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 11^th Street (Petticoat Lane) and just north of 11^th Street between Grand Avenue and McGee Street on the north, 13^th Street and 14^th 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