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Legislation #: 031207 Introduction Date: 10/30/2003
Type: Ordinance Effective Date: 11/16/2003
Sponsor: None
Title: Approving the assignment of the development rights for a portion of the One Pershing Square project from Pershing Square Redevelopment Corporation to Gateway Pershing Property, Inc., and then to Group Health Property Company of Kansas City, L.L.C.

Legislation History
DateMinutesDescription
10/29/2003

Prepare to Introduce

10/30/2003

Referred Planning, Zoning & Economic Development Committee

11/5/2003

Advance and Do Pass as a Committee Substitute

11/6/2003

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 031207

 

Approving the assignment of the development rights for a portion of the One Pershing Square project from Pershing Square Redevelopment Corporation to Gateway Pershing Property, Inc., and then to Group Health Property Company of Kansas City, L.L.C.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Assignment, Assumption and Release Agreement in which Pershing Square Redevelopment Corporation assigns to Gateway Pershing Property, Inc., all of Pershing Square Redevelopment Corporations right, title and interest in and to any governmental approvals and development rights, redevelopment rights, certificates of necessity, rights under any condemnation actions, redevelopment plans and any and all rights under the Development Plan and the Redevelopment Contract which Pershing Square Redevelopment Corporation now owns or to which in the future Pershing Square Redevelopment Corporation may become entitled with respect to the Pershing Square Redevelopment Corporation Parcel A, is hereby approved. In accordance with the Agreement, Gateway Pershing Property, Inc., assumes all of Pershing Square Redevelopment Corporation obligations set forth in the Development Plan and the Redevelopment Contract and arising after the date of this Agreement with respect to the Pershing Square Redevelopment Corporation Parcel A. A copy of the Assignment, Assumption and Release Agreement is attached hereto.

 

Section 2. That the Assignment and Partial Assumption Agreement in which Gateway Pershing Property, Inc., assigns to Group Health Property Company of Kansas City, L.L.C., all of its right, title and interest in and to any governmental approvals and development rights, redevelopment rights, certificates of necessity, rights under any condemnation actions, redevelopment plans and any and all rights under the Development Plan and the Redevelopment Contract which Pershing Square Redevelopment Corporation now owns or to which in the future Pershing Square Redevelopment Corporation may become entitled with respect to the Pershing Square Redevelopment Corporation Parcel A, is hereby approved. In accordance with the Agreement, Group Health Property Company of Kansas City, L.L.C., assumes all of Gateway Pershing Property, Inc.s obligations set forth in the Development Plan and the Redevelopment Contract arising after the date of the Agreement with respect to Pershing Square Redevelopment Corporation Parcel A. A copy of the Assignment and Partial Assumption Agreement is attached hereto.

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Approved as to form and legality:

 

 

___________________________________

M. Margaret Sheahan Moran

Assistant City Attorney