COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 001217

Approving the assignment of certain development rights with respect to Phase 1 of the Bedrock Redevelopment Project (formerly Wyndham Gardens Hotel-Plaza) by Bedrock Partners Redevelopment Corporation to Grubarges-Kansas City, L.L.C.; and releasing Bedrock Partners Redevelopment Corporation as it relates to those certain development rights.

WHEREAS, the Bedrock Partners Redevelopment Corporation, an urban redevelopment corporation of Missouri, organized under and pursuant to the Urban Redevelopment Corporation Act of 1945, as amended, did file with the City Clerk an application for approval of the Development Plan which was approved by the City Council by Ordinance No. 951707, passed January 18, 1996, and a redevelopment contract was executed on December 4, 1996, between the City and Bedrock; and

WHEREAS, Bedrock Partners Redevelopment Corporation did file a First Amendment to the Development Plan which was approved by the City Council by Committee Substitute for Ordinance No. 961427, passed December 5, 1996, and the First Amendment to the Redevelopment Contract was executed on December 30, 1996; and

WHEREAS, Bedrock Partners did assign and transfer certain development rights with respect to Phase 2 of the Development Plan to the K.C. Homestead Village Redevelopment Corporation, an urban redevelopment corporation of Missouri, organized under and pursuant to the Urban Redevelopment Corporation Act of 1945, as amended, and said assignment was approved by the City Council by Committee Substitute for Ordinance No. 961427, passed on December 5, 1996; and

WHEREAS, on April 15, 1999, the Council passed Resolution No. 990500 authorizing the Director of the Department of City Development to issue a Certificate of Completion to the K.C. Homestead Village Redevelopment Corporation pursuant to the terms and conditions of the Development Plan and Redevelopment Contract and pursuant to Section 74-17(d), Code of Ordinances of the City of Kansas City, Missouri, for Phase 2 of the Bedrock Redevelopment Project and the Certificate of Completion was issued on April 15, 1999; and

WHEREAS, on July 8, 1999, the Council passed Resolution No. 990883 authorizing the Director of the Department of City Development to issue a Certificate of Completion to the Bedrock Partners Redevelopment Corporation pursuant to the terms and conditions of the Development Plan and Redevelopment Contract and pursuant to Section 74-17(d), Code of Ordinances of the City of Kansas City, Missouri, for Phase 1 of the Bedrock Redevelopment Project and the Certificate of Completion was issued on August 24, 1999; and

WHEREAS, Bedrock Partners Redevelopment Corporation provided notice to the City that Phase 1 of the Bedrock Redevelopment Project had been sold and transferred by KC Plaza Investment Partners Level 1, LP, to Grubarges-Kansas City, L.L.C., and Bedrock Partners Redevelopment Corporation desires to assign and transfer its rights and obligations under the Redevelopment Contract to Grubarges-Kansas City, L.L.C., pursuant to an Assignment and Release Agreement dated April 27, 2000; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the assignment of Bedrock Partners Redevelopment Corporation to Grubarges-Kansas City, L.L.C., of all of its rights, title, obligations and interest under the Redevelopment Contract as it affects certain property legally described as:

Tract 1, Plaza Inn, a subdivision lying within Kansas City, Jackson County, Missouri, as shown by the plat recorded February 1, 1996, as Document No. K-0004367.

is hereby approved. A copy of said Assignment and Release Agreement dated April 27, 2000, is attached hereto and incorporated herein by reference.

Section 2. That Bedrock Partners Redevelopment Corporation is hereby released and discharged of its rights and obligations with respect to the Redevelopment Contract, for the property legally described above in Section 1, accruing after the effective date of this ordinance. Bedrock Partners Redevelopment Corporation is not released from any liability for actions prior to the effective date of this ordinance.

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Approved as to form and legality:

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Assistant City Attorney