ORDINANCE NO. 100372

Authorizing execution of a Partial Release of Unsecured Deferral Agreement for traffic signal between Shoal Creek Valley Development Company, LLC and the City of Kansas City, Missouri.

WHEREAS, the City entered into an Unsecured Deferral Agreement dated September 23, 2003, with Shoal Creek Valley Development Company, LLC ("Deferral Agreement") in connection with a financial contribution for a traffic signal to be installed at North Flintlock, approximately 550 feet north of the north right of way line of M-152 Highway; and

WHEREAS, pursuant to the Deferral Agreement, the financial contribution was to be made on the earlier of (1) the findings of a traffic study of the applicable area that, according to the standards required by the City's Department of Public Works, warrant the construction and installation of the traffic signal; or (2) as a condition of final 'site plan' approval by the City for the development of and the construction of improvements on Lot 1 of The Shoppes at Shoal Creek ("Lot 1 Owner"); and

WHEREAS, the Deferral Agreement also encumbers the property known as Lot 2, The Shoppes at Shoal Creek, ("Lot 2"); and

WHEREAS, the City has agreed to release the Deferral Agreement and any obligation under the Deferral Agreement as it relates to Lot 2; provided, however, all obligations contained within the Deferral Agreement as it relates to Lot 1 and the remainder of The Shoppes at Shoal Creek property shall remain in full force and effect; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of the Department of Public Works is hereby authorized and directed to execute the Partial Release of Unsecured Deferral Agreement to release Lot 2 from the Deferral Agreement. A copy of the Release, in substantial form, is attached hereto and is hereby approved.

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Approved as to form and legality:

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Brian T. Rabineau

Assistant City Attorney