HomeMy WebLinkAbout2014-005 IDA Resolution Sale Property to Riverside Missouri Challenge Riverside IDA Resolution 2014-005
IDA
RESOLUTION NO. 2014-006
A RESOLUTION AUTHORIZING THE SALE AND TRANSFER OF
CERTAIN PROPERTY TO THE CITY OF RIVERSIDE, MISSOURI;
DIRECTING UMB BANK, N.A. TO RELEASE SUCH PROPERTY FROM
THE DEED OF TRUST AND SECURITY AGREEMENT; AND
AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH
(CHALLENGE RIVERSIDE, LLC PROJECT)
Pursuant to the provisions of Chapter 349, RSMo., as amended, the Board of Directors
of The Industrial Development Authority of the City of Riverside, Missouri (the "IDA"), hereby
adopts this Resolution and directs that this Resolution be filed with the official IDA minutes:
WHEREAS, 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 of Riverside, Missouri ("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) to the City, in
whole or in part, in one or more transactions; and
WHEREAS, the City has, pursuant to Ordinance No.1318, a copy of which is presented
with this Resolution and is on file with the Secretary, directed the IDA to convey to the City its
interest in that certain portion of the Mortgaged Property comprising 1,332,926.818 +/- square
feet, the legal description of such portion being:
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 900 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 17° 47' 56") 365.52 FEET; THENCE SOUTHERLY (AZIMUTH 10 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
IDA Resolution 2014-005
RIVERSIDE, PLATTE COUNTY, MISSOURI, SUBJECT TO THE RIGHTS OF
THE PUBLIC IN ROADS (the "Sale Property').
NOW THEREFORE, BE IT RESOLVED, by the Board of Directors of the Industrial
Development Authority of the City of Riverside, Missouri as follows:
Section 1. The IDA's conveyance of all right, title and interest in the Sale Property to
the City at the price of Six Hundred Sixty-Six Thousand Four Hundred Sixty-Three and 41/100
Dollars ($666,463.41) (the "Sale Price") is hereby approved.
Section 2. The Special Warranty Deed conveying all right, title and interest of the IDA in
the Sale Property to the City for the Sale Price is hereby approved in the form attached hereto
and incorporated herein as Exhibit "A" (the "Deed") and the President and Vice President are
hereby authorized to enter into, execute and deliver and the Secretary and the Assistant
Secretary are hereby authorized to attest to, the Deed, such official's signature thereon being
conclusive evidence of his or her approval and the IDA's approval thereof.
Section 3. The proceeds from the sale of the Sale Property shall be disbursed as
provided in the Financing Agreement. The IDA hereby requests and directs that UMB Bank,
N.A., upon receipt of the Sale Price, cause the release of the Sale Property from the deed of
trust lien on the Mortgaged Property created as security for the Bonds pursuant to that certain
Deed of Trust and Security Agreement, dated May 1, 2007, made by the IDA in favor of UMB
Bank, N.A. Such release shall be effectuated by execution and recording of a Partial Release in
substantially the form attached hereto and incorporated herein as Exhibit `B".
Section 4. The President, Vice-President, Secretary, Assistant Secretary and other
appropriate officers and agents 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.
Section 5. The Resolution shall be in full force and effect from and after its adoption.
ADOPTED THIS 281th DAY OF MAY, 2014.
This Resolution was adopted at the meeting of the Board of Directors of the IDA duly
called and held this date.
Name:
Title:
'.'.Q EAL);:
ATTEST:
Sarah Whgner, creta
IDA Resolution 2014-005
EXHIBIT A
SPECIAL WARRANTY DEED
IDA Resolution 2014-005
EXHIBIT B
PARTIAL RELEASE
For recording purposes only:
COVER PAGE FOR RECORDING
1. Title of Document: Special Warranty Deed
2. Date of Document: May_, 2014
3. Grantor Name and Address: THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF RIVERSIDE,MISSOURI
2950 NW Vivion Road
Riverside,Missouri 64150
4. Grantee Name and Address: CITY OF RIVERSIDE,MISSOURI
2950 NW Vivion Road
Riverside, Missouri 64150
5. Legal Description/Address: On Page 1
6. Book and Page Reference: N/A
PLEASE RETURN RECORDED DOCUMENT TO:
City Administrator
City of Riverside, Missouri
2950 NW RoadVivion
Riverside, Missouri 64150
WA 5165836.1
SPECIAL WARRANTY DEED
THIS INDENTURE is made as of May_, 2014 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, with a mailing address of 2950 NW Vivion
Road, Riverside, Missouri 64150, as grantor ("GRANTOR"), to the CITY OF RIVERSIDE,
MISSOURI, a fourth class city organized and existing under the laws of the State of Missouri,
with a mailing address of 2950 NW Vivion Road, Riverside, Missouri 64150, as grantee
("GRANTEE").
