
for public sidewalk improvements for Walden Park Phases 4 and 5.
The Agreements shall be in substantially the form attached hereto,
which documents are 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 /51" DAY OF Avii , 2024 .
Stacy Ki —Ce_ , ayor
ATTEST:
gViz4, 1/
Bruce Tayloeputy City Clerk
4114
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PERFORMANCE GUARANTEE AGREEMENT
WALDEN PARK PHASE 4
(SIDEWALKS)
This Performance Guarantee Agreement, hereinafter referred to as this "Agreement", is
made and entered into this 7 day of Apr,L , 20 a q , by and between
RIVERWEST PARTNERS, L.C., a Missouri Limited Liability Company, having its principal
office and place of business at 2832 Walden Boulevard, Cape Girardeau, Missouri, 63701,
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 has submitted to the City, and the City has approved, the
record plat of Walden Park Phase 4, 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 the public sidewalks
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 Walden Park Phase 4, hereinafter referred to as the
"Subdivision".
2. First Missouri State Bank of Cape County, 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
Page 1 of 5
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
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, then 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.
(Continued on following pages)
Page 2 of 5
RIVE'WEST PARTNERS, L.C.
ArZ
Ge d W. Jones
Member
STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
On this /5/1 day of i4€‘ , 20��before me personally appeared
Gerald W. Jones II, Member of RiverWest Partners, L.C., a Missouri Limited Liability
Company, 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
Liability Company 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.
`-')/ff Lfle-4
Notary Public Signature
KATHLEEN M. BOEHME �,h /ere /
NOTARY PUBLIC-NOTARYRY SEAL �fe
STATE OF MISSOURI
COUNTY OF CAPE GIRARDEAU Notary Public Printed Name
COMMISSION#13492939
My Commission Expires:February 10,2025
My Commission Expires:
Page 3 of 5
CITY OF CAPE GIRARDEAU, MISSOURI
Al
.fir. Kenneth Has• n, City Manager
ATTEST: 7.7:14.---� IlEAt,
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ature s h;7 t.�10 1r- j\s`' y
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Printed Name and Ti 1 _
STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
r
On this ( '\ 'ay of ! , 20(>9, before me personally appeared Dr.
Kenneth Haskin, CityManager M the Cityof Cape Girardeau, Missouri, a Municipal
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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 my ha d and affixed my official seal
in said State and County, the date first above written. 1
C. it ' (Od
` 4
Notary Public Signature Well
ilota Public Printed Name rilJ
My Commission Expires: .e a L. T
Notary Public-Notary seal
STATE OF ws so mu
'okcii€:siorzad.for.Cane Girardeau
P ,7 COI .'I:ksia�1 '?t fres:3/3/2026
Page 4 of 5
EXHIBIT A
LETTER OF CREDIT
(on following page)
Page 5 of 5
FIRST
MISSOURI
STATE BANK
DATE: March 15, 2024
FROM: First Missouri State Bank of Cape County
2 S Mt Auburn Rd
Cape Girardeau, MO 63703
TO: Riverwest Partners LC
2832 Walden Blvd
Cape Girardeau, Missouri 63701
AND
City of Cape Girardeau, Missouri— Beneficiary
City Hall, 401 Independence Street
Cape Girardeau, MO 63701
IRREVOCABLE LETTER OF CREDIT#377
We hereby issue this Irrevocable Letter of Credit in your favor up to the aggregate amount of
One Thousand Four Hundred Eighty-Five and 00/100 dollars ($1,485.00) available upon your
demand and upon the approval of Beneficiary—City of Cape Girardeau for the cost of
developing Walden Park Phase 4 Subdivision (Sidewalks) 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
First Missouri State Bank of Cape County
Steve Taylor, President/CEO
2 South Mount Auburn Rd. • Cape Girardeau, Missouri 63703 • 573-334-9000
Member FDIC • First Missouri State Bank of Cape County
FirstMissouri.Bank
PERFORMANCE GUARANTEE AGREEMENT
WALDEN PARK PHASE 5
(SIDEWALKS)
This Performance Guarantee Agreement, hereinafter referred to as this "Agreement", is
made and entered into this `19' day ofr , 20d, , by and between
RIVERWEST PARTNERS, L.C., a Missouri Limited Liability Company, having its principal
office and place of business at 2832 Walden Boulevard, Cape Girardeau, Missouri, 63701,
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 has submitted to the City, and the City has approved, the
record plat of Walden Park Phase 5, 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 the public sidewalks
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 Walden Park Phase 5, hereinafter referred to as the
"Subdivision".
2. First Missouri State Bank of Cape County, 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
Page 1 of 5
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
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, then 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.
(Continued on following pages)
Page 2 of 5
RIVER EST PARTNERS, L.C.
Aei �� I
e ild W. Jones
Member
STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
On this 0-4 day of /4,d1 , 20dq", before me personally appeared
Gerald W. Jones II, Member of RiverWest Partners, L.C., a Missouri Limited Liability
Company, 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
Liability Company 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.
