HomeMy WebLinkAbout1318 Industrial Developmwnt Revenue Bonds Quit Claim Deed Horizons Industrial II BILL NO. 2014-046 ORDINANCE NO. J&I
AN ORDINANCE DIRECTING THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE
CITY OF RIVERSIDE, MISSOURI TO EXECUTE A QUIT CLAIM DEED UPON THE
SATISFACTION OF CERTAIN CONDITIONS AND FURTHER DIRECTING THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE CITY OF RIVERSIDE, MISSOURI TO SELL CERTAIN
LAND
WHEREAS, the Industrial Development Authority of the City of Riverside, Missouri
("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
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 IDA executed that certain Right of Way Deed, dated September 26,
2007, and recorded on October 4, 2007 in the office of the Platte County, Missouri Recorder of
Deeds as Document No. 2007 15794, in Book 1111, Page 854, deeding certain land to the City
of Riverside, Missouri ("City'), including the property legally described in Exhibit A hereto and
identified as the "Van de Populier Tract" which is Mortgaged Property under the Financing
Agreement; and
WHEREAS, the City is considering a vacation of right of way, including the right of way
over the Van de Populier Tract, and, in the event of such vacation, the City desires that the IDA
transfer the Van de Populier Tract to Argo Innovation Park Lot 6, L.L.C. ("Argo') by way of a
Quit Claim Deed, the form of which is attached hereto as Exhibit B, upon release of the Van de
Populier Tract from the Deed of Trust and Security Agreement in connection with the Financing
Agreement ("Deed of Trust'); and
WHEREAS, the City is negotiating a sale of additional property in order to accommodate
a project on a portion of the Mortgaged Property under the Financing Agreement ("Challenge
Project'), portions of which are owned by the City and portions of which are owned by the IDA;
and
WHEREAS, in order to accommodate the Challenge Project, the City desires to
authorize and direct the IDA to sell and transfer a certain portion of the Mortgaged Property,
legally described in Exhibit A hereto and identified as the "Challenge Tract', to the City by way
of a Special Warranty Deed, the form of which is attached hereto as Exhibit C, in accordance
with the terms of the Financing Agreement; and
WHEREAS, the Board of Aldermen find it to be in the best interests of the City in order
to further the objectives of industrial and economic development of the City, and the terms and
conditions of the TIF Plan, as well as in furtherance of the objective to protect the health, safety,
and welfare of the businesses and citizens of the City, to direct the IDA to transfer the Van de
Populier Tract to Argo upon release of the Van de Populier Tract from the Deed of Trust and
upon vacation of the right of way over the Van de Populier Tract, and to direct the IDA to
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transfer and sell the Challenge Tract to the City in connection with and upon the release of the
Challenge Tract from the Deed of Trust in accordance with the terms of the Financing
Agreement.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF
RIVERSIDE, MISSOURI AS FOLLOWS:
SECTION 1. BEST INTEREST OF THE CITY, APPROVAL AND DIRECTION. It is in
the best interest of the City in order to further the objectives of industrial and economic
development of the City, and the terms and conditions of the TIF Plan, as well as in furtherance
of the objective to protect the health, safety, and welfare of the businesses and citizens of the
City to direct the IDA to transfer the Van de Populier Tract to Argo upon release of the Van de
Populier Tract from the Deed of Trust and upon vacation of the right of way over the Van de
Populier Tract, and to direct the IDA to transfer and sell the Challenge Tract to the City in
connection with and upon the release of the Challenge Tract from the Deed of Trust in
accordance with the terms of the Financing Agreement, and the same directives are hereby
approved; and further
that the IDA is directed to execute and deliver the Quit Claim Deed substantially in the form
attached hereto as Exhibit B in favor of Argo upon release of the Van de Populier Tract from the
Deed of Trust and upon vacation of the right of way over the Van de Populier Tract; and further
that the IDA is directed to execute and deliver the Special Warranty Deed substantially in the
form attached hereto as Exhibit C in favor of the City in connection with and upon the release of
the Challenge Tract from the Deed of Trust in accordance with the terms of the Financing
Agreement.
SECTION 2. AUTHORITY GRANTED. The Mayor, City Administrator, Special Counsel
to the City - Spencer Fane Britt & Browne LLP, and other appropriate officials and employees of
the City are hereby authorized and directed to take such further action related thereto as is
otherwise necessary or desirable to carry out and comply with the intent of this Ordinance.
SECTION 3. EFFECTIVE DATE. This Ordinance shall be in full force and effect from
and after its passage and approval.
