COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 041364
Approving the assignment of
certain development rights with respect to the Chambers Lofts Redevelopment
Project by Old Town Redevelopment Corporation to Old Town Partners VI, L.P.;
releasing Old Town Redevelopment Corporation as it relates to those certain
development rights and authorizing execution of an Assignment and Assumption
Agreement with Old Town Redevelopment Corporation and Old Town Partners VI,
L.P. (Case No. 572-S)
WHEREAS, the Old
Town 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 for the Chambers Lofts Redevelopment Project (Development
Plan) which was approved by the City Council by Ordinance No. 020425, passed
April 25, 2002, and said ordinance also authorized a contract between the City
and Old Town Redevelopment Corporation (hereinafter referred to as
Redevelopment Contract); and
WHEREAS, the
Redevelopment Contract, dated May 13, 2002, was executed between the City of
Kansas City, Missouri, and the Old Town Redevelopment Corporation which
Contract was recorded in the Jackson County Department of Records as Document
No. 2002K0031387, on May 21, 2002; and
WHEREAS, the
Development Plan provides for the renovation of the Chambers Building into a total of 50 apartment units; and
WHEREAS, the
Redevelopment Contract provides that no assignment of the rights and
obligations contained therein can be made releasing Old Town Redevelopment
Corporation without the approval of the City; and
WHEREAS, Old
Town Redevelopment Corporation now desires to assign and transfer all its
rights, obligations and interests in the Development Plan in accordance with
the Redevelopment Contract to Old Town Partners VI, 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 Old Town Redevelopment Corporation to Old Town Partners VI,
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:
All that part of
Lots 46 and 47, McGees Addition to Kansas City, a subdivision in Kansas City,
Jackson County, Missouri, being described as follows: Beginning at a point on
the East line of Lot 47, said point being South 00 degrees 04 minutes 8 seconds
West, along said East line, 11.75 feet from the Northeast corner of said Lot
47; thence North 90 degrees 00 minutes 00 seconds West, 77.00 feet, thence
South 00 degrees 04 minutes 08 seconds West, 8.25 feet; thence North 90 degrees
00 minutes 00 seconds West, 38.50 feet to the West line of said Lot 47; thence
North 00 degrees 04 minutes 08 seconds East, along the West line of said Lots
46 and 47, 58.28 feet to the South right-of-way line of 12th Street
as now established; thence South 89 degrees 28 minutes 20 seconds East, along
said South right-of-way line, 115.50 feet to the East line of said Lot 46;
thence South 00 degrees 04 minutes 08 seconds West, along said East line and
the East line of said Lot 47, said Lot also being the West right-of-way line of
Walnut Street, 33.00 feet from and parallel with the centerline thereof, 48.97
to the point of beginning. Subject to easements, restrictions, and covenants
of record.
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 VI, L.P. as the assignee of Old Town
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 Old Town Redevelopment Corporation now
owns or to which in the future Old Town Redevelopment Corporation may become
entitled to and Old Town Partners VI, 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 VI, 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 Chambers
Lofts Redevelopment Project.
Section 4. That Old Town
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. Old Town 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 Old Town Redevelopment Corporation and
Old Town Partners VI, L.P.
Section 6. All
other rights, duties and obligations of Old Town 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:
___________________________________
Heather A. Brown
Assistant City Attorney