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Legislation #: 190119 Introduction Date: 2/7/2019
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER LOAR
Title: Approving an Assignment and Assumption Agreement relating to the Sixth _ Garfield 353 Redevelopment Contract among the Sixth _ Garfield Redevelopment Corporation, Hopkins Holding, Inc., and the City of Kansas City, Missouri; and authorizing the execution of the foregoing.

Legislation History
DateMinutesDescription
2/6/2019 Filed by the Clerk's office
2/7/2019 Referred to Planning, Zoning & Economic Development Committee
2/13/2019 Advance and Do Pass, Debate
2/14/2019 Passed

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190119.pdf Authenticated 133K Ordainance

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ORDINANCE NO. 190119

 

Approving an Assignment and Assumption Agreement relating to the Sixth & Garfield 353 Redevelopment Contract among the Sixth & Garfield Redevelopment Corporation, Hopkins Holding, Inc., and the City of Kansas City, Missouri; and authorizing the execution of the foregoing.

WHEREAS, the Sixth & Garfield 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 Chapter 353 redevelopment plan (“Plan”) which was approved by the City Council pursuant to Ordinance No. 991567 on December 16, 1999 (the “Plan Ordinance”), and said Plan Ordinance authorized a redevelopment contract between the City and the Redevelopment Corporation (“Redevelopment Contract”); and

WHEREAS, the Redevelopment Contract was executed by and between the City of Kansas City, Missouri (the “City”) and the Redevelopment Corporation on May 25, 2000 and was recorded in Jackson County Department of Records on June 5, 2000 as Document No. 2000K 0030529 (1 – 82); and

WHEREAS, the Redevelopment Contract provides that the Redevelopment Corporation must notify the City of any sale or transfer of the real estate in the development area subject to the Plan; and

WHEREAS, the Redevelopment Corporation desires to enter into an assignment and assumption agreement (the “Assignment Agreement”) pursuant to which the Redevelopment Corporation shall (i) assign to Hopkins Holding, Inc. (“Hopkins”) all of the Redevelopment Corporation’s rights, title, interest, duties, obligations, benefits, covenants, and liability of every kind and nature under the Plan Redevelopment Contract; and (ii) be released by the City of any and all future obligations under the Plan and Redevelopment Contract; and

WHEREAS, Hopkins desires to enter into the Assignment Agreement to accept the assignment from the Redevelopment Corporation, and assume from the Redevelopment Corporation all of its rights, title, interest, duties, obligations, benefits, covenants, and liability of every kind and nature under the Plan and Redevelopment Contract; and

WHEREAS, the City desires to consent to the Assignment Agreement and such assignment by the Redevelopment Corporation to Hopkins of all of the Redevelopment Corporation’s rights, title, interest, duties, obligations, benefits, covenants, and liability of every kind and nature under the Plan and Redevelopment Contract; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That pursuant to and as authorized by Section 21 of the Redevelopment Contract, the City Council hereby authorizes the assignment of the Redevelopment Contract, which shall include (i) the assignment by Redevelopment Corporation to Hopkins of all its rights, title, interest, duties, obligations, benefits, covenants, and liability of every kind and nature under the Redevelopment Contract; (ii) the assumption by Hopkins of such rights, title, interest, duties, obligations, benefits, covenants and liability from the Redevelopment Corporation in the Redevelopment Contract; (iii) the release of the Redevelopment Corporation of each of the rights, title, interest, duties, obligations, benefits, covenants, and liability assumed by Hopkins.

Section 2. That, upon execution and delivery of the Assignment Agreement assigning the Redevelopment Contract to Hopkins, the City accepts and acknowledges Hopkins as the assignee of the Redevelopment Corporation’s rights, title, interest, duties, obligations, benefits, covenants and liability in and to the Redevelopment Contract, and the assumption by Hopkins of such rights, title, interest, duties, obligations, benefits, covenants and liability.

Section 3. That such assignment shall become effective upon the later to occur of (a) the closing of the purchase transaction transferring ownership of the property to Hopkins or (b) approval of the assignment by the City.

Section 4. That, upon the assignment becoming effective, the Redevelopment Corporation will be released and discharged from its rights and obligations under the Redevelopment Contract.

Section 5. That the Director of Finance 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,

 

 

________________________________

Galen P. Beaufort

Senior Associate City Attorney