HomeMy WebLinkAboutR-2011-097 Property from IDA RESOLUTION NO. 2011-097
A RESOLUTION AUTHORIZING THE PURCHASE OF CERTAIN PROPERTY FROM THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF RIVERSIDE, MISSOURI;
AUTHORI2ING AND DIRECTING THE IDA TO TRANSFER AND SELL SUCH PROPERTY
TO THE CITY; 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"); and
WHEREAS, the City, the IDA, and UMB Bank, N.A.; entered into that ce�tain Financing
and Cooperation Agreement dated as of May 1, 2007 relating to the Bonds (the "Financing
AgreemenY'); and
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; and
WHEREAS, in order to accommodate a development 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 project is anticipated to contribute towards increased activity and
revenues under the L-385 Levee Redevelopment Plan, as amended (the "TIF Plan"), and other
economic development within the City; 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 420,354 +/- square feet within the Sale
Property making the purchase price of the Sale Property $210,177 (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 $21 �,177 for the Sale Property, which funds
shall be deposited by the Trustee into the Special Redemption Account;
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;
RESOLUTION NO. 2011-097
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 by the Board of Aldermen and APPROVED by the Mayor of
the City of Riverside, Missouri, the �� day of `
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CL�..eiliCJ o.Ca
Kathleen L. Rose, Mayor
ATTEST:
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Robin Littrell, ity Clerk
Appr d as to Form:
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c Tho on, City Attorney
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RESOLUTION NO. 2011-097
EXHIBIT B
FORM OF SPECIAL WARRANTY DEED
THIS INDENTURE is made as of , 2011 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 N0/100
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:
THE WEST 9.65 ACRES OF LOT 1, ARGO INNOVATION PARK, RIVERSIDE,
PLATTE COUNTY, MISSOURI, DESCRIBED AS FOLLOWS:
ALL THAT PART OF LOT 3, PLAT OF THE PARTITION OF THE "ESTATE OF
GEORGE ROBERTS", DECEASED, LYING NORTH OF THE FOLLOWING
DESCRIBED TRACT: 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, T50N, 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 aF 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
RESOLUTION NO. 2011-097
ABOVE DESCRIBED TRACT, TO BE USED FOR ROADWAY PURPOSES.
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
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 RtVERSIDE, MISSOURI
By:
Pamela J. Darata, President
[SEAL�
ATTEST:
By:
Secretary
ACKNOWLEDGEMENT
STATE OF MISSOURI )
) SS
COUNTY OF PLATTE )
ON THIS day of , 2011, before me, the undersigned, a Notary
Public in and for said County and state, personally appeared Pamela J. Darata 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:
RESOLUTION NO. 2011-097
EXHIBIT A
LEGAL DESCRIPTION OF PROPERTY
LOCATION: SE1/4, FRACTIONAL SECTION 6, T50N, R33W
THE WEST 9.65 ACRES OF LOT 1, ARGO INNOVATION PARK, RIVERSIDE, PLATTE
COUNTY, MISSOURI, DESCRIBED AS FOLLOWS:
ALL THAT PART OF LOT 3, PLAT OF THE PARTITION OF THE "ESTATE OF GEORGE
ROBERTS", DECEASED, LYING NORTH OF THE FOLLOWING DESCRIBED TRACT: 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 R�VERSIDE,
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, T50N, 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°22'50"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. SUBJECT TO ALL EASEMENTS AND RESTRICTIONS OF
RECORD.
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