HomeMy WebLinkAboutRes.3703.2026-06-01BILL NO. 26-45
RESOLUTION NO. 8�03
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 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 day of llXLL , 2026.
ATTEST:
.� N
&Wkw-�
Courtney Dav's, Deputy City Clerk
PERFORMANCE GUARANTEE AGREEMENT
BALDWIN FARMS SUBDIVISION
SIDEWALKS & PERMANENT TURNAROUND
This Performance Guarantee Agreement, hereinafter referred to as this "Agreement", is
made and entered into this o Ad day of ��� , 2026, by and between THE
AMENDMENT AND RESTATEMENT OF THE RYLAND R. MEYR 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 hereinafter referred to as the "Parties".
WITNESSETH:
WHEREAS,the Developer has submitted to the City,and the City has approved,the record
plat of Baldwin Farms 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 for 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 and permanent
turnaround 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, and the City has approved, improvement plans
for the public sidewalks and permanent turnaround for said Baldwin Farms 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 sidewalks and permanent turnaround for 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 and permanent turnaround for the Subdivision and commits itself for enough
funds to complete said sidewalks and turnaround. Further, the Letter of Credit lists the
Page 1 of 5
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 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 and/or
the permanent turnaround 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
necessary in order to construct the missing sidewalks and/or turnaround. 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 the next page)
Page 2 of 5
DEVELOPER
The Amendment and Restatement of the Ryland
R. Meyr Voluntary Trust Agreement of
December 29, 2006
Ryland R. Meyr, Trustee
STATE OF MISSOURI )
SS.
COUNTY OF CAPE GIRARDEAU )
On this St4r\ day of Me,,, , 2026, before me, a Notary Public in and for
said State, personally appeared Ryland R. Meyr, Trustee of The Amendment and Restatement of
the Ryland R. Meyr Voluntary Trust Agreement of December 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.
c
(Signature)
(P—_�e g. t � r' 1 v\o
My Commission Expires: ANGELA HEURING
Notary Public-Notary Seal
State of Missouri-Scott County
Commission# 12463382
Commission Expires June 26, 2028
Page 3 of 5
CITY
City of Cape Girardeau, ouri
Dr. Ken t askin, City Manager
ATTEST: Pff .j
`4r
(Sign ire) STA ,
(Printed Name and Title) `. ��$®
SS
STATE OF MISSOURI )
SS.
COUNTY OF CAPE GIRARDEAU )
I No
On this day of 4 , 2026, before me, a Notary Public in and for
said state,persona ly appeared r Kenneth Haskin, City Manager of the City of Cape Girardeau,
Missouri, a Municipal Corporatidii 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 for the purposes therein stated.
IN TESTIMONY WHEREOF, I have hereunto set my handnd affixed my official seal in
said State and County, the date first above written.
re)
rinted Name)
My Commission Expires: �I l �/ `-�lJ�
DAL"MCKINN6
4=~ NOTARY PUBLIC•NOTARY S�qL,
hll'COMMISSIONPIR�E3 OU
I
CAPE GIRgRpEAU COUNC��'��
COM;IA►SSION 414A B1
Page 4 of 5
EXHIBIT A
LETTER OF CREDIT
on following page(s)
Page 5 of 5
Montgomery
BANK
DATE: May 4, 2026
FROM: Montgomery Bank, a Missouri Non—Fiduciary Trust Company
2027 Broadway
Cape Girardeau, Missouri 63701
TO: Ryland R. Meyr Voluntary Trust Agreement of December 29, 2006
966 County Road 616
Jackson, MO 63755
AND
City of Cape Girardeau, Missouri—Beneficiary
City Hall, 44 North Lorimier Street
Cape Girardeau, Missouri, 63701
IRREVOCABLE LETTER OF CREDIT#676
We hereby issue this Irrevocable Letter of Credit in your favor up to the aggregate
amount of THREE HUNDRED THIRTY-TWO THOUSAND, TWO HUNDRED THIRTY-
SEVEN AND 40/100 dollars ($332,237.40) available upon your demand and upon the approval
of Beneficiary—City of Cape Girardeau for the cost of constructing the public sidewalks& street
improvements in the Baldwin Farms 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.
Telephone: 1-800-455-2275 • E-mail: customerservice@montgomerybank.com EQUAL HOUSING
LENDER
FINANCIAL INSTITUTION
Montgomery Bank, a Missouri
Non-Fiduciary Trust Company
(Seal)
J" es P. Limbau h
Executive Vice President
Cape Girardeau Regional President
Accepted this day of %r c;- , 2026
CUSTOMER-DEVELOPER
Ryland R. Meyr Voluntary Trust Agreement
of December 29, 2006
By: r
Ryland R. eyr, Trustee of Ryland R. Meyr
Voluntary Trust Agreement of December
29, 2006
Approved pursuant to Council action this I day of , 2026
CITY
City of Cape Girardeau, Missouri
(Seal) '`
Dr. Ke eth skin, City Manager
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
On this oh day of \,Y\,,,, 2026, 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 ,�D
ANGELA HEURING
Notary Public- Notary Seal
Name/My Commission Expires: State of Missouri- Scott County
Commission # 12463382
Commission Expires June 26, 2028
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
On this day of , 2026, before me personally appeared Ryland R. Meyr,
Trustee of Ryland R. Meyr Voluntary Trust Agreement of December 29, 2006, a trust 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
State of Missouri-Scott County
Commission#12463382
Commission Expires June 26, 2028
STATE OF MISSOURI )
ss.
COUNTY OF CAPE GIRARDEAU )
On this 3Nay of M , 2026, 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 G rardeau, 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.
c
Name/My Commission Expires:
AMANDAL.MCKINNEY
NOTARY F•UBuc=N07ARY SEAL
STATE OF MISSOURI
MY COMMISSION EXPIRE 3,2030
CAPE GIRARDEAU COUNT Y
COMMISSION#14588193 ..
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