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COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 080974
Authorizing the Director of
Finance to enter into a Seventh Supplementary Contract with the Front Street
and 435 Redevelopment Corporation and authorizing the
Director of Finance to enter into an Assignment and Assumption Agreement
between the City of Kansas City, Missouri, Front Street and 435 Redevelopment
Corporation and North South Properties of Hartsville, LLC.
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. That the
Director of Finance is hereby, authorized on behalf of the City, to enter into
a Seventh Supplementary Contract with Front Street and 435 Redevelopment
Corporation, a copy of which in substantial form is attached hereto and
incorporated herein by reference. Prior to execution, Front Street and 435
Redevelopment Corporation shall file all annual reports required by the
contract and previous supplementary contracts for all properties owned or
controlled by the Redevelopment Corporation within the Development Plan, in
such form as approved by the Director of Finance. In addition, the Seventh
Supplementary Contract shall be contingent upon the filing by Front Street and
435 Redevelopment Corporation of applications to amend the URD and the Development
Plan to cause them to conform to the schedule changes in the Seventh Supplementary
Contract within 30 days of the passage of this ordinance.
Section 2. That the
Council hereby finds and declares that good cause has been shown for the
approval of the Seventh Supplementary Contract.
Section 3. That the
assignment of the development rights from the Front Street and 435
Redevelopment Corporation to North South Properties of
Hartsville, LLC is hereby approved and the Director of Finance is hereby
authorized, on behalf of the City, to enter into an Assignment and Assumption
Agreement with the Front Street and 435 Redevelopment Corporation and North South Properties of Hartsville, LLC, a copy of
which, in substantial form, is on file with the Director of Finance, and hereby
approved.
________________________________________________
Approved
as to form and legality:
______________________________
Heather
A. Brown
Assistant City Attorney