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Home My WebLink About2010-087 IDA Property Purchase RESOLUTION NO. 2010-087 A RESOLUTION AUTHORIZING THE PURCHASE OF CERTAIN PROPERTY FROM THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF RIVERSIDE, MISSOURI; AUTHORIZING AND DIRECTING THE IDA TO TRANSFER AND SELL SUCH PROPERTY TO THE CIN; AND AUTHORIZING OTHER DOCUMENTS AND ACTIONS RELATED THERETO. WHEREAS, The Industrial Development Authority of the City of Riverside, Missouri (the "IDA ") issued its Industrial Development Revenue Bonds (Riverside, Horizons Infrastructure Project - City of Riverside, Missouri), Series 2007 in the principal amount of $40,265,000 (the "Bonds"). WHEREAS, the City, the IDA, and UMB Bank, N.A.; entered into that certain Financing and Cooperation Agreement dated as of May 1, 2007 relating to the Bonds (the "Financing AgreemenY'). WHEREAS, the Financing Agreement requires that the IDA, upon direction of the City, transfer and sell the Mortgaged Property, in whole or in part, in one or more transactions. WHEREAS, Hoover Universal, Inc. has filed a plan of industrial development to construct a project on portion of the Mortgaged Property; and WHEREAS, the project is anticipated to contribute towards increased activity and revenues underthe L-385 Levee Redevelopment Plan, as amended (the "TIF Plan"), and other economic development within the City; and WHEREAS, in order to accommodate the project, the City desires to purchase from the IDA a certain portion of the Mortgaged Property, the legal description of which is described on Exhibit A (the "Sale Property"); and WHEREAS, the City desires to direct the IDA to sell the Sale Property to the City pursuant to the Special Warranty Deed, the form of which is attached as Exhibit B; and WHEREAS, Section 6.3 of the Financing Agreement sets forth a Minimum Sales Payment (as defined in the Financing Agreement) of $.50 per square foot for the transfer of the Mortgaged Property; NOW, THEREFORE, be it RESOLVED by the Board of Aldermen of the City of Riverside, Missouri, as follows: THAT the Board of Aldermen hereby find and determine that it is in the best interest of the City, in order to further the objectives of the TIF Plan and the objectives of industrial and economic development of the City, that the IDA sell the Sale Property to the City; FURTHER THAT the City's purchase of the Sale Property from the IDA at the price of $.50 per square foot is hereby approved. There are 617,817 square feet within the Sale Property making the purchase price of the Sale Property $308,908.50 (the "Sale Price"); FURTHER THAT the City Finance Officer is authorized and directed to pay to UMB Bank N.A., Trustee of the Bonds, the amount of $308,908.50 for the Sale Property, which funds shall be deposited by the Trustee into the Special Redemption Account; RESOLUTION NO. 2010-087 FURTHER THAT the IDA is directed to enter into and execute the Special Warranty Deed attached hereto as Exhibit B in favor to the City; FURTHER THAT the City shall, and the officers, agents, and employees of the City are hereby authorized and directed to, take such further action and execute and deliver such documents and instruments as may be necessary or desirable to carry out and comply with the intent of this Resolution; FURTHER THAT this Resolution shall be in full force and