HomeMy WebLinkAbout1345 Release of Interest Lot 1 Horizons Industrial III East BILL NO. 2014-078 ORDINANCE NO. 345
AN ORDINANCE APPROVING THE EXECUTION AND DELIVERY OF A RELEASE OF
INTEREST TO RELEASE THE REVERSIONARY INTERESTS FOR LOT 1, RIVERSIDE
HORIZONS INDUSTRIAL III EAST, A SUBDIVISION IN THE CITY OF RIVERSIDE
WHEREAS, the City of Riverside, Missouri ("City") granted a Special Warranty Deed dated
October 18, 2012, recorded with the Recorder of Deeds for Platte County, Missouri on
November 13, 2012 in Book 1201 at Page 41 and as Instrument 2012017244 (the "Deed") to
Riverside Horizons, LLC ("RH"), for all of Lot 1, RIVERSIDE HORIZONS INDUSTRIAL III EAST,
a subdivision in the City of Riverside, Platte County, Missouri, according the recorded plat
thereof(the "Property"); and
WHEREAS, the Deed contained a condition subsequent that the failure to commence vertical
construction within sixty days from the date of the Deed (the "Condition Subsequent") would
cause title to the Property to revert to the City; and
WHEREAS, the Deed set forth that upon satisfaction of the Condition Subsequent, the City
would, upon the request of RH, execute and record against title to the Property a writing validly
evidencing the termination of the City's reversionary right; and
WHEREAS, the Condition Subsequent has been satisfied and RH requests that the termination
of the City's reversionary right be accomplished by recording against the title to the Property the
Release of Interest attached hereto and incorporated herein as Exhibit A (the "Release of
Interest"); 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, as well as in furtherance of
the objective to protect the health, safety, and welfare of the businesses and citizens of the City,
to approve the Release of Interest as set forth herein.
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 TO APPROVE THE RELEASE OF INTEREST.
It is in the best interests of the City in order to further the objectives of industrial and economic
development of the City, as well as in furtherance of the objective to protect the health, safety,
and welfare of the businesses and citizens of the City, to approve the Release of Interest
attached hereto as Exhibit A and incorporated herein and such Release of Interest is hereby
approved.
SECTION 2 — AUTHORITY .RANTED. The City hereby authorizes the Mayor of the City and
other appropriate City officials to execute and deliver the Release of Interest, consistent with the
terms of this Ordinance and Missouri law, and hereby authorizes the Mayor, the City
Administrator, the City Clerk, Special Counsel to the City and other appropriate City officials to
take any and all actions as may be deemed necessary or convenient to carry out and comply
with the intent of this Ordinance and to execute and deliver for and on behalf of the City all
certificates, instruments, agreements and other documents, as may be necessary or convenient
to perform all matters herein authorized.
WA 6059840.1
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 18'" day of September, 201
Kathleen L. Rose, Mayor
A :.
Robin Littrell, City Clerk Approvej as to form:
Sp Fane Britt & Browne LLP
S ec1 ounsel to the City
by Joe Bednar
2 WA 6059840.1
EXHIBIT A
RELEASE OF INTEREST
3 WA 6059840.1
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(The above space is reserved for Recorder's Certification.)
TITLE OF DOCUMENT: RELEASE OF INTEREST
DATE OF DOCUMENT: 12014
GRANTORS: CITY OF RIVERSIDE,MISSOURI
2950 N.W.Vivion Road
Riverside, Missouri 64150
and
RIVERSIDE HORIZONS, LLC
5015 NW Canal Street, Suite 200
Riverside, Missouri 64150
GRANTEE: CITY OF RIVERSIDE, MISSOURI
2950 N.W. Vivion Road
Riverside, Missouri 64150
LEGAL DESCRIPTION: See Exhibit A
REFERENCE Special Warranty Deed from City of Riverside, Missouri
to Riverside Horizons, LLC recorded November 13, 2012
in Book 1201 at Page 41 as Instrument No. 2012017244;
Special Warranty Deed from Riverside Horizons, LLC to
Horizons Industrial III, LLC recorded November 13, 2012
in Book 1201 at Page 42 as Instrument No. 2012017245.
11893/037/CITY/00891799;1
RELEASE OF INTEREST
THIS RELEASE OF INTEREST is made as of 2014 (the
"Effective Date") by and from the CITY OF RIVERSIDE, MISSOURI, a fourth class city duly
organized and validly existing under the laws of the State of Missouri("City"), having its mailing address
as follows: 2950 N.W.Vivion Road,Riverside, Missouri 64150, and RIVERSIDE HORIZONS,LLC, a
Missouri limited liability company ("Riverside Horizons"), having its mailing address as follows: 5015
NW Canal Street, Suite 200,Riverside, Missouri 64150,to City.
RECITALS
A. City executed and delivered to Riverside Horizons that certain Special Warranty Deed
dated October 18, 2012 and recorded in the real estate records of the Recorder of Platte County, Missouri
in Book 1201 and Page 41 as Instrument No. 2012017244, that conveyed to Riverside Horizons title to
the real property described on Exhibit A (the "Property"). Such deed contained a condition subsequent
(the"City Condition")that failure to commence vertical construction within sixty(60)days from the date
of such deed would cause title to the Property to revert to City(the"City Reversionary Interest").
