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Legislation #: 960290 Introduction Date: 3/21/1996
Type: Ordinance Effective Date: 4/7/1996
Sponsor: None
Title: Authorizing the Director of Water Services to execute certain documents with the North Oak Retail Partnership concerning City-owned property generally located at the southwest corner of N. Oak Trafficway and N.E. Englewood Road.

Legislation History
DateMinutesDescription
3/21/1996

Prepare to Introduce

3/21/1996

Referred Planning, Zoning & Economic Development Committee

3/27/1996

Advance and Do Pass as a Committee Substitute

3/28/1996

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 960290

 

Authorizing the Director of Water Services to execute certain documents with the North Oak Retail Partnership concerning City-owned property generally located at the southwest corner of N. Oak Trafficway and N.E. Englewood Road.

 

WHEREAS, the City pursuant to Ordinance No. 62122 adopted on February 1988, leased certain owned property generally located at the southwest corner of N. Oak Trafficway and N.E. Englewood Road in Kansas City, Clay County, Missouri, to North Oak Retail Partnership; and

 

WHEREAS, North Oak Retail Partnership has proposed assignment of its leasehold interest to J.A. Peterson Enterprises, Inc., and such assignment, transfer or encumbrance requires the City's consent; and

 

WHEREAS, contemporaneously herewith J.A. Peterson Enterprises, Inc., has applied for a loan with Security Life of Denver Insurance Company. As a condition of making the loan, Security Life of Denver Insurance Company has required the collateral assignment of J.A. Peterson Enterprises, Inc.'s interest in the Ground Lease; and

 

WHEREAS, J.A. Peterson Enterprises, Inc., has proposed assignment of its leasehold interest to Security Life of Denver Insurance Company and proposes to execute amended and restated loan documents and such assignment, transfer or encumbrance requires consent by the City; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Water Services is hereby authorized to execute, on behalf of the City, a Consent, Attornment and Estoppel Agreement applicable to City-owned property generally located on the southwest corner of N. Oak Trafficway and N.E. Englewood Road, Kansas City, Missouri. Copies of the Consent, Attornment and Estoppel Agreement are attached hereto, in substantial form, and made a part hereof by reference.

 

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Approved as to form and legality:

 

 

 

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City Attorney