BE IT REMEMBERED that the above was read two times by heading only, PASSED
AND APPROVED by a majority of the Board of Aldermen and /APPROVED by the Mayor of the
City of Riverside, Missouri, this 20' day of May, 2014��/�^�--�-C-e/✓�
e a Kathleen L. Rose, Mayor
ATT
Roman Ljttrell,°Cit ,Clerk
Approved as to form:
Speper r9je Britt & Browne LLP,
SpeUzl-Codfisel to the City
by Joe Bednar
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Exhibit A
Legal Descriptions
Van de Populier Tract:
ALL THAT PART OF THE RIGHT OF WAY FOR HORIZONS PARKWAY IN SECTION 5,
TOWNSHIP 50, RANGE 33 IN RIVERSIDE, PLATTE COUNTY, MISSOURI BOUNDED ON
THE WEST BY THE WEST LINE OF SAID SECTION 5, CONTAINING PART OF VAN DE
POPULIER ROAD, ON THE NORTH BY THE ELONGATION OF THE NORTH LINE OF LOT 6,
ARGO INNOVATION PARK, A SUBDIVISION IN RIVERSIDE, PLATTE COUNTY, MISSOURI,
ON THE EAST BY THE WESTERLY LINE OF HORIZONS PARKWAY, AND ON THE SOUTH
BY THE SOUTH LINE OF SAID SECTION 5, TOWNSHIP 50, RANGE 33, SUBJECT TO THAT
PART IN ROADS.
Challenge Tract:
ALL OF THE NORTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 7,
TOWNSHIP 50, RANGE 33, AND ALL OF THE NORTHWEST QUARTER OF THE
NORTHWEST QUARTER OF SAID SECTION 7, LYING EAST OF THE EAST LINE OF THE
MISSOURI RIVER LEVEE RIGHT-OF-WAY AND DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHEAST CORNER OF SAID QUARTER QUARTER SECTION;
THENCE WESTERLY (AZIMUTH 90° 32' 14") ALONG THE NORTH LINE OF SAID QUARTER
QUARTER SECTION 973.92 FEET, TO AN IRON PIPE ON THE EAST LINE OF SAID RIGHT-
OF-WAY; THENCE SOUTHERLY (AZIMUTH 170 47' 56") 365.52 FEET; THENCE
SOUTHERLY (AZIMUTH 1° 19' 45") 237.26 FEET; THENCE SOUTHERLY (AZIMUTH 3490 40'
45") 601.54 FEET; THENCE SOUTHERLY (AZIMUTH 3420 13' 45") 147.12 FEET TO AN IRON
BAR ON THE SOUTH LINE OF SAID QUARTER QUARTER SECTION; THENCE EASTERLY
ALONG THE SOUTH LINE OF SAID QUARTER QUARTER SECTION, 929.25 FEET TO THE
SOUTHEAST CORNER THEREOF; THENCE NORTHERLY TO THE POINT OF BEGINNING,
IN RIVERSIDE, PLATTE COUNTY, MISSOURI, SUBJECT TO THE RIGHTS OF THE PUBLIC
IN ROADS.
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Exhibit B
Form of Quit Claim Deed from IDA and City to ARGO Innovation Park Lot 6, L.L.C.
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Exhibit C
Form of Special Warranty Deed from IDA to City
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Title of Document: Quit Claim Deed
Date of Document: June_, 2014
Grantors: City of Riverside, Missouri; and
The Industrial Development Authority of the City of
Riverside, Missouri
Grantors' Address: 2950 N.W. Vivion Road
Riverside, Missouri, 64150
Grantee(s) Name and Address: Argo Innovation Park Lot 6, L.L.C.
