HomeMy WebLinkAboutR-2017-005 Escrow Agreement Gatewoods Riverside RESOLUTION R-2017-005
A RESOLUTION APPROVING AN ESCROW AGREEMENT BETWEEN THE CITY AND
GATEWOODS RIVERSIDE, LLC
BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF RIVERSIDE,
MISSOURI AS FOLLOWS
THAT the Escrow Agreement between the City and Gatewoods Riverside, LLC, in
substantially the same form as attached hereto and incorporated herein by reference, is hereby
accepted and approved, and the Mayor is authorized to sign the same on behalf of the City; and
FURTHER THAT the Mayor, the City Administrator, and other appropriate City officials
are hereby authorized to take any and all actions as may be deemed necessary or convenient
to carry out and comply with the intent of this Resolution and to execute and deliver for and on
behalf of the City all certificates, instruments, agreements and other documents, as may be
necessary or convenient to perform all matters herein authorized.
PASSED AND ADOPTED by the Board of Aldermen the 17th day of January, 2017.
eihleen L. Rose, Mayor
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AIWFST:.
Rogir'iKincaid, i y.Clerk
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ESCROW AGREEMENT
This Escrow Agreement ("Agreement") is entered into effective the ZS day of
4�2017 (the "Effective Date"), by and between the City of Riverside, Missouri, a city
and pofflical subdivision duly organized and existing under the laws of the State of Missouri (the
"City") and Gatewoods Riverside, LLC, a Missouri limited liability company ("Gatewoods").
RECITALS:
1. Gatewoods has filed a Major Subdivision Final Plat for Gatewoods Fourth Plat
(the"Plat")with the City and requested the City to approve the Plat and release it for recording.
2. The City has approved the Plat and the Plat is ready for recording however and
the City has refused to release the Plat for recording until one issue concerning ponding of water
at the intersection of to-be-platted NW 50'h Terrace and to-be-platted NW Timberline Drive is
remedied.
3. Gatewoods agrees to take the appropriate steps to remedy the ponding of water in
front of the ADA Crosswalk at the intersection of to-be-platted NW 50th Terrace and to-be-
platted NW Timberline Drive, which action may be referred to herein as the"Work".
4. As security for performance of the Work, Gatewoods shall deposit with City
TWENTY THOUSAND DOLLARS ($20,000.00) (the "Deposit") to be held by the City as
security and to be used by the City to pay for the cost of the Work if the Work is not completed
by Gatewoods on or before June 1, 2017.
5. Gatewoods and City agree to utilize the Deposit upon the terms set forth herein.
AGREEMENTS:
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, City and Gatewoods agree as follows:
1. Gatewoods will deposit (or will cause to be deposited) the Deposit with the City.
2. The City shall, within two (2) business days after delivery of the Deposit, issue a
certificate of final acceptance regarding the Plat's public improvements. The City shall, within
two (2) business days after issuance of the certificate of final acceptance, execute the Plat (if it
has not already done so) and release the Plat to Gatewoods for recording in Platte County,
Missouri, provided however, as a condition precedent to the release of the Plat, the City has
received a maintenance bond from Kansas City Asphalt Paving, LLC for the asphalt work that it
constructed and the curb work that it caused to be constructed, in a form and amount acceptable
to the City Attorney in his sole discretion.
3. On or prior to June 1, 2017, Gatewoods shall complete the Work. Upon
completion of the Work,Gatewoods shall request the return of the Deposit.
(32601/68154;739922. } 1
4. The City shall within five (5) business days of Gatewood's request for the
Deposit, inspect the Work to determine if it is otherwise satisfactory to the City. If the City
determines the Work has been satisfactorily completed, the City shall return the Deposit to
Gatewoods within five (5) days of the City's inspection of the Work. If the City determines the
Work has not been satisfactorily completed, the City shall notify Gatewoods of the additional
requirements to complete the Work (which requirements may not be different from any existing
City building code requirements) and Gatewoods shall promptly commence such cure to
complete the Work. The City shall then re-inspect and if the Work is then deemed complete,
release the Deposit to Gatewoods or otherwise advise Gatewoods of any deficiencies in the
Work. If the City determines the Work has not been satisfactorily completed prior to June I,
2017,then as of June 2, 2017 the City may complete the Work itself and shall be entitled to draw
from the Deposit the reasonable cost of such Work. The City shall be required to bid the Work
as it would other public works contracts. If the City bids the Work, and completes the Work, the
City shall supply Gatewoods with an accounting of all costs incurred by the City for the Work.
