HomeMy WebLinkAboutR-2012-109 Purchase of Horizons Industrial II from IDA RESOLUTION NO. 2072-709
A RESOLUTION AUTHORIZING THE PURCHASE OF LOT 1 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 (HORIZONS INDUSTRIAL II)
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 certain 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, 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 July 18, 2012 Riverside Horizons, LLC provided the City with a
Closing Notice pursuant to Section 7.5(a) of the MDA stating its notice of intent to purchase
certain property in the Briarcliff Horizons Site in order to construct a project on portion of the
Mortgaged Property, a copy of which is attached hereto as Exhibit A(the "Closing Notice"); 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 objectives of industrial and economic
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
RESOLUTION NO. 2072-709
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY
OF RIVERSIDE, MISSOURI, AS FOILOWS:
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, 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 422,261 square feet within the Sale
Property making the purchase price of the Sale Property $211,130.50 (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 $211,130.50 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 C in favor of the City;
FURTHER THAT the City shall, and the o�cers, 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�the Board Aldermen and APPROVED by the Mayor of the
City of Riverside, Missouri, the � day of _l� U , 2012.
°,. K hleen L. Rose, Mayor
ATTEST`.
�L,:.__ �.�>
Rotiin Littr�ell, ity Clerk
, Approved to Form:
hom on, City Attorney
RESOLUTION NO. 2012-109
EXHIBIT B
LEGAL DESCRIPTION OF PROPERTY
All of Lot 1 OF RIVERSIDE HORIZONS EAST FIRST PLAT, a subdivision in the City of
Riverside, Platte County, Missouri, subject to all easements and restrictions of record.
y�
Recarded in Platle County, Missouri
Recordinq DatelTime: 08/1012012 at 09:24 AM
Instr Number. 2012011751 ,��' EA OF '-
� Po ' • ° F .-
,` o.
Book:1195 Page:555 ,� '-`�w=
Type: TRWD ;�: :j;
Pa9es: 2 =� •._ : o
Fee: 527.�0 S ' � F �ouNT'1 � \yy � ,```
III�IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII OF THE CIT... � Gloria'Boyer,
Grantee: RIVERSIDE MO CITY OF
Recorder ol Deeds
Retum Recorded Document to:
City of Riverside
Atin: Sarah Wagner
2950 NW Vivion Rd
Riverside, MO 64150
Grantor:
The Industnal Development Authority of the City of
Riverside, Missouri
2950 NW Vivion Road, Riverside, MO 64750
Grentee:
. I The City of Riverside, Missouri
V 2950 NW Vivion Road, Riverside, MO 64150
SPECIAL WARRANTY DEED
THIS INDENTURE is made as of �,��5� q�`� , 2012 by The INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE CITY F RIVERSIDE, MISSOURI, a public corporation
organized and existing under the laws of the State of Missouri, as grantor ("Granto�'), 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
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 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:
All of Lot 1,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 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
8.=,.� E: 1 1�S F'a �� .? SS-�
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 TH�eiTY�OF RIVE �IDE, MISSOURI
�
By: � ��
amela J. rata, President
ATTEST:
By:
arah Wagner, Secreta�r
ACKNOWLEDGEMENT
STATE OF MISSOURI )
) SS
COUNTY OF PLATTE )
ON THIS ��ay of , 2012, before me, the undersigned, a
Notary Public in and for said Coun nd 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 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.
G�
�����PN 1 W A GNF �����i
/
.°� N �:j�F'iib� � : � ary Public gnature
Seal � 5P'o�s �o'•. r '�
� � _ :� #11277��- ��.� wG�'�f�
=� = Printed orTyped Na e
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My Commissi \� Expir '� / s/ q Foo � �ry
� � C��missionlExP��eg,�
RESOLUTION NO. 2012-109
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 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:
All of Lot 1 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 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
RIVERSIDE, MISSOURI
By:
Pamela J. Darata, President
[SEAL]
ATTEST:
By:
Secretary
RESOLUTION NO. 2012-109
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 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:
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3 IX 3
RIVERSIDE HORIZONS, LLC
6300 N. RevEne Darve, SUtre 225
KANSAS CITY, MISSOURI 641 S I
July 18, 2012
VIA FACSIMILE(816)946-8349. VIA FACSIMILE(816)74fi-8349.
HAND DELIVERY AND US MA[L HAND DELNERY AND US MAIL
City of Riverside City af Riverside
City Hall City Hall
2950 NW Vivian Road 2950 NW Vivian Road
Riverside, Missouri 64150 Riverside, Missouri 64150
Attn: City Administrator Attn: City Attorney
Re: Notice of Intent to Purchase Certain Property in the Briarcliff Horizons Site,
Specifically, Lot 1, Riverside Horizons East Fitst Plat
Ladies and Gentlemen:
The City of Riverside, Missouri (the "City") and Briarcliff Realty, LLC (now known as BR NorthPoint,
LLC) entered into that certain Master Development Agreement (the "MDA") on May l0, 2011.
Thereafter, with the City's consent, BR NorthPoint, LLC assigned i[s rights and obligations under the
MDA to Briarcliff Horizons, LLC, which changed i[s name with the Missouri Secretary of State on
February 24, 2012 to Riverside Horizons, LLC (the "Developer"), an affiliated entity of BR NorthPoint,
LLC.
The MDA provides the Developer with certain vested rights to purchase, Crom time to time, all or a
portion of the property 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, all of Lot 1 in Riverside Horizons East First Plat as depicted and described on the enclosed Final
Plat prepared by Olsson Associates recorded March 9, 2012 with the Platte County, Missouri Recorder of
Deeds as Instrument No. 2012003467 in Book 21 at Page ] 0(the "Property"). The Purchase Price for the
Property shall be $211,130.00, which is based upon the MDA's purchase price of $0.50 per square foot
and the Property's measured square footage of 422,261 square feet as set forth in the Final Plat.
Therefore, pursuant to Section 7.5(a) of the MDA, [he Developer hereby provides the City 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 September 6, 2012. The developing pazty will be Horizons
Indushial II, LLC, a Delaware limited liability company and joint venture behveen BR NodhPoint, LLC
and The Northwestern Mutual Life Insurance Company.
Should you have any questions regarding this notice, please contact the undersigned at your earliest
opportunity. Thank you.
RIVERS[DE HORIZONS, LLC
G_-...-"
BY: �'i
Nathaniel Hagedo nager
Enclosure: Final Plat, Riverside Horizons East First Plat
�P:/DOCS/1893/004MORIZN00649496;1 