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Legislation #: 061337 Introduction Date: 11/30/2006
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER XBARNES
Title: Approving the assignment of certain development rights with respect to the Waltower Lofts Redevelopment Project by the Finance Building Redevelopment Corporation to Old Town Partners X, 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 Redevelopment Corporation and Old Town Partners X, L.P.

Legislation History
DateMinutesDescription
11/29/2006 Filed by the Clerk's office
11/30/2006 Referred to Planning, Zoning & Economic Development Committee
12/13/2006 Advance and Do Pass, Debate
12/14/2006 Passed

View Attachments
FileTypeSizeDescription
061337.38c.pdf Exhibit 299K assignment and assumption agreement
061337.pdf Authenticated 124K Authenticated
C000608_FactSheet_Assignment_12_06_06.doc Fact Sheet 51K fact sheet

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ORDINANCE NO. 061337

 

Approving the assignment of certain development rights with respect to the Waltower Lofts Redevelopment Project by the Finance Building Redevelopment Corporation to Old Town Partners X, 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 Redevelopment Corporation and Old Town Partners X, L.P.

 

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 Committee Substitute for Ordinance No. 040172, passed February 26, 2004, (the Development Plan) and said ordinance also authorized a contract between the City and the Finance Building Redevelopment Corporation (hereinafter referred to as Redevelopment Contract); and

 

WHEREAS, the Redevelopment Contract, dated April 21, 2004, 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. 2004K0026856, on April 26, 2004; and

 

WHEREAS, the Development Plan provides for the renovation of the Waltower Building into a total of 53 affordable apartment units; and

 

WHEREAS, the Redevelopment Contract provides that no assignment of the rights and obligations contained therein can be made releasing the Finance Building Redevelopment Corporation without the approval of the City; and

 

WHEREAS, the Finance Building Redevelopment Corporation now desires to assign and transfer its rights, obligations and interests in the Development Plan in accordance with the Redevelopment Contract to Old Town Partners X, 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 the Finance Building Redevelopment Corporation to Old Town Partners X, L.P. of all of its rights, title, obligations and interest in the Development Plan and in accordance with the Redevelopment Contract as it affects all of the property legally described as:

 

Lots 90 and 91, except the parts of said lots in Walnut Street, ROSS & SCARRITTS ADDITION, a subdivision in Kansas City, Jackson County, Missouri, and the West of the vacated alley lying East of and adjoining said lots

 

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 X, L.P. as the assignee of the 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 the Finance Building Redevelopment Corporation now owns or to which in the future the Finance Building Corporation may become entitled.

 

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 X, 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 the Finance Company Redevelopment Corporation is hereby released and discharged of its rights and obligations of 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. The Finance Building 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 Corporation and Old Town Partners X, L.P.

Section 6. All other rights, duties and obligations of the Finance Building 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