ORDINANCE NO. 080115

Approving the assignment of certain development rights with respect to the Graphic Arts Lofts (Graphic Arts Building) Redevelopment Project by the Finance Building Redevelopment Corporation to Old Town Partners XII, L.P.; releasing Finance Building Redevelopment Corporation as it relates to those certain development rights and authorizing execution of an Assignment and Assumption Agreement with Finance Building Redevelopment Corporation and Old Town Partners XII, L.P. (635-S-1)

WHEREAS, the Finance Building 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. 051481, passed December 15, 2005, (the Development Plan) and said ordinance also authorized a contract between the City and the Finance Building Redevelopment Corporation (hereinafter referred to as Redevelopment Contract); and

WHEREAS, the Redevelopment Contract, dated January 17, 2006, was executed between the City of Kansas City, Missouri, and the Finance Building Redevelopment Corporation which Contract was recorded in the Jackson County Department of Records as Document No. 2006K005459, on January 26, 2006; and

WHEREAS, the Development Plan provides for the renovation of the Graphic Arts Building into a total of 58 affordable apartment units; and

WHEREAS, the Redevelopment Contract provides that no assignment of the rights and obligations contained therein can be made releasing the Finance Building Redevelopment Corporation without the approval of the City; and

WHEREAS, the Finance Building Redevelopment Corporation now desires to assign and transfer its rights, obligations and interests in the Development Plan in accordance with the Redevelopment Contract to Old Town Partners XII, L.P., pursuant to an Assignment and Assumption Agreement for Chapter 353 Development Rights and Obligations; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the assignment of the Finance Building Redevelopment Corporation to Old Town Partners XII, L.P. of all of its rights, title, obligations and interest in the Development Plan and in accordance with the Redevelopment Contract as it affects all of the property legally described as:

Lot 10 and the South 99.25 feet of Lots 11 and 12, Block 7, ASHBURNS ADDITION, a subdivision in Kansas City, Jackson County, Missouri.

is hereby approved. A copy of said Assignment and Assumption Agreement is attached hereto and incorporated herein by reference.

Section 2. The City accepts and acknowledges Old Town Partners XII, L.P. as the assignee of the Finance Building Redevelopment Corporation'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 which the Finance Building Redevelopment Corporation now owns or to which in the future the Finance Building Redevelopment Corporation may become entitled.

Section 3. For and with respect to the Development Plan and Redevelopment Contract, the full rights with respect thereto shall be vested in Old Town Partners XII, L.P., 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 Redevelopment Project.

Section 4. That the Finance Building Redevelopment Corporation is hereby released and discharged of its rights and obligations of the Development Plan and under the Redevelopment Contract, for the property legally described above in Section 1, accruing after the effective date of this ordinance. The Finance Building Redevelopment Corporation is 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, with the Finance Building Redevelopment Corporation and Old Town Partners XII, L.P.

Section 6. All other rights, duties and obligations of the Finance Building 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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Heather A. Brown

Assistant City Attorney