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.

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Approved as to form and legality:

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Heather A. Brown

Assistant City Attorney