effect from and after its passage and approval. PASSED AND ADOPTED b the Board o Idermen and PPROVED by the Mayor of the City of Riverside, Missouri, the��day of , 2010. �L�1��0 � Kathleen L. Rose, Mayor ATT T: ,�� / / Y Robin Littrell, City Clerk Approved as to Form: C —' N cy h pson, City Attorney RESOLUTION NO. 2010-087 EXHIBIT A LEGAL DESCRIPTION OF PROPERTY A TRACT OF LAND LYING IN LOT 3, PLAT OF THE PARTITION OF THE "ESTATE OF GEORGE ROBERTS"-DECEASED, A SUBDIVISION OF LAND IN THE CITY OF RIVERSIDE, PLATTE COUNTY, MISSOURI, ACCORDING TO THE RECORDED PLAT THEREOF, AND LOCATED IN THE SOUTHEAST QUARTER OF FRACTIONAL SECTION 6, TOWNSHIP 50 NORTH, RANGE 33 WEST, BEARINGS ARE REFERENCED TO GRID NORTH OF THE MISSOURI STATE PLANE COORDINATE SYSTEM, 1983, WEST ZONE, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID SOUTHEAST QUARTER OF FRACTIONAL SECTION 6, TSON, R33W, BEING A FOUND #6 IRON BAR IN MONUMENT BOX, PER CERTIFIED LAND CORNER DOCUMENT NUMBER 600-61555; THENCE N89 ALONG THE SOUTH LINE OF SAID SOUTHEAST QUARTER, A DISTANCE OF 1584.16 FEET TO THE SOUTHWEST CORNER OF SAID LOT 3, PLAT OF THE PARTITION OF THE "ESTATE OF GEORGE ROBERTS"-DECEASED; THENCE N00°16'14"E ALONG THE WEST LINE OF SAID LOT 3, PLAT OF THE PARTITION OF THE "ESTATE OF GEORGE ROBERTS"-DECEASED, A DISTANCE OF 777.66 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING N00°16'14"E ALONG SAID WEST LINE OF LOT 3, A DISTANCE OF 1210.00 FEET; THENCE 589 A DISTANCE OF 531.76 FEET TO A POINT ON THE EAST LINE OF SAID LOT 3, PLAT OF THE PARTITION OF THE "ESTATE OF GEORGE ROBERTS"-DECEASED; THENCE 500 ALONG SAID EAST LINE OF LOT 3, A DISTANCE OF 1209.99 FEET; THENCE N89°23'44"W, A DISTANCE OF 529.44 FEET TO THE POINT OF BEGINNING. EXCEPT ALL THAT PART OF THE WEST 20.00 FEET, AS MEASURED AT RIGHT ANGLES TO THE WEST LINE OF LOT 3, PLAT OF THE PARTITION OF THE "ESTATE OF GEORGE ROBERTS"-DECEASED, OF THE ABOVE DESCRIBED TRACT, TO BE USED FOR ROADWAY PURPOSES. THE TRACT DESCRIBED ABOVE, EXCLUDING THE WEST 20.00 FEET OF EXCEPTION, CONTAINS 617,817 SQUARE FEET OR 14.1831 ACRES, MORE OR LE55. SUBJECT TO ALL EASEMENTS AND RESTRICTIONS OF RECORD. RESOLUTION NO. 2010-087 EXHIBIT B FORM OF SPECIAL WARRANTY DEED THIS INDENTURE is made as of , 2010 by The INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF RIVERSIDE, MISSOURI, a public corporation organized and existing under the laws of the Sate of Missouri, as grantor ("Grantor"), with a mailing address of 2950 NW Vivion Road, Riverside, Missouri 64150 to CITY OF RIVERSIDE, MISSOURI, a fourth class city organized and existing under the laws of the state of Missouri, as grantor ("Grantor"), with mailing address of 2950 NW Vivion Road, Riverside, Missouri 64150. WITNESSETH: THAT GRANTOR, in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00) and other valuable consideration to it in hand paid by Grantee (the receipt of which is hereby acknowledged) does by these presents, BARGAIN and SELL, CONVEY and CONFIRM unto Grantee, its successors and assigns, the lots, tracts or parcels of land, lying, being and situate in the County of Platte and State of Missouri as described as follows: A TRACT OF LAND LYING IN LOT 3, PLAT OF THE PARTITION OF THE "ESTATE OF GEORGE ROBERTS"-DECEASED, A SUBDIVISION OF LAND IN THE CITY OF RIVERSIDE, PLATTE COUNTY, MISSOURI, ACCORDING TO THE RECORDED PLATTHEREOF, AND LOCATED