,34
KATHLEEN M. BOEHME Notary Public Signature
NOTARY PUBLIC-NOTARY SEAL / l�'hlam iL%�/l/�j�
STATEEOFOF MISSOURI
COUNTY OF CAPE GIRARDEAU
COMMISSION#13492939 NotaryPublic Printed Name
My Commission Expires:February 10,2025
My Commission Expires:
Page 3 of 5
CITY OF CAPE GIRARDEAU, MISSOURI
Dr. K t Haskin, City Manager
ATTEST: 101.4,•,
AP
Signature sa � `;
tzg
rx4
o.
ruck q 6,-, Depth)' _ kr k �',�® :4
Printed Name and Title tf "., ►`
STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
On this \ ay of (Yid ldi , 2a-1, before me personally appeared Dr.
Kenneth Haskin, City Manager f 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 my hand and affixed my official seal
in said State and County, the date first above written.
AdirA
WA
ft I
Nota '•lic Signature
A(\rCO\CkG.
Notary Public Printed Name
My Commission Expires: A ;ranch L.McKinney - -
Notary Public-Notary Seal
STATE OF MISSOURI
Commissioned for Cape Cirarde?i
My Commission Expire:313/2026
ID#14582,153
Page 4 of 5
EXHIBIT A
LETTER OF CREDIT
(on following page)
Page 5 of 5
FIRST
MISSOURI
STATE BANK
DATE: March 15, 2024
FROM: First Missouri State Bank of Cape County
2 S Mt Auburn Rd
Cape Girardeau, MO 63703
TO: Riverwest Partners LC
2832 Walden Blvd
Cape Girardeau, Missouri 63701
AND
City of Cape Girardeau, Missouri— Beneficiary
City Hall, 401 Independence Street .
Cape Girardeau, MO 63701
IRREVOCABLE LETTER OF CREDIT#382
We hereby issue this Irrevocable Letter of Credit in your favor up to the aggregate amount of
Six Thousand Three Hundred Twenty-Three and 00/100 dollars ($6,323.00) available upon your
demand and upon the approval of Beneficiary—City of Cape Girardeau for the cost of
developing Walden Park Phase 5 Subdivision (Sidewalks) 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
First Missouri State Bank of Cape County
St e Tay or, President/CEO
I
2 South Mount Auburn Rd. • Cape Girardeau, Missouri 63703 • 573-334-9000
Member FDIC • First Missouri State Bank of Cape County
FirstMissouri.Bank
i
RELEASE OF PERFORMANCE GUARANTEE AGREEMENT
WALDEN PARK PHASE 4
(SIDEWALKS)
nn
This Release is made this Ub(14day of , 2026, by 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", to RIVERWEST
PARTNERS, L.C., a Missouri limited liability company, hereinafter referred to as the
"Developer".
WITNESSETH:
WHEREAS, on April 17, 2024, the City and the Developer entered into a Performance
Guarantee Agreement for public sidewalk improvements in the Walden Park Phase 4
subdivision,in the City of Cape Girardeau, Missouri; and
WHEREAS, the City Council of the City of Cape Girardeau, Missouri, has determined
that all of the work covered by the Performance Guarantee Agreement for the public sidewalk
improvements in said subdivision, as set out in the improvement plans and specifications
therefore,has been satisfactorily completed.
NOW, THEREFORE, in consideration of the satisfactory completion of all of the public
sidewalk improvements set forth in the plans and specifications for said subdivision, the City
hereby authorizes the release of the full balance of the secured amount pursuant to the
Performance Guarantee Agreement. Furthermore, the Developer is hereby discharged from any
further obligations to the City under the Performance Guarantee Agreement, which is hereby
canceled and terminated.
(Continued on following page)
1
IN WITNESS WHEREOF, this Release has been executed as of the above date.
CITY OF CAPE GI EAU, MIS OURI
Dr.��,,th askin, City Manager
ATTEST:
(Signature)
0011i4rcy ba vis,, Dep tikq 6c C/e&
(Printed Name and Title)
42
STATE OF MISSOURI )
SS.
COUNTY OF CAPE G!PFEAU )
ON THIS day of , 2026, before me, a Notary Public in and
for said state, personally appeared Dr.Tenneth Haskin, City Manager of 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 said instrument was signed and sealed on behalf of said City
by authority of its City Council, and further acknowledged that he executed said instrument as
the free act and deed of said City for the purposes therein stated.
IN WITNESS WHEREOF, I have hereunto set my hand a d affixed my official seal in
said state and county, the date first above written.
atur'
rinted Name)
My Commission Expires:
AMANDAC11CIINNEY
NOTARY PUBIJC-NOTARY SEAL
`'STATE OF MISSOURI
MY COMMISSION EXPIRES MARCH 3.2030
CAPE GIRARDEAU COUNTY
COMMISSION#14586193
2