HomeMy WebLinkAbout1365 Release of Reversionary Interests for Lot 4, Riverside Horizons East First Plat BILL NO. 2014-098 ORDINANCE NO.��
AN ORDINANCE APPROVING THE EXECUTION AND DELIVERY OF A RELEASE OF
INTEREST TO RELEASE THE REVERSIONARY INTERESTS FOR LOT 4, RIVERSIDE
HORIZONS EAST FIRST PLAT, A SUBDIVISION IN THE CITY OF RIVERSIDE
WHEREAS, the City of Riverside, Missouri ("City") granted a Special Warranty Deed dated April
4, 2012, recorded with the Recorder of Deeds for Platte County, Missouri on April 9, 2012 in
Book 1188 at Page 736 and as Instrument 2012004921 (the "Deed") to Riverside Horizons, LLC
("RH"), for all of Lot 4, RIVERSIDE HORIZONS EAST FIRST PLAT, 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 GRANTED. 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.
SECTION 3 — EFFECTIVE DATE. This Ordinance shall be in full force and effect from and after
its passage and approval.
WA 6323971.1
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`h day of November, 2014.
w
^-� Kat leen L. Rose, Ma o
ATTE
Robin Littrell, City berk Approv To form:
Spenc ane riff & Browne LLP
SpecidjC4urlsel to the City
by Joe Bednar
2 WA 6323971.1
EXHIBIT A
RELEASE OF INTEREST
3 WA 6323971.1
---------------------------------------------------------------------------------------------------------------------
(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: HORIZONS INDUSTRIAL I,LLC
5015 NW Canal Street, Suite 200
Riverside, Missouri 64150
LEGAL DESCRIPTION: See Exhibit A
REFERENCE Special Warranty Deed from City of Riverside, Missouri
to Riverside Horizons, LLC recorded April 9, 2012 in
Book 1188 at Page 736 as Instrument No. 2012004921;
Special Warranty Deed from Riverside Horizons, LLC to
Horizons Industrial I, LLC recorded April 9, 2012 in Book
1188 at Page 737 as Instrument No. 2012004922.
11893/004/TITLE/00912428;2 I
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 Horizons Industrial 1, LLC, a Delaware
limited liability company with a mailing address of 5015 NW Canal Street, Suite 200, Riverside, Missouri
64150("Developer") .
RECITALS
A. City executed and delivered to Riverside Horizons that certain Special Warranty Deed
dated April 4, 2012 and recorded in the real estate records of the Recorder of Platte County, Missouri in
Book 1188 and Page 736 as Instrument No. 2012004921, 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 Developer, that
certain Special Warranty Deed dated April 4, 2012 and recorded in the real estate records of the Recorder
of Platte County, Missouri in Book 1188 and Page 737 as Instrument No. 2012004922, 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.]
{1893/004MTLE/00912428;2 I
IN WITNESS WHEREOF, City and Riverside Horizons have executed this Release of Interest
as of the Effective Date.
CITY OF RIVERSIDE,MISSOURI
By:
• Name: Kathleen L. Rose
Title: Mayor
ATTEST:
By. •%
Name: Robin Littrell
Title: City Clerk
ACKNOWLEDGMENT
STATE OF MISSOURI )
SS.
COUNTY OF PLATTE )
On this day of ` AV 2014,before me,the undersigned,a Notary Public,appeared
KATHLEEN L. ROSE and ROBIN LITTRELL, 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 Plft'df s ' State
(SEAL) '` ` _
My Commission Expires: yam{ Z- 1NAGNF
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Can 9184
Platte Gun Y
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(1893/004rrrrLE'00912428;2
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:
11893/004?ITLE/00912428;2
EXHIBIT A
LEGAL DESCRIPTION
All of the following property located in Platte County, Missouri:
All of Lot 4, RIVERSIDE HORIZONS EAST FIRST PLAT, a subdivision in Riverside, Platte County,
Missouri, according to the recorded plat thereof, recorded March 9, 2012, as Document No. 2012003467,
in Plat Book 21 at Page 10.
(1893/004/TITLE/00912428;2)
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Instr Number: 2014014184 ...
