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Legislation #: 061338 Introduction Date: 11/30/2006
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER XBARNES
Title: Approving the assignment of certain development rights with respect to the Lofts @ 917 (Sosland Building) Redevelopment Project by the Finance Building Redevelopment Corporation to Old Town Partners IX, 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 IX, 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 Immediate Adoption
12/14/2006 Councilmember Fairfield Move to Amend
12/14/2006 Adopted as Amended

View Attachments
FileTypeSizeDescription
061337.38c.pdf Exhibit 299K assignment and assumption agreement
061338.pdf Authenticated 165K Authenticated
C000607_FactSheet_Assignment_12_06_06.doc Fact Sheet 51K fact sheet

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ORDINANCE NO. 061338, AS AMENDED

 

Approving the assignment of certain development rights with respect to the Lofts @ 917 (Sosland Building) Redevelopment Project by the Finance Building Redevelopment Corporation to Old Town Partners IX, 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 IX, 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. 040171, 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. 2004K0042653, on June 28, 2004; and

 

WHEREAS, the Development Plan provides for the renovation of the Sosland Building (Lofts @ 917) into a total of 39 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 IX, 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 IX, 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 14, 15 and 16, inclusive, Block 2, ASHBURNS ADDITION, a subdivision in Kansas City, Jackson County, Missouri.

 

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 IX, 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 IX, 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 IX, 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