Any portion of the Deposit not used by the City to complete the Work, shall be returned to
Gatewoods and in all events, any portion of the Deposit r marring in possession of the City
twelve(12) months after the date hereof shall be disbursed by the City to Gatewoods.
5. Should any controversy arise between or among Gatewood's and City with
respect to the Deposit, or any part thereof, or the right of any party or other person to receive the
Deposit, then the City may withhold delivery of the Deposit until the controversy is resolved, the
conflicting demands are withdrawn, or its doubt is resolved, or the City or Gatewoods may
institute a bill of interpleader in any court of competent juris iction to determine the rights of the
parties hereto. The right of Gatewoods to institute such a bill of interpleader shall not, however,
be deemed to modify the manner in which City is entitled to make disbursements of the Deposit
as hereinabove set forth other than to require the City to tender the Deposit into the registry of
such court. The City agrees it will tender the Deposit to such Court if Gatewoods files an
interpleader action.
6. This Agreement contains the entire agreement between the parties relating to the
matters covered hereby. Any oral representations or modifications concerning this Agreement
shall be of no force and effect.
7. This instrument shall bind and inure to the benefit of the respective parties, their
personal representatives, successors and assigns.
8. This Agreement shall be governed by, and construed and interpreted in
accordance with, the laws of the State of Missouri, including all applicable federal law, from
time to time in force in the State of Missouri.
9. If any one or more of the provisions of this Agreement is declared or adjudged by
any court of competent jurisdiction to be unenforceable or unlawful, then each such
unenforceable or unlawful provision shall be deemed excised herefrom, and the remainder of the
Agreement, together with all rights and remedies granted thereby, shall continue and remain in
full force and effect.
132601 /68154;739922, 1 2
10. This Agreement may be executed in several counterparts, and by the parties
hereto on separate counterparts, and each counterpart, when so executed and delivered, shall
constitute an original agreement, and all such separate counterparts shall constitute but one and
the same agreement.
[Signature Page Follows]
132601 /68154;739922, I 3
Executed effective the date first set forth above.
CITY:
The City of Riverside, Missouri,
a zunipa], corporation.
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Print Name: ka I., 1 . Se�
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GATEWOODS:
Gatewoods Riverside, LLC
By:
Name: Brian Mertz
Title: Member
(32601/68154;739922. } 4
City of Riverside, Missouri
Certificate of Final Acceptance
For Public Infrastructure Improvements
Project:Gatewoods 4'"Plat,a subdivision in Riverside.Platte County,Missouri
Date of Issuance: January26.2017
All requirements for Final Acceptance for the Project's public infrastructure improvements have been met,
or sufficient security deposited for the same,as of the Date of Issuance.
The City will re-inspect the Project prior to the expiration of the maintenance bond(s).The City shall send
written notification to the respective contractor listing any defects discovered as a result of this inspection.
Contractor shall have the opportunity to immediately correct any defects at his expense,otherwise the City
shall make a claim against the maintenance bond(s)prior to its(their)expiration to finance the correction of
said defects. �yc�
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City Engineer
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Western Surety Company
MAINTENANCE BOND
Bond Number: 71670664
KNOW ALL PERSONS BY THESE PRESENTS, That we Kansas City Asphalt & Paving, LLC
Of
40 S. Whitney, Kansas City, MO 64119 , hereinafter
referred to as the Principal, and Western surety company
as Surety, are held and firmly bound untocity of Riverside
of % City Clerk, 2950 N.W. Vivian, Riverside, MO 64150 , hereinafter
referred to as the Obligee, in the sum of Fi ghty-Two Thousand Five Hundred and 00/100
Dollars (s 62,500.00 ), for the payment of which we bind ourselves, our legal representatives, successors
and assigns, jointly and severally, firmly by these presents.
