HomeMy WebLinkAbout1513 Approving Developer Fees $98,674.69 BILL NO. 2017-011 ORDINANCE NO.
AN ORDINANCE APPROVING THE PAYMENT OF DEVELOPER FEES IN ACCORDANCE
WITH THE TERMS OF THE MASTER DEVELOPMENT AGREEMENT BETWEEN THE CITY
AND RIVERSIDE HORIZONS, LLC
WHEREAS, Briarcliff Realty, LLC, a Missouri limited liability company, and the City of
Riverside, Missouri (the "City") entered into that certain Master Development Agreement dated
as of May 10, 2011 ("MDA"); and
WHEREAS, Briarcliff Realty, LLC assigned its rights and obligations under the MDA to
Briarcliff Horizons, LLC, pursuant to Section 12.5(b) of the MDA; and
WHEREAS, on or about February 13, 2012, Briarcliff Horizons, LLC filed articles of
amendment with the Missouri Secretary of State changing its name to Riverside Horizons, LLC
("RH"); and
WHEREAS, on or about August of 2012, RH assigned its duties, rights and obligations
in regard to construction of the public infrastructure to Northpoint Development LLC ("NPD");
and
WHEREAS, Nathaniel Hagedorn as member/manager of RH and NPD has advised the
City the developer fee shall be paid to RH and such payment is approved by NPD; and
WHEREAS, Section 9.1 of the MDA provides for annual payments to RH in an amount
equal to 10% of the PILOT revenues from the Industrial Section and in an amount equal to 20%
of the PILOT revenues from the Office Section (as such capitalized terms are defined in the
MDA); and
WHEREAS, RH submitted an invoice to the City for 2016 Developers fees, Exhibit A
attached hereto and incorporated herein, in an amount totaling Ninety Eight Thousand Six
Hundred Seventy-Four and 69/00 ($98,674.69); and
WHEREAS, pursuant to Section 9.4 of the MDA, the fees paid to RH pursuant to Section
9.1 of the MDA shall reduce any outstanding Developer Return and/or Developer's Capital
Contribution (as such capitalized terms are defined in the MDA) as set forth in such provision;
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 MDA, 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 payment of fees pursuant
to Section 9.1 of the MDA to RH.
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 AND PAY THE
DEVELOPER FEE. It is in the best interests of the City in order to further the objectives of
industrial and economic development of the City, and to satisfy the terms and conditions of the
MDA, as well as in furtherance of the objective to protect the health, safety, and welfare of the
WA 9217542.1
businesses and citizens of the City, to approve the payment of fees pursuant to Section 9.1 of
that certain Master Development Agreement dated as of May 10, 2011 ("MDA") to RH, and such
payment in the amount of Ninety Eight Thousand Six Hundred Seventy-Four and 69/00
($98,674.69) is hereby approved, Provided that any outstanding Developer Return and/or
Developer's Capital Contribution be reduced by such amount as set forth in Section 9.4 of the
MDA.
SECTION 2. AUTHORITY GRANTED. The City hereby authorizes the Mayor, the City
Administrator, the Director of Finance, Special Counsel to the City and other appropriate City
officials to pay the Developer Fee pursuant to Section 9.1 of the MDA and 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.
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 7th day of February, 2017.
O
K!Iat
hleen L. Rose, a;or
..
ATTEST: ,
RobiriWneaidt City.Clerk
A oved as to form:
%pencer ne LLP
&Qt2La1jQ6unseI to the City
by Joe Bednar
2 WA 9217542.1
EXHIBIT A
INVOICE RECEIVED FROM RIVERSIDE HORIZONS LLC WITHOUT THE TRANSMITTAL
LETTER
3 WA 9217542.1