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 and sufficiency of which is hereby acknowledged) does by these presents, SELL and
CONVEY 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 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 900 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 17° 47' 56") 365.52 FEET; THENCE SOUTHERLY (AZIMUTH 1° 19'
45") 237.26 FEET; THENCE SOUTHERLY (AZIMUTH 3491 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.
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
said premises are free and clear from any encumbrance done or suffered by it, except for
easements, reservations and encumbrances of record; 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 claiming under GRANTOR.
WA 5165836.1
IN WITNESS WHEREOF, Grantor has caused these presents to be signed as of the day
and year first above written.
GRANTOR:
THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CIT .DF RIVERSIDE, MISSOURI _.
By.
Name:
Title:
ATTEST:
By:
Sarah Wagner, ecretary
ACKNOWLEDGEMENT
STATE OF MISSOURI )
) SS
COUNTY OF PLATTE )
ON THIS' lay of 2014, before me, the undersigned, a Notary Public
in and for said County and stat , personally appeared \—� Fx\ to me personally
known, who being by me duly sworn, did say that he/she is the Yt25,Ai�3L . 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 County and State aforesaid, the day and year
first above written.
Notary ublic S nature
(Seal)
�`�."p yep� iuu,,, Printe or TyjDid Name
My Commission Expires: a Y
Co Platten* 7 . 84
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County
OF
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°Expires��"1 WA 5165836.1
Title of Document: PARTIAL RELEASE
Date of Document: May_, 2014
Grantor: LIMB BANK, N.A.
1010 Grand Blvd., 4t' Floor
Kansas City, Missouri, 64106
Grantee: THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF
RIVERSIDE, MISSOURI
2950 NW Vivion Road
Riverside, Missouri 64150
and
THE CITY OF RIVERSIDE, MISSOURI
2950 NW Vivion Road
Riverside, Missouri 64150
Legal Description: See Exhibit A of Partial Release
Reference: BK1103PG315 BK1103PG316
Return Recorded Document to:
City of Riverside
Attn: Greg Mills
2950 NW Vivion Rd
Riverside, MO 64150
PARTIAL RELEASE
The City of Riverside, Missouri
and
The Industrial Development Authority of the City of Riverside, Missouri
THIS PARTIAL RELEASE is executed on the _ day of May, 2014 by UMB BANK,
N.A., a national association duly organized and existing under the laws of the United States of
America having a corporate trust office located at UMB Bank, N.A., 1010 Grand Blvd., 4'" Floor,
Kansas City, Missouri 64106, Attention: Corporate Trust Department, and its successors and
assigns ("Mortgagee"), for the benefit of the CITY OF RIVERSIDE, MISSOURI, a fourth class
municipality of the State of Missouri having its principal office located at 2950 NW Vivion Road,
Riverside, Missouri 64150 ("City") and THE INDUSTRIAL DEVELOPMENT AUTHORITY OF
THE CITY OF RIVERSIDE, MISSOURI, a public corporation organized and existing under the
laws of the State of Missouri, having its principal office located at 2950 NW Vivion Road,
Riverside, Missouri 64150 ("Mortgagor").
RECITALS:
A. The Mortgagor issued its $30,265,000 Revenue Bonds (Riverside Horizons
Infrastructure Project - City of Riverside, Missouri) Series 2007A and $10,000,000 Revenue
Bonds (Riverside Horizons Infrastructure Project - City of Riverside, Missouri) Series 2007B
dated as of May 1, 2007 (the"Bonds").
B. In connection with the Bonds, Mortgagee and Mortgagor entered into a series of
security documents, including (but without limitation):
(i) A Financing and Cooperation Agreement dated May 1, 2007 between
Mortgagee, Mortgagor, and City; recorded May 9, 2007 in Book 1103 a Page 315 in the
office of the Recorder of Deeds, Platte County, Missouri ("Financing Agreement'); and
(ii) A Deed of Trust and Security Agreement dated May 1, 2007 whereby Mortgagor
granted a deed of trust lien on the property described therein ("Mortgaged Property") to
secure the payment of the Bonds, and any other amounts or obligations secured
thereby; recorded May 9, 2007 in Book 1103 at Page 316 in the office of the Recorder of
Deeds, Platte County, Missouri ("Deed of Trust').