B. Simultaneously therewith, Riverside Horizons executed and delivered to Horizons
Industrial III, LLC, a Delaware limited liability company ("Developer"), that certain Special Warranty
Deed dated October 15, 2012 and recorded in the real estate records of the Recorder of Platte County,
Missouri in Book 1201 and Page 42 as Instrument No. 2012017245, that conveyed to Developer title to
the Property. Such deed contained a condition subsequent (the "Riverside Horizons Condition") that
failure to commence vertical construction within sixty (60) days from the date of such deed would cause
title to revert to Riverside Horizons(the"Riverside Horizons Reversionary Interest").
C. Developer satisfied the City Condition and the Riverside Horizons Condition and
commenced vertical construction on the Property within sixty(60)days from the date of both deeds.
D. City desires to (1) recognize satisfaction of the City Condition and (2) release the City
Reversionary Interest.
E. Riverside Horizons desires to (1) recognize satisfaction of the Riverside Horizons
Condition and(2)release the Riverside Horizons Reversionary Interest.
NOW THEREFORE, in consideration of the sum of One Dollar ($1.00) and other valuable
considerations the receipt of which is hereby acknowledged, City does hereby (1) recognize satisfaction
of the City Condition and (2) release the City Reversionary Interest, and Riverside Horizons does hereby
(1) recognize satisfaction of the Riverside Horizons Condition and (2) release the Riverside Horizons
Reversionary Interest.
[The remainder of this page intentionally left blank.]
11893/037 UTY/00891799;1 I
IN WITNESS WHEREOF, City and Riverside Horizons have executed this Release of Interest
as of the Effective Date.
t ,
CITY OF RIVERSIDE,MISSOURI
{SEAI:j
By:
• s Name: Kathleen L. Rose
Title: Mayor
ATTEST:
Name: Robin Littrell
Title: City Clerk
ACKNOWLEDGMENT
STATE OF MISSOURI )
SS.
COUNTY OF PLATTE )
On this day of 2014, before me,the undersigned,a Notary Public, appeared
KATHLEEN L. ROSE and ROBIN LTTTRELL, to me personally known, who, being by me duly
sworn, did say that they are the Mayor and City Clerk of the CITY OF RIVERSIDE, MISSOURI, and
that the seal affixed to the foregoing instrument is the corporate seal of said City,and that said instrument
was signed and sealed by authority of its Board of Aldermen, and said officers acknowledged said
instrument to be executed for the purposes therein stated and as the free act and deed of said City.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the
County and State aforesaid,the day and year first above written.
Name:
Notary Public in and for said State
(SEAL)
My Commission Expires:
11893/037/CITY/00891799;1 )
RIVERSIDE HORIZONS,LLC,
a Missouri limited liability company
By: Northpoint Holdings,LLC,
a Missouri limited liability company,
its Manager
By:
Name: Nathaniel Hagedorn
Title: Manager
ACKNOWLEDGMENT
STATE OF MISSOURI )
SS.
COUNTY OF PLATTE )
On this day of 2014, before me,the undersigned,a Notary Public, appeared
NATHANIEL HAGEDORN, to me personally known, who, being by me duly sworn, did say that he is
the Manager of Northpoint Holdings, LLC, the Manager of RIVERSIDE HORIZONS, LLC, and that
said instrument was signed by authority of its members, and he acknowledged said instrument to be
executed for the purposes therein stated and as the free act and deed of said company.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the
County and State aforesaid,the day and year first above written.
Name:
Notary Public in and for said State
(SEAL)
My Commission Expires:
11893/037/CITY/00891799;1 j
EXHIBIT A
LEGAL DESCRIPTION
All of the following property located in Platte County, Missouri:
All of Lot 1, RIVERSIDE HORIZONS INDUSTRIAL III EAST, a subdivision in the City of Riverside,
Platte County, Missouri, according to the recorded plat thereof, described as follows:
Beginning at the Northwest corner of said Lot 1, said point being on the Southerly right-of-way line of
41't Street as it now exists; thence coincident with said right-of-way line along the following courses:
South 89°35'34" East, 174.20 feet; thence Southeasterly, on a tangent curve to the right, 117.87 feet, said
curve having a radius of 314.00 feet; thence South 68105'05" East, 651.41 feet to the Northeast corner of
said Lot l; thence departing said right-of-way line, South 21°54'55" West, coincident with the East line
of said Lot 1, a distance of 494.19 feet to the Southeast corner thereof, thence coincident with the
Southerly line of said Lot 1, along the following courses: North 68105'05" West, 627.91 feet; thence
South 00°36'03" East, 36.26 feet; thence North 89°35'50" West, 130.58 feet to the Southwest corner of
said Lot 1; thence departing said Southerly line, North 00'24'10" East, coincident with the West line of
said Lot 1, a distance of 526.51 feet to the Point of Beginning, containing 424,526 square feet, or 9.746
acres, more or less.
t1893/037/CITY/00891799;1t