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Legislation #: 041364 Introduction Date: 12/9/2004
Type: Ordinance Effective Date: none
Sponsor: None
Title: 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)

Legislation History
DateMinutesDescription
12/7/2004 Filed by the Clerk's office
12/9/2004 Referred to Planning, Zoning & Economic Development Committee
12/15/2004 Advance and Do Pass as a Committee Substitute, Debate
12/16/2004 Passed as Substituted

View Attachments
FileTypeSizeDescription
041364.pdf Authenticated 146K Authenticated
C000572S_FactSheet_Assignment_12_02_04.doc Fact Sheet 57K Fact Sheet

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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.

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney