HomeMy WebLinkAbout2008-003 IDA Resolution Developemt Agreement BK PropertiesRESOLUTION N0.2008-003
A RESOLUTION APPROVING A PURCHASE AND DEVELOPMENT
AGREEMENT AND FIRST ADDENDUM BETWEEN THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF
RIVERSIDE, MISSOURI, THE CITY OF RIVERSIDE, MISSOURI
AND BK PROPERTIES, LLC RELATING TO THE L-385 LEVEE
REDEVELOPMENT PLAN.
WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment
Act, Sections 99.800 - 99.865, Revised Statutes of Missouri, as amended ("TIFAct"), the City of
Riverside, Missouri ("City"), after recommendation by the Tax Increment Financing
Commission of Riverside, Missouri ("TIF Commission"), approved the L-385 Levee
Redevelopment Plan, as amended ("Redevelopment Plan"), the Redevelopment Project I, the:
Redevelopment Project I Area, the Redevelopment Project III, the Redevelopment Project Area
VIII, and tax increment financing for the Redevelopment Project I Area and the Redevelopment
Project Area VIII; and
WHEREAS, the City is the owner of certain property (defined in the Purchase and
Development Agreement as the South Property) located within the Redevelopment Project Lrea
VIII; and
WHEREAS, the IDA is the owner of certain property (defined in the Purchase and
Development Agreement as the North Property, the North Property and the South Property are
referred to collectively, as the "Property") located within the Redevelopment Project Area VIII;
'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 North Property (the
"Financing Agreement"); and
WHEREAS, the Financing Agreement requires that the IDA, upon request of the City,
sell the North Property subject to compliance with the Financing Agreement; and
WHEREAS, the City has directed the Authority to sell the North Property pursuant to the
terms and provisions of the Purchase and Development Agreement; and
WHEREAS, the City, the IDA and the Developer desire to enter into the Purchase and
Development Agreement to provide for the implementation of Redevelopment Plan, includi~ig
the Redevelopment Project III-Horizons and Redevelopment Project III-East/West Connectors,
subject to the terms and conditions of such Agreement.
NOW, THEREFORE, be it resolved by the Board of Directors of the Industrial
Development Authority of the City of Riverside, Missouri as follows:
1. Approval of Purchase and Development Agreement and First Addendum: The
Purchase and Development Agreement and the First Addendum to Purchase and Development
Agreement are hereby approved in substantially the forms presented with this Resolution (a copy
of each document is on file with the Secretary), and the IDA is hereby authorized to enter into,
execute and deliver such documents with such changes therein as shall be approved by the
officials of the IDA executing such documents, such officials' signatures thereon being
conclusive evidence of their approval and the IDA's approval thereof.
2. Further Acts: The President, Vice-President, Secretary, Assistant Secretary acid
other appropriate officers, agents and employees of the IDA are hereby authorized to take such
further actions and execute such other documents as may be necessary or desirable to carry out
and comply with the intent of this Resolution, and to carry out, comply with and perform the
duties of the IDA with respect to the Purchase and Development Agreement and the First
Addendum to Purchase and Development Agreement.
3. Severabilitv: The portions of this Resolution shall be severable. In the event that
any portion of this Resolution is found by a court of competent jurisdiction to be invalid, the
remaining portions of this Resolution are valid, unless the court finds the valid portions of this
Resolution are so essential and inseparably connected with and dependent upon the void pon:ion
that it cannot be presumed that Board of Directors would have enacted the valid portions within
the invalid ones, or unless the court finds that the valid portions standing alone are incomplete
and are incapable of being executed in accordance with the legislative intent.
4. Effective Date: This Resolution shall be in full force and effect upon and after its
passage and approval.
PASSED AND APPROVED, this 4th day of March, 2008.
Attest:
[seal]
President
Assistant Secretary