ORDINANCE NO. 041039

Approving the assignment of certain development rights with respect to Phase 2B of the Beacon Hill Project by Beacon Hill Redevelopment Corporation to Residences at West Paseo, L.P.; releasing Beacon Hill Redevelopment Corporation as it relates to those certain development rights and authorizing execution of an Assignment and Assumption Agreement with Beacon Hill Redevelopment Corporation, Residences at West Paseo, L.P., and the City of Kansas City, Missouri.

WHEREAS, the Beacon Hill 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. 020442, passed May 23, 2002, and said ordinance also authorized a contract between the City and Beacon Hill Redevelopment Corporation (hereinafter referred to as Redevelopment Contract); and

WHEREAS, the Redevelopment Contract, dated July 23, 2002, was executed between the City of Kansas City, Missouri, and the Beacon Hill Redevelopment Corporation which Contract was recorded in the Jackson County Department of Records as Document No. 2004K0055517, on August 17, 2004; and

WHEREAS, the Development Plan includes six phases: Phase 2B provides for the rehabilitation of the Robinson Hospital; and

WHEREAS, the Housing and Economic Development Financial Corporation (HEDFC) is the current owner of a portion of the property located within the redevelopment area and Residences at West Paseo, L.P., desires to acquire the property from HEDFC to develop a forty-six unit, independent living, senior apartment building; and

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

WHEREAS, Beacon Hill Redevelopment Corporation now desires to assign and transfer its rights, obligations and interests in Phase 2B of the Development Plan in accordance with the Redevelopment Contract to Residences at West Paseo, 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 Beacon Hill Redevelopment Corporation to Residences at West Paseo, L.P. of all of its rights, title, obligations and interest in and to Phase 2B of the Development Plan and in accordance with the Redevelopment Contract as it affects all of the

property located in Phase 2B legally described as:

All of Lots 1 to 8, inclusive, in Block 4, of Porter Park, a subdivision in Kansas City, Jackson County, Missouri, according to the recorded plat thereof; also all of the vacated tract of land fifteen and seven-tenths in width East of and adjoining said lots in Block 4; also part of the Southeast 1/4 of the Southwest 1/4 of Section 9, Township 49, Range 33, particularly described as follows: Beginning at the intersection of the East line of the vacated tract of land referred to above and the Easterly prolongation of the South line of Lot 8 Block 4 Porter Park, thence North along the East line of said vacated tract to the Easterly prolongation of the North line of Block 4 in Porter Park; thence East 128 feet to the Westerly line of the Paseo extension as established by Ordinance 15234; thence South along the West line of said Paseo extension to the Easterly prolongation of the South line of Lot 8 Block 4 Porter Park, being 128 feet East to the West line of said 1/4 1/4 section, thence West 128 feet to the point of beginning (except that part of said tract now a part of the Paseo as established by Ordinance No. 13067 and 15234.)

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 Residences at West Paseo, L.P. as the assignee of Beacon Hill 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 for Phase 2B which Beacon Hill Redevelopment Corporation now owns or to which in the future Beacon Hill Redevelopment Corporation may become entitled to with respect to Phase 2B. Residences at West Paseo, 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 as to Phase 2B shall be vested in Residences at West Paseo, 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 for Phase 2B.

Section 4. That Beacon Hill Redevelopment Corporation is hereby released and discharged of its rights and obligations with respect to Phase 2B 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. Beacon Hill 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 Beacon Hill Redevelopment Corporation and Residences at West Paseo, L.P.

Section 6. All other rights, duties and obligations of Beacon Hill 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