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Home My WebLink AboutR-2012-049 Lot 1 of the Replat of Lot 13 Horizons East � „ _. ,.._ . :�ry:9'�F'. � '�'- "'1'�y� Yr.�.�v,a+r - RESOLUTION NO. 2012-049 A RESOLUTION AUTHORIZING THE PURCHASE OF LOT 1 OF THE REPLAT OF LOT 13 RIVERSIDE HORIZONS EAST FIRST PLAT FROM THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF RIVERSIDE, MISSOURI; AUTHORIZING 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 prin cipal amount of $40,265,000 (the "Bonds"); and WHEREAS, the City, the IDA, and UMB Bank, N.A.; entered into that certain Finan cing and Cooperation Agreem ent dated as of May 1, 2007 relating to the Bonds (the "Financing Agreement"); and WHEREAS, the Financing Agreement requires that the IDA, upon direction of the City, transfer and sell the Mortgaged Property , as defined in the Financing Agreement, in whole or in part, in one or more transactions; and WHEREAS, the City and Briarcliff Realty, LLC entered into that certain Master Development Agreement (the "MDA") on May 10, 2011 which provides for the terms and conditions upon which Briarcliff Realty may purchase a portion of the Mortgaged Property from the City; and WHEREAS, Briarcliff Realty assigned its rights and obligations under the MDA to Briarcliff Horizons, LLC, an affiliated entity of Briarcliff Realty pursuant to Section 12.5(b) of the MDA; and WHEREAS, on or about February 13, 2012 Briarcliff Horizons, LLC filed articles of amendment with the Missouri Secretary of State changing its name to Riverside Horizons, LLC; and WHEREAS, on or about April 11, 2012 Riverside Horizons, LLC provided the City with a Closing Notice pursuant to Sect ion 7.5(a) of the MDA stating its notice of intent to purchase certain property in the Briarciiff Horizons Site in order to construct a proj ect on portion of the Mortgaged Property, a copy of which is attached hereto as Exhibit A(the "Closing N otice"); 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 finds that it is necessary and in the best interests of the City, in order to further the objectives of the TIF Plan and the obj ectives of industrial and econom ic development for the City, to authorize sale of the Sale Property as provided herein for the sum of $.50 per square foot; and WHEREAS, in order to accommodate the project, the City desires to authorize and direct the IDA to sell a certain portion of the Mortgaged Property, the legal description of which is described on Exhibit B(the "Sale Property") to the City pursuant to the Special Warranty Deed, the form of which is attached as Exhibit C; and � I n p�.c'%.. . ., .,. .- .. �.-...� � , , r. . - . ' RES�LUTION NO. 2012-049 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 determ ine that it is in the best interest of the City, in order to further the objectives of the TIF Plan, the objectives of industrial and economic development of the City, and the terms and conditions of the MDA that the IDA sell the Sale Property to the City; FURTHER THAT the purchase of the Sale Property by the City from the IDA at the price of $.50 per square foot is hereby approved. There are 184,170 square feet within the Sale Property making the purchase price of the Sale Property $92,085 (the "Sale P rice"); FURTHER THAT the City Finance Officer is authorized and directed to pay to UMB 8ank I � N.A., Trustee of the Bonds, the amount of $92,085 for the 5ale 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 S pecial Warranty Deed attached hereto as Exhibit C in favor of the City; ' FURTHER THAT the City shall, and the officers, agents, and employees of the City are i hereby authorized and d irected to, take such further action and execute and deliver such I, 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 f Alde en and APPROVED by the Mayor of the City of Riverside, Missouri, the r��day of , 2012. �� Kathleen L. Rose, Mayor AT T: � � - Robin Littre , Ci y Clerk , Approved as to Form: � omps , Ci y ttorney I ,�,,:v :.v.._. . .. . .:, ice+�,r �� . . .�.., . . _. b."¢�' . .. . :. _ _ . , i . . .. . .. _ . , . . , . _ . . -. . -,._ ... . . . ' . � . ...i, . .. -• RESOLUTION NO. 2012-049 , EXHIBIT B LEGAL DESCRIPTION OF PROPERTY All of Lot 1 of the REPLAT OF LOT 13 OF RIVERSIDE HORIZONS EAST FIRST PLAT, a subdivision in the City of Riverside, Platte County, Missouri, subject to all easements and restrictions of record. . _ . �rj•�+Y"� ... . �.