COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 970348
Approving the assignment of certain rights and
obligations by Mulkey Square Development Corporation to Missouri Assets L.L.C.
and releasing Mulkey Square Development Corporation from certain of its rights
and obligations.
WHEREAS, Mulkey Square Development Corporation, a
Missouri corporation (f/k/a Lacy & Company, a Missouri corporation)
("Mulkey Square Development Corporation") has an interest in a
certain development located generally between 13th and 14th Streets, Summit to
Belleview, in Kansas City, Jackson County, Missouri, and more specifically
described as Lots 1, 2, 3, 4 and 5, Mulkey Square, a subdivision in Kansas
City, Jackson County, Missouri, herein referred to as Mulkey Square; and
WHEREAS, Beverly H. Platt, as Trustee and Gad Smith,
as Successor Trustee, Trustees under the Trust Declaration and Agreement dated
January 30, 1989 ("Trustee") is the owner of a portion of the said
Mulkey Square; and
WHEREAS, the City Council of Kansas City, Missouri
approved a Cooperative Agreement between the City and Mulkey Square Development
Corporation; and
WHEREAS, said Cooperative Agreement provided in part
that Mulkey Square Development Corporation shall remain liable under the terms
of the Cooperative Agreement unless and until it assigns its rights and
obligations to a third party and such assignment is accepted by the City, which
acceptance shall not be unreasonably withheld; and
WHEREAS, the City Council of Kansas City, Missouri,
approved an agreement for construction of certain improvements to 13th Street
and deferral of certain improvements ("Deferral Agreement") between
the City and Mulkey Square Development Corporation; and
WHEREAS, the Deferral Agreement provided in part
that Mulkey Square Development Corporation shall not be released from the terms
of the Deferral Agreement without the express written consent of the City; and
WHEREAS, Mulkey Square Development Corporation now
desires to assign all of its interest, right, title and obligation under the
Cooperative Agreement and under the Deferral Agreement to Missouri Assets
L.L.C., a Delaware limited liability company; and
WHEREAS, the City desires to accept the assignment
and to release Mulkey Square Development Corporation from all of its rights and
obligations under the Cooperative Agreement and the Deferral Agreement; NOW,
THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. That the Assignment and Assumption
Agreements between Mulkey Square Development Corporation and Missouri Assets
L.L.C., copies of which are attached hereto and incorporated herein by this
reference, are accepted and approved and the City hereby accepts and acknowledges
Missouri Assets L.L.C., as the assignee of all rights and obligations under the
Cooperative Agreement dated April 5, 1990, and under the Deferral Agreement
dated March 3, 1992.
Section 2. That Mulkey Square Development
Corporation and the Trustees are hereby fully released from all of their
rights, duties and obligations incurred under the Cooperative Agreement and
under the Deferral Agreement effective on the date the Assignment and
Assumption Agreements are fully signed.
_____________________________________________
Approved as to form and
legality:
___________________________________
Assistant City Attorney