HomeMy WebLinkAbout2007-096 - Transfer of Property to H. and L. Edwards by the IDA
BILL N0.2007-96 ORDINANCE N0.2007-96
AN ORDINANCE AUTHORIZING AND DIRECTING THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE CITY OF RIVERSIDE, MISSOURI TO
TRANSFER TO HARRY C. AND LUCILLE C. EDWARDS CERTAIN PROPERTY
PURSUANT TO A SPECIAL WARRANTY DEED IN EXCHANGE FOR
INFRASTRUCTURE EASEMENTS AND RIGHTS-OF-WAY GRANTED BY THE
EDWARDS TO THE CITY AND AUTHORIZING OTHER DOCUMENTS AND
ACTIONS RELATED THERETO.
WHEREAS, The Industrial Development Authority of the City of Riverside,
Missouri (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").
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").
WHEREAS, the City, pursuant to the Financing Agreement, transferred the
Mortgaged Property (as defined in the Financing Agreement) to the IDA which Mortgaged
Property secures the payment of the Bonds.
WHEREAS, the Financing Agreement requires that the IDA, upon request of the
City, grant to the City or other utility, without charge or cost, such easements and rights-
of-way as are necessary or desirable for road and street improvements, sidewalks, drainage
improvements, sanitary improvements, and other utility improvements ("Infrastructure
Easements and Rights-of-Way").
WHEREAS, it was determined that the City needed to acquire certain Infrastructure
Easements and Rights-of--Way from Harry C. and Lucille C. Edwards (the "Edwards").
WHEREAS, the City entered into an agreement with the Edwards whereby the
Edwards granted the City Infrastructure Easements and Rights-of--Way (specifically a
right-of--way and temporary construction easement) in exchange for $2,136.00 and fee
simple conveyance to the Edwards of the property described in Exhibit A attached hereto
(the "Swap Property").
WHEREAS, the Swap Property is a part of the Mortgaged Property.
WHEREAS, the Edwards have granted said right-of--way and temporary
construction easement to the City as needed for Infrastructure Easements and Rights-of-
Way.
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WHEREAS, the City has the paid the $2,136.00 to the Edwards and now desires to
direct to the IDA to transfer the Swap Property to the Edwards pursuant to the Special
Warranty Deed described in this Ordinance and attached as Exhibit B.
NOW, THEREFORE, be it ordained by the Board of Aldermen of the City of
Riverside, Missouri, as follows:
Section 1. The IDA shall enter into and execute the Special Warranty Deed attached
hereto as Exhibit B in favor of Harry C. and Lucille C. Edwards.
Section 2. The City shall, and the officers, agents, and employees of the City are hereby
authorized and directed to, take such further action and execute and deliver such
documents and instruments as may be necessary or desirable to carry out and comply with
the intent of this Ordinance.
Section 3. The Ordinance shall be in full force and effect from and after its passage and
approval.
Passed this ~~'3ay of September, 2007
A TE
u' a Rusick City rk
Mayor Kathleen L. Rose
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