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Legislation #: 171036 Introduction Date: 12/21/2017
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving an Assignment and Assumption Agreement among Beacon Hill Redevelopment Corporation, Beacon Hill Developers, LC, the City of Kansas City, Missouri, and the Economic Development Corporation of Kansas City, Missouri; and authorizing the execution of the foregoing.

Legislation History
DateMinutesDescription
12/21/2017 Filed by the Clerk's office
12/21/2017 Referred to Planning, Zoning & Economic Development Committee
1/10/2018 Advance and Do Pass as a Committee Substitute, Debate
1/18/2018 Passed as Substituted

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 171036

 

Approving an Assignment and Assumption Agreement among Beacon Hill Redevelopment Corporation, Beacon Hill Developers, LC, the City of Kansas City, Missouri, and the Economic Development Corporation of Kansas City, Missouri; and authorizing the execution of the foregoing.

 

WHEREAS, Beacon Hill Redevelopment Corporation (the “Redevelopment Corporation”), an urban redevelopment corporation of Missouri, organized under and pursuant to the Urban Redevelopment Corporations Law, Chapter 353, RSMo, as amended (the "Act"), did file with the City Clerk an application for approval of a development plan (“Original 353 Development Plan”), which was approved by the City Council by Committee Substitute for Ordinance No. 020442, passed on May 23, 2002 (the "Ordinance"), and said Ordinance also authorized a redevelopment contract between the City and the Redevelopment Corporation ("Original Redevelopment Contract"); and

 

WHEREAS, the Original Redevelopment Contract was executed by and between the City of Kansas City, Missouri (the “City”) and the Redevelopment Corporation, on June 3, 2002, and was recorded in the Jackson County Department of Records on August 17, 2004, as Document No. 2004K0055517; and

 

WHEREAS, the Original 353 Development Plan was (a) amended on December 3, 2009, and approved by City Council by Committee Substitute for Ordinance No. 090947 (“Amended 353 Development Plan”); and (b) further amended on August 24, 2017, and approved by City Council by Committee Substitute for Ordinance No. 170629 (the “First Amendment to Amended 353 Development Plan”); and (c) further amended on August 31, 2017, and approved by City Council by Ordinance No. 170645 (the “Second Amendment to Amended 353 Development Plan”); and

 

WHEREAS, in response to the Amended 353 Development Plan, the Original Redevelopment Contract was amended on March 30, 2010 (“Amended and Restated Redevelopment Contract”), a copy of which Amended and Restated Redevelopment Contract was recorded in the Jackson County Department of Records on April 2, 2010, as Document No. 2010E0030903; and

 

WHEREAS, in response to the First Amendment to Amended 353 Development Plan, the Amended and Restated Redevelopment Contract was amended on December 31, 2014 (the “First Amendment to Amended Redevelopment Contract”), a copy of which First Amendment to Amended Redevelopment Contract was recorded in the Jackson County Department of Records on October 13, 2017, as Document No. 2017E0093880; and

 

WHEREAS, Beacon Hill Developers, LC, a Missouri limited liability company and a development affiliate of the Redevelopment Corporation (“BHD”), the City, and the Economic Development Corporation of Kansas City, Missouri, are parties to that certain Development Contract Amendment, Second Amendment to Contract No. 07064, dated February 12, 2014 (the “Contract No. 07064”), which pertains to certain obligations and services to be provided by the parties thereto, with respect to the Second Amendment to the Amended 353 Development Plan; and

 

WHEREAS, Contract No. 07064 provides that neither an assignment of the rights and obligations of BHD contained in Contract No. 07064 can be made, nor can BHD be released of such rights and obligations, without the approval of the City; and

 

WHEREAS, BHD desires to enter into an assignment and assumption agreement (the “Agreement”) pursuant to which BHD shall (a) transfer to the Redevelopment Corporation all of BHD’s rights, title, interest, duties, obligations, benefits, covenants and liability of every kind and nature in Contract No. 07064; and (b) be released by the City of any and all future obligations under Contract No. 07064; and

 

WHEREAS, the Redevelopment Corporation desires to enter into an agreement to accept the assignment from BHD, and assume from BHD all of its rights, title, interest, duties, obligations, benefits, covenants and liability of every kind and nature under Contract No. 07064, in its capacity as the master developer of the Original 353 Development Plan, as amended by the Amended 353 Development Plan, the First Amendment to Amended 353 Development Plan, and the Second Amendment to Amended 353 Development Plan, and as authorized by the Original Redevelopment Contract, as amended by the Amended and Restated Redevelopment Contract, the First Amendment to Amended Redevelopment Contract, and the Second Amendment to Amended Redevelopment Contract; and

 

WHEREAS, the City desires to consent to the Agreement and such assignment by BHD to the Redevelopment Corporation of all of BHD’s rights, title, interest, duties, obligations, benefits, covenants and liability of every kind and nature under the Contract No. 07064, Redevelopment Corporation’s assumption thereof and, upon the execution of the Agreement, release BHD of such rights and obligations under Contract No. 07064; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That, pursuant to and as authorized by Section 10.2 of Contract No. 07064, the City Council hereby authorizes and directs the Director of Neighborhood and Housing Services to negotiate an assignment of Contract No. 07064, the final form of which shall be subject to the approval of the Director, which includes (a) the assignment by Beacon Hill Developers, LC, of all of its rights, title, interest, duties, obligations, benefits, covenants and liability of every kind and nature under Contract No. 07064 to its affiliate, Beacon Hill Redevelopment Corporation, (b) the assumption by Beacon Hill Redevelopment Corporation of such rights, title, interest, duties, obligations, benefits, covenants and liability from Beacon Hill Developers, LC; and (c) the release of Beacon Hill Developers, LC of each of the rights, title, interest, duties, obligations, benefits, covenants and liability assumed by Beacon Hill Redevelopment Corporation.

 

Section 2. That, upon execution and delivery of the Agreement assigning Contract No. 07064 from Beacon Hill Developers, LC, to Beacon Hill Redevelopment Corporation, the City accepts and acknowledges Beacon Hill Redevelopment Corporation as the assignee of Beacon Hill Developers, LC’s rights, title, interest, duties, obligations, benefits, covenants and liability in and to Contract No. 07064, and the assumption by Beacon Hill Redevelopment Corporation of such rights, title, interest, duties, obligations, benefits, covenants and liability.

 

Section 3. That, upon execution and delivery of the Agreement, Beacon Hill Developers, LC will be released and discharged from its rights and obligations under Contract No. 07064. Beacon Hill Developers, LC is not released from any liability for actions prior to the effective date of the Agreement.

 

Section 4. That the Director of Neighborhood and Housing Services is hereby authorized to execute the Agreement, the material form of which is attached hereto as Exhibit “A” and approved in substantial form.

 

______________________________________

 

Approved as to form and legality:

 

 

_____________________________

Brian T. Rabineau

Assistant City Attorney