KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 121008 Introduction Date: 12/6/2012
Type: Ordinance Effective Date: 12/23/2012
Sponsor: None
Title: Approving the assignment of certain development rights with respect to the Library Lofts East Building of the Library Lofts Redevelopment Project, by and among the Old Town Redevelopment Corporation, Library Lofts East, LLC, and SIR Library Lofts, LLC; releasing Old Town Redevelopment Corporation and Library Lofts East, LLC, as it relates to certain development rights; and authorizing execution of an Assignment and Assumption Agreement among Old Town Redevelopment Corporation, Library Lofts East, LLC, SIR Library Lofts, LLC, and the City of Kansas City, Missouri. (567-S)

Legislation History
DateMinutesDescription
11/30/2012 Filed by the Clerk's office
12/6/2012 Referred to Planning, Zoning & Economic Development Committee
12/12/2012 Advance and Do Pass, Debate
12/13/2012 Passed

View Attachments
FileTypeSizeDescription
121008.pdf Authenticated 68K AUTHENTICATED
121008 Fact Sheet.doc Fact Sheet 54K Fact Sheet
C000567S1_STAFFRPT_11_20_12.doc Staff Report 606K staff report

Printer Friendly Version

ORDINANCE NO. 121008

Approving the assignment of certain development rights with respect to the Library Lofts East Building of the Library Lofts Redevelopment Project, by and among the Old Town Redevelopment Corporation, Library Lofts East, LLC, and SIR Library Lofts, LLC; releasing Old Town Redevelopment Corporation and Library Lofts East, LLC, as it relates to certain development rights; and authorizing execution of an Assignment and Assumption Agreement among Old Town Redevelopment Corporation, Library Lofts East, LLC, SIR Library Lofts, LLC, and the City of Kansas City, Missouri. (567-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 which was approved by the City Council by Ordinance No. 011660, passed December 13, 2001, (the “Development Plan”) and said ordinance also authorized a contract between the City and the Old Town Redevelopment Corporation (hereinafter referred to as “Redevelopment Contract”); and

WHEREAS, the Redevelopment Contract, dated January 17, 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. 2002K0013720; and

WHEREAS, the Development Plan includes the redevelopment and rehabilitation of the Library Lofts East Building into 118 loft apartments and 1st and 2nd Floor commercial/tenant space (the "Library Lofts East Project"); and

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

WHEREAS, Library Lofts East, LLC is the current owner of the Library Lofts East Building; and

WHEREAS, Old Town Redevelopment Corporation and Library Lofts East, LLC now desire to assign and transfer all of the rights, obligations and interests in the Development Plan as it relates to the Library Lofts East Building in accordance with the Redevelopment Contract to SIR Library Lofts, LLC, pursuant to an Assignment and Assumption Agreement; NOW, THEREFORE,

 BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the assignment of the Old Town Redevelopment Corporation and Library Lofts East, LLC to SIR Library Lofts, LLC of all of the rights, title, obligations and interest in the Development Plan and in accordance with the Redevelopment Contract as it relates to the Library Lofts East Building and affects all of the property legally described as:

 All of Lots 6, 7, 8, 9 and 10, Block 11, Ashburn's Addition, a subdivision of land in Kansas City, Jackson County, Missouri

is hereby approved.

Section 2. That the City accepts and acknowledges SIR Library Lofts, LLC as the assignee of the Old Town Redevelopment Corporation and Library Lofts East, LLC'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 relating to the Library Lofts East Building which the Old Town Redevelopment Corporation and Library Lofts East, LLC now own or to which in the future the Old Town Redevelopment Corporation and Library Lofts East, LLC may become entitled.

Section 3. That for and with respect to the Development Plan and Redevelopment Contract as it relates to the Library Lofts East Building, the full rights with respect thereto shall be vested in SIR Library Lofts, LLC, 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 Library Lofts East Redevelopment Project.

Section 4. That the Old Town Redevelopment Corporation and Library Lofts East, LLC are hereby released and discharged of their rights and obligations of the Development Plan and under the Redevelopment Contract, for the property legally described above in Section 1. The Old Town Redevelopment Corporation and Library Lofts East, LLC are 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 in substantial form, with the Old Town Redevelopment Corporation, Library Lofts East, LLC and SIR Library Lofts, LLC.

Section 6. That all other rights, duties and obligations of the 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:

 

___________________________________

Brian T. Rabineau

Assistant City Attorney