7611 State Line Road
Suite 301
Kansas City, MO 64114
Legal Description/Address: See following page
Book and Page Reference: N/A
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QUIT CLAIM DEED
THIS DEED witnesseth that The Industrial Development Authority of the City of
Riverside, Missouri and the City of Riverside, Missouri ("Grantors"), for good and valuable
consideration, do by these presents REMISE, RELEASE and FOREVER QUITCLAIM unto Argo
Innovation Park Lot 6, L.L.C., whose mailing address is 7611 State Line Road, Suite 301,
Kansas City, MO 64114 ("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 THAT PART OF THE RIGHT OF WAY FOR HORIZONS PARKWAY IN
SECTION 5, TOWNSHIP 50, RANGE 33 IN RIVERSIDE, PLATTE COUNTY,
MISSOURI BOUNDED ON THE WEST BY THE WEST LINE OF SAID
SECTION 5, CONTAINING PART OF VAN DE POPULIER ROAD, ON THE
NORTH BY THE ELONGATION OF THE NORTH LINE OF LOT 6, ARGO
INNOVATION PARK, A SUBDIVISION IN RIVERSIDE, PLATTE COUNTY,
MISSOURI, ON THE EAST BY THE WESTERLY LINE OF HORIZONS
PARKWAY, AND ON THE SOUTH BY THE SOUTH LINE OF SAID SECTION 5,
TOWNSHIP 50, RANGE 33, SUBJECT TO THAT PART IN ROADS; and
A TRACT OF LAND IN THE SOUTHEAST QUARTER OF SECTION 6,
TOWNSHIP 50N, RANGE 33W IN RIVERSIDE, PLATTE COUNTY, MISSOURI,
DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHEAST CORNER OF THE SOUTHEAST QUARTER
OF SECTION 6; THENCE NORTH 89 DEGREES, 23 MINUTES, 44 SECONDS
WEST, ALONG THE SOUTH LINE OF THE SOUTHEAST QUARTER, 20.00
FEET TO THE EAST LINE OF LOT 6, "ARGO INNOVATION PARK' AS
RECORDED IN BK. 20, PG. 395; THENCE NORTH 00 DEGREES, 29
MINUTES, 11 SECONDS EAST, ALONG THE EAST LINE, 498.83 FEET TO
THE NORTHEAST CORNER OF LOT 6; THENCE SOUTH 89 DEGREES, 35
MINUTES, 34 SECONDS EAST, 20.00 FEET TO THE EAST LINE OF THE
SOUTHEAST QUARTER OF SECTION 6; THENCE SOUTH 00 DEGREES, 29
MINUTES, 11 SECONDS WEST, ALONG THE EAST LINE, 498.90 FEET, TO
THE POINT OF BEGINNING. NOW KNOWN AS THAT PART OF VAN DE
POPULIER ROAD LYING SOUTH OF 41ST STREET, AS SHOWN ON THE
RECORDED PLAT OF ARGO INNOVATION PARK, A SUBDIVISION IN
RIVERSIDE, PLATTE COUNTY, MISSOURI, ACCORDING TO THE
RECORDED PLAT THEREOF.
TO HAVE AND TO HOLD, the premises aforesaid, with all and singular the rights,
privileges, appurtenances and immunities thereto belonging or in any wise appertaining, unto
Grantee and its successors and assigns forever, so that neither Grantors nor their successors,
assigns nor any other person or persons, for them or in their name or behalf, shall or will
hereafter claim or demand any right or title to the said premises, or any part thereof, but they
and each of them shall, by these presents, be excluded and forever barred.
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It is the intent and purpose of this Deed that Grantors quit claim to Grantee any interest
that Grantors may have in the aforesaid premises resulting from the vacation of the Van de
Populier Right of Way by way of Ordinance No. _, approved and passed by the Board of
Aldermen of the City of Riverside, Missouri on June 3, 2014.
IN WITNESS WHEREOF, Grantors have caused these presents to be signed as of the
day and year first above written.
GRANTORS:
THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF RIVERSIDE, MISSOURI
By:
Name:
Title:
ATTEST:
By:
Sarah Wagner, SO&etary
THE CITY OF RIVERSIDE, MISSOURI
/
By: L .�/�
Name: Kathleen L. Rose
Title: Mayor
a s
ATTEST:
Robin Littrell, Jerk
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ACKNOWLEDGEMENT
STATE OF MISSOURI )
) SS
COUNTY OF PLATTE )
ON THIS 9& day of June, 2014, before me, the undersigned, a Notary Public in and
for said county and state, personally appeared 2\ F to me personally known,
who being by me duly sworn, did say that he/she is the 4resrh 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 Coun y and State aforesaid, the day and year
first above written.
Notary Public Ignature �6666066ttH IWAIi,Ni�''�.
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ACKNOWLEDGEMENT %�f 4O+a�ls00`s�0`�^'
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STATE OF MISSOURI )
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COUNTY OF PLATTE )
ON THIS _day of June, 2014, before me, the undersigned, a Notary Public in and for
said county and state, personally appeared Kathleen L. Rose, to me personally known, who
being by me duly sworn, did say that she is the Mayor of the City of Riverside, Missouri, a
municipal 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 municipality, and that
instrument was signed and sealed in behalf of said municipality by free act and deed of said
municipality.
WITNESS my hand and official seal in the County and State aforesaid, the day and year
first above written.
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