IN THE SOUTHEAST QUARTER OF FRACTIONAL SECTION 6, TOWNSHIP 50 NORTH, RANGE 33 WEST, BEARINGS ARE REFERENCED TO GRID NORTH OF THE MISSOURI STATE PLANE COORDINATE SYSTEM, 1983, WEST ZONE, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID SOUTHEAST QUARTER OF FRACTIONAL SECTION 6, TSON, R33W, BEING A FOUND #6 IRON BAR IN MONUMENT BOX, PER CERTIFIED LAND CORNER DOCUMENT NUMBER 600-61555; THENCE N89°23'44"W ALONG THE SOUTH LINE OF SAID SOUTHEAST QUARTER, A DISTANCE OF 1584.16 FEET TO THE SOUTHWEST CORNER OF SAID LOT 3, PLAT OF THE PARTITION OF THE "ESTATE OF GEORGE ROBERTS"-DECEASED; THENCE N00°16'14"E ALONG THE WEST LINE OF SAID LOT 3, PLAT OF THE PARTITION Of THE "ESTATE OF GEORGE ROBERTS"-DECEASED, A DISTANCE OF 777.66 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING N00°16'14"E ALONG SAID WEST LINE OF LOT 3, A DISTANCE OF 1210.00 FEET; THENCE S89°23'44"E, A DISTANCE OF 531.76 FEET TO A POINT ON THE EAST LINE OF SAID LOT 3, PLAT OF THE PARTITION OF THE "ESTATE OF GEORGE ROBERTS"-DECEASED; THENCE S00°22'S0"W ALONG SAID EAST LINE OF LOT 3, A DISTANCE OF 1209.99 FEET; THENCE N89°23'44"W, A DISTANCE OF 529.44 FEET TO THE POINT OF BEGINNING. EXCEPT ALL THAT PART OF THE WEST 20.00 FEET, AS MEASURED AT RIGHT ANGLES TO THE WEST LINE OF LOT 3, PLAT OF THE PARTITION OF THE "ESTATE OF GEORGE ROBERTS"-DECEASED, OF THE ABOVE DESCRIBED TRACT, TO BE USED FOR ROADWAY PURPOSES. THE TRACT DESCRIBED ABOVE, EXCLUDING THE WEST 20.00 FEET OF EXCEPTION, CONTAINS 617,817 SQUARE FEET OR 14.1831 ACRES, MORE OR LESS. SUBJECT TO ALL EASEMENTS AND RESTRICTIONS OF RECORD. TO HAVE AND TO HOLD the premises aforesaid, with all and singular the rights privileges, appurtenances and immunities thereto belonging or in anywise appertaining unto Grantee and unto its successors and assigns forever, Grantor hereby covenanting that it is lawfully seized of an indefeasible estate in fee of the premises herein conveyed; that it has good RESOLUTION NO. 2010-087 right to convey the same; that said premises are free and clear from any encumbrance (except as referenced above) done or suffered by it; and that it will warrant and defend the title to said premises unto Grantee and unto its successors and assigns forever, against the lawful claims and demands of all persons whomsoever claiming under it except as above stated. IN WITNESS WHEREOF, Grantor has caused these presents to be signed as of the day and year first above written. THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF RIVERSIDE, MISSOURI By: President [SEAL] ATTEST: By: Secretary ACKNOWLEDGEMENT STATE OF MISSOURI ) ) SS COUNTY OF PLATTE ) ON THIS _day of , 2010, before me, the undersigned, a Notary Public in and for said County and state, personally appeared to me personally known, who being by me duly sworn, did say that he is the President of The Industrial Development Authority of the City of Riverside, Missouri, a public corporation duly organized and existing under the laws of the state of Missouri, and that the seal affixed to the foregoing instrument is the seal of said Authority, and that said instrument was signed and sealed in behalf of said Authority by free act and deed of said Authority. WITNESS my hand and official seal in the County and State aforesaid, the day and year first above written. Notary Public Signature (Seal) Printed or Typed Name My Commission Expires: