ORDINANCE NO. 050687
Approving the waiver of payments in lieu of taxes for the
project submitted by Wallstreet Towers, LLC, for the Downtown Loop Planning
Area.
WHEREAS, on April 28, 2005, the City Council of Kansas City, Missouri (the City Council) adopted
Committee Substitute for Ordinance No. 050382 finding the area generally
bounded by 11th Street (Petticoat Lane) and just north of 11th
Street between Grand Avenue and McGee Street on the north, 13th
Street and 14th Street on the south, Grand Avenue and McGee Street
on the east and Walnut Street, Main Street and Baltimore Avenue on the west
(the Downtown Loop Planning Area) to be blighted, insanitary or undeveloped
industrial area in need of industrial development as defined in Section
100.310, RSMo, and approving the General Development Plan for the Downtown Loop
Planning Area (the General Development Plan); and
WHEREAS, on May 26, 2005, the Planned Industrial Expansion Authority of Kansas City, Missouri (the
Authority), adopted Resolution No. 1102 accepting the industrial development
contract proposal (the Proposal) of Wallstreet Towers, LLC (the Developer) for
an industrial development project (the Project) in the area legally described
on Exhibit A attached hereto and incorporated herein by reference (the Project
Area) in accordance with the General Development Plan; and
WHEREAS, the
General Development Plan provides for the grant of ad valorem tax abatement by
the Authority as authorized by Section 100.570, RSMo (the Tax Abatement),
subject to payments in lieu of taxes (PILOTs) as described in the General
Development Plan, unless PILOTs are waived by the City Council upon
recommendation of the Authority; and
WHEREAS, the
Proposal requests Tax Abatement for the Project Area and the waiver of PILOTs
pursuant to the General Development Plan;
WHEREAS, on May 26, 2005, the Authority determined that the Proposal will be in substantial compliance
with the overall development objectives of the General Development Plan and has
recommended to the City Council the waiver of PILOTs in order to induce the
redevelopment of the Project Area; and
WHEREAS,
the City has considered the request for the waiver of the PILOTs for this
Proposal; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the City hereby approves the waiver of PILOTs for the Wallstreet Towers, LLC
project in the Downtown Loop Planning Area, provided that the Project is
developed in accordance with the General Development Plan and the industrial
development contract between with the Planned Industrial Expansion Authority of
Kansas City, Missouri., and Wallstreet Towers, LLC, for the area described as
follows:
TRACT I: All of Lots 44, 45 and 46, except that
part thereof in Walnut Street, SWOPE'S ADDITION, a subdivision in Kansas City,
Jackson County, Missouri, according to the recorded plat thereof recorded in
Plat Book A-1, Page 28 of the Office of the Recorder of Deeds, Jackson County,
Missouri.
TRACT II: All of Lots 82 and 83, and all that
part of Lot 81 lying South of a line drawn East and West through the center of
the South wall of the 6 1/2 story building now situated on Lot 81 and extending
to the East and West boundary lines of said Lot, as said wall is described in
the Party Wall Agreement filed for record on January 15, 1910, as Document Number 740232, and recorded in Book B-1264, Page 438, all in SWOPE'S ADDITION,
a subdivision in Kansas City, Jackson County, according to the plat thereof
recorded in Plat Book A-1, Page 28 in the Office of the Recorder of Deeds,
Jackson County, Missouri.
TRACT III: The leasehold estate created by that
certain lease dated January 26, 1972 by and between Sara Realty Company, a
Missouri Corporation, as lessor and Allright Kansas City, Inc., a Missouri
Corporation, as lessee, a memorandum of said Lease having been filed in the
Office of the Recorder of Deeds for Jackson County, Missouri, on August 24, 1973, as Document Number K-205022 in Book K-463 at Page 1140, as amended by
Lease Amendment dated as of November 30, 1973 and filed in the Office of the aforesaid Recorder of Deeds July 30, 1974, as Document number K-235838 in Book K-538 at Page 1026, and the Assignment of Lease, dated April 22, 1983, notice of which is given by Special Warranty Deed filed April 12, 1993, under Document No.K-1075191 in Book K-2375 at Page 1795 affecting the property described as
follows:
All of Lot 84, SWOPE'S ADDITION, a subdivision in
Kansas City, Jackson County, Missouri, according to the recorded plat thereof
in Plat Book A-1, Page 28, in the Office of the Recorder of Deeds, Jackson
County, Missouri.
TRACT IV: Lot 43,
Except that part in Walnut Street, SWOPE'S ADDITION, a subdivision in Kansas City, Jackson County, Missouri.
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Approved as to form and legality:
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Heather A. Brown
Assistant City Attorney