C. Section 6.3 of the Financing Agreement set the minimum amount per square foot
which must be deposited with the Mortgagee with respect to a sale of all or any portion of the
Mortgaged Property at$.50 per square foot.
D. The City directed that the Mortgagor sell 1,332,926.818 square feet of the
Mortgaged Property, the legal description of such property being set forth on Exhibit A
("Released Property") and Mortgagor, pursuant to a Special Warranty Deed, has sold and
transferred all right, title and interest in the Released Property to City.
E. Mortgagee has been paid the sales price of Six Hundred Sixty-Six Thousand
Four Hundred Sixty-Three and 41/100 Dollars ($666,463.41) for the Released Property ($.50
per square foot).
2
F. Pursuant to Section 6.5 of the Financing Agreement, Mortgagee shall release its
lien with respect to the Released Property.
NOW, THEREFORE, in consideration of these Recitals, the mutual benefits and
obligations accruing under this and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Mortgagee agrees as follows:
AGREEMENT
1. Mortgagee does hereby release its lien on the Released Property, the legal
description of which is described on Exhibit A attached hereto and made a part hereof. This is
a partial release of only the Released Property and shall not affect the remaining Mortgaged
Property or the indebtedness thereof on the Deed of Trust or Financing Agreement.
2. Notwithstanding the release of the lien on the Released Property, the Deed of
Trust, in the initial principal amount of $30,265,000 for the Series 2007A bonds and
$10,000,000 for the Series 2007B bonds from the Mortgagor to the Mortgagee shall remain in
full force and effect and any indemnities and other obligations under the Deed of Trust which, by
their terms, survive a release of the lien on the Released Property, shall remain in full force and
effect with respect to the non-released property and are not cancelled.
3. Furthermore, notwithstanding anything to the contrary contained herein, any and
all liens created against the Released Property in the Deed of Trust and/or the Financing
Agreement are released in their entirety and in all respects, Mortgagee shall have no continuing
rights, interests or privileges whatsoever with respect to the Released Property, or any portion
thereof, and Mortgagee shall have no rights of action, foreclosure, recourse or otherwise
whatsoever with respect to or against the Released Property, or any portion(s)thereof, from and
after the date hereof, including, without limitation, arising from any purported breach or default
by Mortgagor or its successors or assigns of any obligations that purport to have survived the
release made hereby.
IN WITNESS WHEREOF, Mortgagee hereby executes this instrument to be effective as
of the date first written above.
MORTGAGEE:
UMB BANK, N.A
By:
Name: Wendee I. Peres
Title: Vice-President
3
ACKNOWLEDGEMENT
STATE OF MISSOURI }
} SS.
COUNTY OF JACKSON }
On this, the day of May 2014, before me, the undersigned, a Notary Public
appeared Wendee I. Peres, who being before me duly sworn did say that she is a Vice
President of UMB Bank, N.A., a national banking association organized under the laws of the
United States of America and that the seal affixed to the foregoing instrument is the seal of said
association, and that said instrument was signed and sealed on behalf of said association by
authority of its board of directors, and said official acknowledged said instrument to be executed
for the purposes therein stated and as the free act and deed of said association.
IN WITNESS WHEREOF, I hereunder set my hand and affixed my notary seal, the day
and year last above written.
Notary Public
My commission expires:
4
EXHIBIT A
LEGAL DESCRIPTION OF PROPERTY
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 349140'
45") 601.54 FEET; THENCE SOUTHERLY (AZIMUTH 342° 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.
5
BILL NO. 2014-046 ORDINANCE NO.
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
WA 5165836.1
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��L�-�P/G�/O�_s�I-
Kathleen L. Rose, Mayor
ATT
Robin Littrell,'Cit Clerk
Approved as to form:
Spep6erBritt & Browne LLP,
SpeWal_Cotrfisel to the City
by Joe Bednar
WA 5165836.1
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 17° 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 342° 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.
WA 5165836.1
Exhibit B
Form of Quit Claim Deed from IDA and City to ARGO Innovation Park Lot 6, L.L.C.
WA 5165836.1
Exhibit C
Form of Special Warranty Deed from IDA to City
WA 5165836.1