�� n�s3:� �I . .. . . _ . ..,, _. . .r � � - . . - � � ' .., � . .., ., _ . . _ .. , _. . . _ � - . . . _ . . , � - - - ' - � RESOLUTION NO. 2012-049 EXHIBIT C � FORM OF SPECIAL WARRANTY DEED IDA TO CITY THIS INDENTURE is made as of , 2012 by The INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF RIVERSIDE, MISSOURI, a public corporation organized and existing under the laws of the State of Missouri, as grantor ("Grantor"), with a mailing address of 2950 NW Vivion Road, Riverside, Missouri 64150 to the CITY OF RIVERSIDE, MISSOURI, a fourth class municipality organized and existing under the laws of the state of Missouri, as grantee ("Grantee"), 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 cons ideration 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 assi gns, the lots, tracts or parcels of land, lying, being and situate i n the County of Platte and State of Missouri as described as follows: All of Lot 1 of the REPLAT OF LOT 13 OF RIVERSIDE HORIZONS EAST FIRST PLAT, a subdivision in the City of Riverside, Platte County, Missouri, subject to all easements and restrictions of record. TO HAVE AND TO HOLD the premises aforesaid, with ail and singularthe 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 s uccessors 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 presen ts to be signed as of the day and year first above written. THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF RIVERSIDE, MISSOURI By: Pamela J. Darata, President [S EAL] ATTEST: By: _ Secretary ,. . .: : i,�,s., � , - _ . , . RESOLUTION N�. 2012-049 ACKNOWLEDGEMENT STATE OF MISSOURI ) )SS COUNTY OF PLATTE ) ON THIS _day of _, 2012, 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 she 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 i n 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: RNCRSIDE HORIZONS, LLC 6300 N RF:vERE, SUiT� 225 K�wsns Cirv, M[ssouei 64151 April I l, 20I2 V►n FnCSIM[I.E (A16) 746-8349. V[A FnCS�M►�E (B161746-8349. HAND DELNERY AND US MA[L HAND DF,LIVERY AND US MA[L City of Riverside City of Riverside City 1[all City Hall 2950NW Vivian Road 2450NW Vivian Road Riverside, Missouri 64150 Riverside, Missouri 64150 Attn: City Administrator Attn: City Attorney Re: Notice of Intent to Purchase Certain Property in the Briarcli!'f Horizons Site Ladies and Gentiemen: The Ciry of Riverside, Missouri (the "City") and Briarcliff Realty, LLC entered into that certain Master Development Agreement (the "MDA") on May 10, 2011. Thereafter, with the City's consent, Briarcliff ReAlty, LLC assigned its rights and obligations under the MDA to Briarc(iff Horizons, LLC, an aFfiliated entity oF Briarctiff Kealty, LLC. I3y Amendment to its Articles of Organization filed February 24, 2012, Briarcliff I lorizons, LLC changed its name to Riverside Horizons, LLC (the "Developer"). The MDA provides the Developer with certain vested rights to purchase, from time [o time, all or a portion of the properiy within the area of land delineated by the MDA known as the "Briarcliff Horizons Site." The Developer now desires to purchase, pursuant to the terms and conditions contained in the MDA, a portion of the Briarcliff Horizons Site property depicted and described as Lot 1 of the Replat of Lot l3, Riverside Horizons East Pirst Plat, prepared by Renaissance lnfrastructure Consulting dated March 30, 2012 (the "Replat Survey") and enclosed herewith. The Purchase Price for the property shall be Ninety-Two Thousand Eighty Five Doltars ($92,085.00), which is based upon the MDA's purchase price of $0.50 per square foot and the property's square footage of 184,170 square feet as set forth in the Replat Survey. Therefore, pursuant to Section 7.5(a) of the MDA, the Developer hereby provides the C'tty with the required thirty (30) day prior written notice of the Developer's intent to purchase the property described and depicted on Exhibit A hereto on May I5, 2012. The developing party will be Gallagher North America, Inc., a Texas corporation (or an affiliate thereo�, an independent third party not affitiated with the Developer or any Developer Affiliate (as such term is defined under the MDA). 5hould you have any questions regarding this nutice, please contact the undersigned at your eartiest opporiunity. Thank you. RNERSIDE HORIZONS, LLC r-- B Nathanielltaged , an�g`er Enclosure: Replat Survey {P:iDocs11893101v/UU(JR36R;1 