ORDINANCE NO. 100588
Authorizing
the execution of a Funding and Acquisition Agreement among the City, the Tax
Increment Financing Commission of Kansas City, Missouri, the Planned Industrial
Expansion Authority of Kansas City, Missouri, East Village, LLC and Swope
Community Builders for the East Village Project and a Partial Assignment and
Assumption Agreement among East Village, LLC, GF
Properties Group, LLC, the City and the Tax Increment Financing Commission of
Kansas City, Missouri.
WHEREAS,
Committee Substitute for Ordinance No. 060037, passed on January 19, 2006, authorized the execution of a Memorandum
of Understanding with East Village, LLC and J.E. Dunn which set forth
intentions and understandings of each party in connection with the East Village
Project;
WHEREAS, Second
Committee Substitute for Ordinance No. 060943, passed on December 14, 2006, authorized
the execution of the Funding and Acquisition Agreement (the “Agreement”)
between the City, the Tax Increment Financing Commission of Kansas City,
Missouri (the “Commission”), and the J.E. Dunn Company; and
WHEREAS,
Ordinance No. 071287, passed on November 29, 2007, authorized the execution of
the first amendment to the Agreement to clarify the responsibilities of the
parties for the payment of certain acquisition costs and certain other matters
relating to the construction of the project and acquisition of other properties
within East Village; and
WHEREAS, the City,
the Commission, the Planned Industrial Expansion Authority of Kansas City,
Missouri, East Village, LLC and Swope Community Builders wish to enter into a
Funding and Acquisition Agreement for properties within the East Village
project; and
WHEREAS, the East Village Tax
Increment Financing Plan contemplates the implementation
of the Plan through three redevelopment projects; and
WHEREAS, East Village LLC
desires to convey to GF Properties Group, LLC, certain rights, interest, duties
and obligations under the Redevelopment Agreement relating to Project 2; GF
Properties Group, LLC desires to assume and perform all of such rights, duties,
interests and obligations as they relate to Project 2; and the City and the
Commission have agreed to the assignment and assumption; NOW THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the City Manager is hereby authorized to execute a Funding and Acquisition
Agreement among the City, the Tax Increment Financing Commission of Kansas
City, Missouri, the Planned Industrial Expansion Authority of Kansas City,
Missouri, East Village, LLC and Swope Community Builders. The agreement is
approved in substantial form as that on file in the office of the City Manager.
Section 2. That the
City Manager is hereby authorized to execute a Partial Assignment and
Assumption Agreement among East Village, LLC, GF Properties Group, LLC, the
City and the Tax Increment Financing Commission of Kansas City, Missouri for
the implementation of Project 2 of the Plan. The agreement is approved in
substantial form as that on file in the office of the City Manager.
_________________________________________________
Approved as to form and legality:
______________________________
Heather A. Brown
Senior Associate City Attorney