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Book: 1237 Page: 188 moo: ;rEa,
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Fee: $36.00 S
E14drunicsoRecorded Reelade 40yer
(The above space is reserved for Racordees Certification.)
TITLE OF DOCUMENT: RELEASE OF INTEREST
DATE OF DOCUMENT: A ee"L 6 c r F 2014
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: HORIZONS INDUSTRIAL I,LLC
501S NW Canal Street, Suite 200
Riverside,Missouri 64150
LEGAL DESCRIPTION: See Ezbibft A
REFERENCE Special Warranty Dead from City of Riverside, Missouri
to Riverside Horizons, LLC recorded April 9, 2012 in
Book 1188 at Paye 736 as Instrument No. 2012004921;
Special Warranty Deed from Riverside Horizons, LLC to
Horizons Industrial I,LLC recorded April 9,2012 In Book
1188 at Paye 737 as Instrument No.2012004922.
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Haft Qmnv�, HN300)UH
THIS RELEASE OF INTEREST is made as of _!Ie a eot b e r P , 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.Vivian Road,Riverside,Missouri 64150,and RIVERSIDE HORIZONS,LLC,a
Missouri limited liability company ("Rivenide Horizons"), having its mailing address as follows: 5015
NW Canal Street Suite 200, Riverside, Missouri 64150, to Horizons Industrial I, LLC, a Delaware
limited liability company with a mailing address of 5015 NW Canal Street,Suite 200,Riverside,Missouri
64150("Developer-).
RECITALS
A. City executed and delivered to Riverside Horizons that certain Special Warranty Deed
dated April 4, 2012 and recorded In the real estate records of the Recorder of Platte County,Missouri in
Book 1188 and Page 736 as Instrument No.2012004921,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 Developer,that X
certain Special Warranty Deed dated April 4, 2012 and recorded In the real estate records of the Recorder -•
of Platte County, Missouri in Book 1188 and Page 737 as Instrument No.2012004922,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 T
deed would cause title to revert to Riverside Horizons(the"Riverside HorizonsReversionary inuresC). 0
r
m
C. Developer satisfied the City Condition and the Riverside Horizons Condition and m
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 h 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
Revenionary Interest
[The remainder of this page intentionally left blank.]
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as of the Effective Da LAt4!!cl4F of Interest
CITY OF RIVERSIDE,MISSOURI
A ,
io
Name: Kathleen L.Rose
F ' Title: Mayor
ATTEST &
a v
'By:
Name: Robin Littrell
Title: City Clerk
W
ACKNOWLEDGMENT X
N
W
V
STATE OF MISSOURI ) V
SS. 0
COUNTY OF PLATTE )
�o
On this day of 2014,before me,the undersigned,a Notary Public,appeared
KATBLEEN L. ROSE and ROBIN LITTRELL, 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 fof sWState
(SEAL)
My Commission Exphea 1 e \Z,)-*D015. Npiii A®tiE
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By: Northpoint Holdings,LLC,
a Missouri limited liability company,
its Manager
By:
Name: Nathanie adorn
Title: Manag
ACKNOWLEDGMENT
STATE OF MISSOURI )
SS.
COUNTY OF PLATTE )
W
On this day of`I�Prpm6er R .2014,before me,the undersigned,allotary Public,appeared A
NATHANIEL HAGEDORN,to me personally)mown,who,being by me duly sworn, did say that he is N
the Manager of Northpoint Holdings, LLC, the Manager of RIVERSIDE HORIZONS,LIC, and that y
said instrument was signed by authority of its members, and he aclmowledged said instrument to be '4
executed for the purposes therein stated and as the free act and deed of said company.
.a
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the O0
Cour and State aforesaid,the da and eD
County d, Y Year first above written.
Name:
Notary Pu cin and for said State
(SEAL)
My Commission Expires: &iIC'�t� � =Notaubarvv seat
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LEGAL DESCRIPTION
All of the following property located in Platte County,Missouri:
All of Lot 4, RIVERSIDE HORIZONS EAST FIRST PLAT, a subdivision in Riverside, Platte County,
Missouri,according to the recorded plat thereof,recorded March 9,2012,as Document No.2012003467,
in Plat Book 21 at Page 10.
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