HomeMy WebLinkAboutR-2012-131 Purchase of Lot 1 of Riverside Horizons III from IDA RESOLUTION NO. R- 2072-131
A RESOLUTION AUTHORIZING THE PURCHASE OF LOT 1 OF RIVERSIDE HORIZONS
INDUSTRIAL III EAST 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 III)
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 September 19, 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 underthe 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. R-2012-737
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, 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 424,526 square feet within the Sale
Property making the purchase price of the Sale Property $212,263 (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 $212,263 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 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 Boar of Aldermen a APPROVED by the Mayor of the
City of Riverside, Missouri, the �"ti day of 012.
'`��
'. Kath een L. Rose, Mayor
/�TTE T:
,Robin I,ittrell Cit Clerk
� Approved as to Form:
., , .....
. ,
ang o ps , City Attorney
�
RESOLUTION NO. R- 2012-131
EXHIBIT B
LEGAL DESCRIPTION OF PROPERTY
All of Lot 1 of RIVERSIDE HORIZONS INDUSTRIAL III EAST, a subdivision in the City
of Riverside, Platte County, Missouri, subject to all easements and restrictions of record.
RESOLUTION NO. R- 2012-731
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 INDUSTRIAL III EAST, 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. R- 2012-131
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 o�cial 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:
RIVERSIDE HORIZONS LLC
6300 N. Rava� DxrvE, Svrra 225
KANSAS CITY, MISSOUR1641S1
September 19, 2012
Vin FACSrnm,E f8161746-8349. Vin FncsnKn,E (8161746-8349.
HAND DELIVERY AND US MAII. HAND DELIVERY AND US MAII.
City of Riverside City of Riverside
City Hall City Hall
2950 NW Vivian Road 2950 NW Vivian Road
Riverside, Missouri 64150 Riverside, Missouri 64150
Attn: City Adminiskator Attn: City Attorney
Re: Notice of Intent to Purchase Certain Property in the Briarcliff Horizons Site:
All or a part of Lot 2, REPLAT OF LOT 13, RIVERSIDE HORIZONS EAST
FIRST PLAT, and Lofs 11 and 12, RIVERSIDE HORIZONS EAST FII2ST
PLAT, subdivislons in the City of Riverside, Platte County, Missouri, according to
the rncorded plats thereof, to be replatted as LOT 1, RIVERSIDE AORIZONS
INDUSTRIAL III EAST
Ladies and GenUemen:
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 10, 2011. T'hereafter, with the City's consent, BR NorthPoint, LL.0 assigned its rights and
obligations under the MDA to Briarcliff Horizons, I.LC, which changed its name with the
Missouri Secretary of State on February 24, 2012 to Riverside Horizons, LLC (the "Developer"),
an affiliated enaty of BR NorthPoint, LL,C.
The MDA provides the Developer with certain vested rights to purchase, from time to time, all or
a portion of the property within the area of land delineated by the MDA known as the "Briazcliff
Horizons Site." The Developer now desires to purchase, pursuant to the terms and conditions
contained in the MDA, all or a part of Lot 2, REPLAT OF LOT 13, RIVERSIDE HORIZONS
EAST FIItST PLAT, and Lots 11 and 12, RIVERSIDE HORIZONS EAST FIItST PLAT,
subdivisions in the City of Riverside, Platte County, Missouri, according to the recorded plats
thereof, to be replatted as LOT 1, RIVERSIDE HORIZONS INDUSTRIAL III EAST as
depicted and described on the enclosed proposed Final Plat prepared by Renaissance
Infrastructure Consuldng ("RIC"). The Purchase Price for the Property shall be $212,263.00,
which is based upon the MDA's purchase price of $0.50 per square foot and the Property's
measured square footage of 424,526 square feet as set forth in the proposed Final Plat.
�P:/DOCS/1893/03]/OO6fi9t66;1)
RNERSIDE HORIZONS, LLC
City of Riverside
Ciry Hall
ATTN: City Adminisvator and City Attomey
September 19, 2012
Page 2
Therefore, pursuant to Section 7.5(a) of the MDA, the 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 October 19, 201 Z. T'he developing pazty will be
Horizons Industrial III, LLC, a Delaware limited liability company, and joint venture between
BR NorthPoint, LLC and The Northwestem Mutual Life Insurance Company.
Should you have any questions regarding this notice, please contact the undersigned at your
eazliest oppor[unity. Thank you.
RiviaxsIDE HoiuzoNS, LLC
By: C
Nathaniel Hagedom, er
Enclosure: Proposed Final Plat, Riverside Horizons Industrial III
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