ORDINANCE NO. 121008
Approving the assignment of
certain development rights with respect to the Library Lofts East Building of
the Library Lofts Redevelopment Project, by and among the Old Town
Redevelopment Corporation, Library Lofts East, LLC, and SIR Library Lofts, LLC;
releasing Old Town Redevelopment Corporation and Library Lofts East, LLC, as it
relates to certain development rights; and authorizing execution of an
Assignment and Assumption Agreement among Old Town Redevelopment Corporation,
Library Lofts East, LLC, SIR Library Lofts, LLC, and the City of Kansas City,
Missouri. (567-S)
WHEREAS, the Old
Town 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.
011660, passed December 13, 2001, (the “Development Plan”) and said ordinance
also authorized a contract between the City and the Old Town Redevelopment
Corporation (hereinafter referred to as “Redevelopment Contract”); and
WHEREAS, the
Redevelopment Contract, dated January 17, 2002, was executed between the City
of Kansas City, Missouri, and the Old Town Redevelopment Corporation which
Contract was recorded in the Jackson County Department of Records as Document
No. 2002K0013720; and
WHEREAS, the
Development Plan includes the redevelopment and rehabilitation of the Library
Lofts East Building into 118 loft apartments and 1st and 2nd Floor
commercial/tenant space (the "Library Lofts East Project"); and
WHEREAS, the
Redevelopment Contract provides that no assignment of the rights and
obligations contained therein can be made releasing the Old Town Redevelopment
Corporation without the approval of the City; and
WHEREAS, Library
Lofts East, LLC is the current owner of the Library Lofts East Building; and
WHEREAS, Old
Town Redevelopment Corporation and Library Lofts East, LLC now desire to assign
and transfer all of the rights, obligations and interests in the Development
Plan as it relates to the Library Lofts East Building in accordance with the
Redevelopment Contract to SIR Library Lofts, LLC, pursuant to an Assignment and
Assumption Agreement; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the assignment of the Old Town Redevelopment Corporation and Library Lofts
East, LLC to SIR Library Lofts, LLC of all of the rights, title, obligations
and interest in the Development Plan and in accordance with the Redevelopment
Contract as it relates to the Library Lofts East Building and affects all of
the property legally described as:
All
of Lots 6, 7, 8, 9 and 10, Block 11, Ashburn's Addition, a subdivision of land
in Kansas City, Jackson County, Missouri
is hereby approved.
Section 2. That
the City accepts and acknowledges SIR Library Lofts, LLC as the assignee of the
Old Town Redevelopment Corporation and Library Lofts East, LLC's rights, title
and interest in and to any and all governmental approvals and development
rights, redevelopment rights, certificates of necessity, rights under any
condemnation proceedings, tax abatements, development plans and any and all
rights under the Development Plan and the Redevelopment Contract relating to
the Library Lofts East Building which the Old Town Redevelopment Corporation
and Library Lofts East, LLC now own or to which in the future the Old Town
Redevelopment Corporation and Library Lofts East, LLC may become entitled.
Section 3. That
for and with respect to the Development Plan and Redevelopment Contract as it
relates to the Library Lofts East Building, the full rights with respect
thereto shall be vested in SIR Library Lofts, LLC, including the rights to
further amend the Development Plan and enter into any supplementary contracts
to the Redevelopment Contract for and with respect to the Library Lofts East
Redevelopment Project.
Section 4. That
the Old Town Redevelopment Corporation and Library Lofts East, LLC are hereby
released and discharged of their rights and obligations of the Development Plan
and under the Redevelopment Contract, for the property legally described above
in Section 1. The Old Town Redevelopment Corporation and Library Lofts East,
LLC are not released from any liability for actions prior to the effective date
of this ordinance.
Section 5.
That the Director of Finance is hereby authorized to execute the Assignment and
Assumption Agreement, attached hereto in substantial form, with the Old Town
Redevelopment Corporation, Library Lofts East, LLC and SIR Library Lofts, LLC.
Section 6. That
all other rights, duties and obligations of the Old Town Redevelopment
Corporation, not affected by the Assignment and Assumption Agreement, shall
remain in full force and effect.
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Approved as to form and legality:
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Brian T. Rabineau
Assistant City
Attorney