COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 041379

Approving the assignment of certain development rights with respect to Phase 1 of the Bedrock Redevelopment Project (formerly Wyndham Gardens Hotel-Plaza) by Grubarges-Kansas City, L.L.C. to Main Street Partners Redevelopment Corporation; releasing Grubarges-Kansas City, L.L.C. as it relates to those certain development rights and authorizing execution of an Assignment and Assumption Agreement with Grubarges-Kansas City, L.L.C. and Main Street Partners Redevelopment Corporation.

WHEREAS, the Bedrock Partners Redevelopment Corporation, an urban redevelopment corporation of Missouri, organized under and pursuant to the Urban Redevelopment Corporation Act of 1945, as amended (Bedrock), did file with the City Clerk an application for approval of the Development Plan (the Development Plan) which was approved by the City Council by Ordinance No. 951707, passed January 18, 1996, and a redevelopment contract was executed on December 4, 1996, between the City and Bedrock (the Contract); and

WHEREAS, Bedrock did file a First Amendment to the Development Plan which was approved by the City Council by Committee Substitute for Ordinance No. 961427 (the First Amended Plan), passed December 5, 1996, and the First Amendment to the Redevelopment Contract was executed on December 30, 1996 (the First Amended Contract) (the Contract as amended by the First Amended Contract shall hereinafter be referred to as the Redevelopment Contract); and

WHEREAS, Bedrock Partners did assign and transfer certain development rights with respect to Phase 2 of the Development Plan to the K.C. Homestead Village Redevelopment Corporation, an urban redevelopment corporation of Missouri, organized under and pursuant to the Urban Redevelopment Corporation Act of 1945, as amended, and said assignment was approved by the City Council by Committee Substitute for Ordinance No. 961427, passed on December 5, 1996; and

WHEREAS, on April 15, 1999, the Council passed Resolution No. 990500 authorizing the Director of the Department of City Development to issue a Certificate of Completion to the K.C. Homestead Village Redevelopment Corporation pursuant to the terms and conditions of the Development Plan and Redevelopment Contract and pursuant to Section 74-17(d), Code of Ordinances of the City of Kansas City, Missouri, for Phase 2 of the Bedrock Redevelopment Project and the Certificate of Completion was issued on April 15, 1999; and

WHEREAS, on July 8, 1999, the Council passed Resolution No. 990883 authorizing the Director of the Department of City Development to issue a Certificate of Completion to Bedrock pursuant to the terms and conditions of the Development Plan, as amended, the Redevelopment Contract and pursuant to Section 74-17(d), Code of Ordinances of the City of Kansas City, Missouri, for Phase 1 of the Bedrock Redevelopment Project and the Certificate of Completion was issued on August 24, 1999; and

WHEREAS, Bedrock did assign and transfer certain development rights with respect to Phase 1 of the Development Plan and the Redevelopment Contract to the Grubarges-Kansas City, L.L.C., and said assignment was approved by the City Council by Committee Substitute for Ordinance No. 001217, passed on October 26, 2000; and

WHEREAS, Grubarges-Kansas City, L.L.C. provided notice to the City that Phase 1 of the Bedrock Redevelopment Project had been sold and transferred by Grubarges-Kansas City, L.L.C., to Main Street Partners Redevelopment Corporation, and that Grubarges-Kansas City, L.L.C. desired to assign and transfer its rights and obligations under the Development Plan, as amended and the Redevelopment Contract to Main Street Partners Redevelopment Corporation, pursuant to an Assignment and Release Agreement dated December 15, 2004; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the assignment of Grubarges-Kansas City, L.L.C. to Main Street Partners Redevelopment Corporation, of all of its rights, title, obligations and interest under the Redevelopment Contract as it affects certain property legally described as:

Tract 1, Plaza Inn, a subdivision lying within Kansas City, Jackson County, Missouri, as shown by the plat recorded February 1, 1996, as Document No. K-0004367.

is hereby approved. A copy of said Assignment and Release Agreement dated December 15, 2004, is attached hereto and incorporated herein by reference.

Section 2. The City accepts and acknowledges Main Street Partners Redevelopment Corporation as the assignee of Grubarges-Kansas City, L.L.C.'s rights, title and interest in and to any and all governmental approvals and development rights, redevelopment rights, certificates of necessity, rights under any condemnation proceedings, tax abatements, development plans and any and all rights under the Development Plan, the First Amended Plan and the Redevelopment Contract which Grubarges-Kansas City, L.L.C. now owns or to which in the future Grubarges-Kansas City, L.L.C. may become entitled to.

Section 3. For and with respect to the Development Plan, the First Amended Plan and the Redevelopment Contract, the full rights with respect thereto shall be vested in Main Street Partners Redevelopment Corporation, including the rights to further amend the Development Plan and enter into any supplementary contracts to the Redevelopment Contract for and with respect to the Redevelopment Area.

Section 4. That Grubarges-Kansas City, L.L.C. is hereby released and discharged of its rights and obligations with respect to the Redevelopment Contract, for the property legally described above in Section 1, accruing after the effective date of this ordinance. Grubarges-Kansas City, L.L.C. is not released from any liability for actions prior to the effective date of this ordinance.

Section 5. That the Director of Finance is hereby authorized to execute the Assignment and Assumption Agreement, attached hereto, with Grubarges-Kansas City, L.L.C. and Main Street Partners Redevelopment Corporation.

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Approved as to form and legality:

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Heather A. Brown

Assistant City Attorney