ORDINANCE NO. 041367
Approving the assignment of
certain development rights with respect to the Finance Building Redevelopment
Project by Finance Building Redevelopment Corporation to Old Town Partners
VIII, L.P.; releasing Finance Building Redevelopment Corporation as it relates
to those certain development rights; and authorizing execution of an Assignment
and Assumption Agreement with Finance Building Corporation and Old Town
Partners VIII, L.P. (Case No. 587-S)
WHEREAS, the Finance
Building Redevelopment Corporation, an urban redevelopment corporation of
Missouri, organized under and pursuant to the Urban Redevelopment Corporation
Act of 1945, as amended, did file with the City Clerk an application for
approval of the Development Plan which was approved by the City Council by
Ordinance No. 030488, as amended, passed April 24, 2003, and said ordinance
also authorized a contract between the City and Finance Building Redevelopment
Corporation (hereinafter referred to as Redevelopment Contract); and
WHEREAS, the
Redevelopment Contract, dated June 23, 2003, was executed between the City of
Kansas City, Missouri, and the Finance Building Redevelopment Corporation which
Contract was recorded in the Jackson County Department of Records as Document
No. 2003K0056989, on July 28, 2003; and
WHEREAS, the
Development Plan provides for the renovation of the Finance Building into a total of 32 loft affordable apartments; and
WHEREAS, the
Redevelopment Contract provides that no assignment of the rights and
obligations contained therein can be made releasing Finance Building
Redevelopment Corporation without the approval of the City; and
WHEREAS, Finance
Building Redevelopment Corporation now desires to assign and transfer all of
its rights, obligations and interests in the Development Plan in accordance
with the Redevelopment Contract to Old Town Partners VIII, L.P., pursuant to an
Assignment and Assumption Agreement for Chapter 353 Development Rights and
Obligations; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the assignment of Finance Building Redevelopment Corporation to Old Town
Partners VIII, L.P. of all of its rights, title, obligations and interest in
and to the Development Plan and in accordance with the Redevelopment Contract
as it affects all of the property legally described as:
TRACT I: Unit 4W,
THE FINANCE BUILDING, a condominium subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof, as filed November 5, 1979,
under Document No. K-427344 In Plat Book 35, at Page 13, along with the
Declaration or Condominium property recorded November 5, 1979, under Document
No. K-427345 in Book K-969 at page 2113, together with an undivided 5.7363
percentage interest in the common area described in said Declaration.
TRACT II: Unit 3,
THE FINANCE BUILDING, a condominium subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof, as filed November 5, 1979,
under Document No. K-427344, in Plat Book 35, at Page 13, along with the
Declaration of Condominium property recorded November 5, 1979, under Document
No. K-427345 in Book K-969 at Page 2113, together with an undivided 11.4726
percentage interest in the common area described in said Declaration.
TRACT III: Unit B,
THE FINANCE BUILDING, a condominium subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof, as filed November 5, 1979, under
Document No. K-427344, in Plat Book 35, at page 13, along with the Declaration
of Condominium property recorded November 5, 1979, under Document No. K-427345
in Book K-969 at Page 2113, together with an undivided 6.8044 percentage
interest in the common area described in said Declaration.
TRACT IV: Unit 1,
THE FINANCE BUILDING, a condominium subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof, as filed November 5, 1979,
under Document No. K-427344, in Plat Book 35 at Page 13, along with the
Declaration of Condominium property recorded November 5, 1979, under Document
No. K-427345 in Book K-969 at page 2113, together with an undivided 12.8874
percentage interest in the common area described in said Declaration.
TRACT V: Unit 2,
THE FINANCE BUILDING, a condominium subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof, as filed November 5, 1979,
under document No. K-427344, in Plat Book 35, at Page 13, along with the Declaration
of Condominium property recorded November 5, 1979, under Document No. K-427345
in Book K-969 at page 2113, together with an undivided 11.4726 percentage
interest in the common area described in said Declaration.
TRACT VI: Unit 4E,
THE FINANCE BUILDING, a condominium subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof, as filed November 5, 1979,
under Document No. K-427344, in Plat Book 35, at Page 13, along with the
Declaration of Condominium property recorded November 5, 1979, under Document
No. K-427345 in Book K-969 at Page 2113, together with an undivided 5.7363
percentage interest in the common area described in said Declaration.
TRACT VII: Unit 6,
THE FINANCE BUILDING, a condominium subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof, as filed November 5, 1979,
under Document No. K-427344, in Plat Book 35, at Page 13, along with the
Declaration of Condominium property recorded November 5, 1979, under Document
No. K-427345 in Book K-969 at Page 2113, together with an undivided 11.4726
percentage interest in the common area described in said Declaration.
TRACT VIII: Unit 7,
THE FINANCE BUILDING, a condominium subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof, as filed November 5, 1979,
under Document No. K-427344, in Plat Book 35, at Page 13, along with the
Declaration of Condominium property recorded November 5, 1979, under Document
No. K-427345 in Book K-969 at Page 2113, together with an undivided 11.4726
percentage interest in the common area described in said Declaration. Unit 7,
THE FINANCE BUILDING, a condominium subdivision in Kansas City, Jackson County
Missouri, according to the recorded plat thereof, as filed November 5, 1979,
under Document No. K-427344, in Plat Book 35, at page 13, along with the
Declaration of Condominium property recorded November 5, 1979, under Document
No. K-427345 in Book K-969 at page 2113, together with an undivided 5.7363
percentage interest in the common area described in said Declaration.
TRACT IX: Unit 8,
THE FINANCE BUILDING, a condominium subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof, as filed November 5, 1979,
under Document No. K-427344, in Plat Book 35, at page 13, along with the
Declaration of Condominium property recorded November 5, 1979, under Document
No. K-427345 in Book K-969 at page 2113, together with an undivided 11.4726
percentage interest in the common area described in said Declaration.
TRACT X: Unit 5,
THE FINANCE BUILDING, a condominium subdivision in Kansas City, Jackson County,
Missouri, according to the recorded plat thereof, as filed November 5, 1979,
under Document No. K-427344, in Plat Book 35, at page 13, along with the Declaration
of Condominium property recorded November 5, 1979, under Document No. K-427345
in Book K-969 at Page 2113, together with an undivided 11.4726 percentage
interest in the common area described in said Declaration.
is hereby approved. A copy of said Assignment and
Assumption Agreement is attached hereto and incorporated herein by reference.
Section 2. The City accepts and
acknowledges Old Town Partners VIII, L.P. as the assignee of Finance Building
Redevelopment Corporation'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
and the Redevelopment Contract which Finance Building Redevelopment Corporation
now owns or to which in the future Finance Building Redevelopment Corporation
may become entitled to and Old Town Partners VIII, L.P. shall have no
obligation as to any phase not assigned.
Section 3. For and with respect
to the Development Plan and Redevelopment Contract, the full rights with
respect thereto shall be vested in Old Town Partners VIII, L.P., 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 Project.
Section 4. That Finance Building
Redevelopment Corporation is hereby released and discharged of its rights and
obligations with respect to the Development Plan and under the Redevelopment
Contract, for the property legally described above in Section 1, accruing after
the effective date of this ordinance. Finance Building Redevelopment
Corporation 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 the Finance Building Redevelopment
Corporation and Old Town Partners VIII, L.P.
Section 6. All
other rights, duties and obligations of Finance Building Redevelopment
Corporation, not affected by the Assignment and Assumption Agreement, shall
remain in full force and effect.
_____________________________________________
Approved as to
form and legality:
___________________________________
Heather A. Brown
Assistant City Attorney