WHEREAS, the said Principal entered into a contract with the City of Riverside
dated
, for Gatewoods 4th Plat, A Subdivision in
Riverside, Platte County, Mo Asphalt Paving and Concrete Curbs Only
WHEREAS, said contract provides that the Principal will furnish a bond conditioned to guarantee for the period of
Two ( 2 )year(s)after approval of the final estimate on said job, by the owner, against all defects in
workmanship and materials which may become apparent during said period, and
WHEREAS, the said contract has been completed, and was approved on January 30 2017
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH that, if the Principal shall indemnify the
Obligee for all loss that the Obligee may sustain by reason of any defective materials or workmanship which
become apparent during the period of Two ( 2 )year(s)from and after January 30, 2017
then this obligation shall be void, otherwise to remain in full force and effect.
SIGNED, SEALED AND DATED this 30th day of January 2017
Kansas City As halt & Paving, LLC
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By (Seal)
Western Surety Company
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By1 (Seal)
Marc A b
ego Attorney-in-Fact
�pAPOAATE
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Western Surety Company
POWER OF ATTORNEY-CERTIFIED COPT'
Bond No. 71870664
Know All Men By These Presents,that WESTERN SURETY COMPANY,a corporation duly organized and existing under the laws
of the State of South Dakota,and having its principal office in Sioux Falls,South Dakota(the"Company'),does by these presents make,
constitute and appoint Marc A Grego
its true and lawful attorney(s)-in-fact,with full power and authority hereby conferred,to execute,acknowledge and deliver for and on its
behalf as Surety,bonds for:
Principal: Kansas City Asphalt S Paving, LLC
Obligee: City of Riverside
Amount: $1,000,000.00
and to bind the Company thereby as fully and to the same extent as if such bonds were signed by the Senior Vice President,sealed with
the corporate seal of the Company and duly attested by its Secretary,hereby ratifying and confirming all that the said attomey(s)-in-fact
may do within the above stated limitations. Said appointment is made under and by authority of the following bylaw of Western Surety
Company which remains in full force and effect.
"Section 7. All bonds, policies, undertakings, Powers of Attorney or other obligations of the corporation shall be executed in the
corporate name of the Company by the President, Secretary,any Assistant Secretary,Treasurer,or any Vice President or by such other
officers as the Board of Directors may authorize. The President,any Vice President,Secretary,any Assistant Secretary,or the Treasurer
may appoint Attorneys in Fact or agents who shall have authority to issue bonds,policies,or undertakings in the name of the Company.
The corporate seal is not necessary for the validity of any bonds, policies,undertakings,Powers of Attorney or other obligations of the
corporation. The signature of any such officer and the corporate seal may be printed by facsimile."
All authority hereby conferred shall expire and terminate,without notice,unless used before midnight of JanuarV 30
2019 ,but until such time shall be irrevocable and in full force and effect.
I '�6 t"mo(s
a. f8 Western Surety Company bas caused these presents to be signed by its Vice President,Paul T.Bruflat,and its
cornp}�1,e:6sal tU•b,; this 30th day of JanuarV 2019 -
_r,f3,tR_ '�.�.'y
Sys .. S 2'.,sen
WEST R SURE COMPANY
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�SOVCPaul . dlat,Vice President
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COUN4WIlu
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On this day of January ,in the year 2017 ,before me,a notary public,personally appeared
Paul T. Bruflat, who being to me duly sworn, acknowledged that he signed the above Power of Attorney as the aforesaid officer of
WESTERN SURETY COMPANY and acknowledged said instrument to be the voluntary act and deed of said corporation.
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NOTARY PUBLIC U Notary Public-South Dakota
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My Commission Expires June 23, 2021
I the undersigned officer of Western Surety Company, a stock corporation of the State of South Dakota,do hereby certify that the
attached Power of Attorney is in full force and effect and is irrevocable,and furthermore,that Section 7 of the bylaws of the Company as
set forth in the Power of Attorney is now in force.
In testimony whereof,I have hereunto set my hand and seal of Western Surety Company this 30th day of
January 2017 .
WEST R SURE COMPANY
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Paul T.fruflat,Vice President
To validate bond authenticity,go to www.enasurety.com >Owner/Obligee Services>Validate Bond Coverage.
Form F5306-1-2016