HomeMy WebLinkAbout1647 First Amendment to Amended Redevelopment Agreement with Briarcliff Development West Platte Road Redevelopment Bc:ic:e k 1310 Pa.g e 41.1
BILL NO. 2019-011 ORDINANCE NO. (�
AN ORDINANCE APPROVING THE IST AMENDMENT TO THE AMENDED AND
RESTATED REDEVELOPMENT AGREEMENT WITH BRIARCLIFF
DEVELOPMENT COMPANY IN CONNECTION WITH THE WEST PLATTE
ROAD REDEVELOPMENT PLAN, AND APPROVING OTHER ACTIONS
RELATING THERETO
BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF
RIVERSIDE,MISSOURI,AS FOLLOWS:
Section 1. That the Riverside Board of Aldermen ('Board") hereby approves the 1'
Amendment to the Amended and Restated Development Agreement, in
substantially the form attached hereto, by and between the City of Riverside
and Briarcliff Development Company. The Mayor is authorized to execute
the Agreement on the City's behalf.
Section 2. The Mayor, the City Administrator, and other appropriate City officials are
hereby authorized 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. This Ordinance shall be in full force and effect from and after its passage and
approval.
BE IT REMBERED 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 this day of , 2019.
ayor Kathleen L. Rose
.' ATTEST-, :¢
=1Zob1ri`Kinca1d, City Clerk
Recorded in Platte County, Missouri
Recording Date/Time: 04/04/2019 at 03:58:50 PM
Instr Number: 2019003504 ,,,11Q�R oF'�
Book: 1310 Page: 411 ,�`'°°O °F�o
Type: DE ORD
Pages: 8
Fee: $42.00 E l\ �"'�,,.•,• ,;'��`:
f�[__I IIII I IIII IIIIII IIIIIIIIIII IIIIIIII III II I I r�c�•NTY��\g `
Grantor: RIVERSIDE MISSOURI CITY OF Gloria Boyer,
Grantee: BRIARCLIFF DEVELOPMENT CO Recorder of Deeds
PLATTE COUNTY MISSOURI CERTIFICATION
RECORDER OF DEEDS
EXEMPT DOCUMENT
The Recorder of Deeds has added this page to your document per
compliance with State law under Exempt Status.
RSMo 59.310.4 (effective January 1, 2002)
Gloria Boyer
Recorder of Deeds
415 Third St., Suite 70
Platte City, MO 64079
This Page is Part Of The Document—Do Not Detach
IE Dio k 1310 PaL g e 411
Exhibit A
1"Amendment to the Amended and Restated Redevelopment Agreement
Bc vok 1310 PaLga 4.11
IST AMENDMENT TO THE AMENDED AND RESTATED REDEVELOPMENT
AGREEMENT
THIS IST AMENDMENT TO THE AMENDED AND RESTATED
REDEVELOPMENT AGREEMENT ("Agreement") is made and entered into as of this
day of �_n;�;� , 2019, by and between the CITY OF RIVERSIDE, MISSOURI (the "City"), a
city and pEliticcal subdivision duly organized and existing under the laws of the State of Missouri,
and BRIARCLIFF DEVELOPMENT COMPANY, (the "Developer"), a Missouri S-
Corporation.
WHEREAS, pursuant to the Real Property Tax Increment Financing Allocation
Redevelopment Act, Section 99.800 to 99.865 of the Revised Statutes of Missouri, as amended,
the Tax Increment Financing Commission of Riverside, Missouri did recommend, after a public
hearing on May 23, 2007 and pursuant to Resolution 2007-05-02 adopted May 23, 2007, and the
Board of Aldermen of the City did approve,pursuant to Ordinance 2007-69 adopted July 3, 2007,
the"West Platte Road Redevelopment Plan" (the "Redevelopment Plan"); and
WHEREAS, pursuant to Ordinance No. 2007-90 adopted August 14, 2007, the City and
Briarcliff Development Company, as developer, entered into that certain Redevelopment
Agreement dated August 14, 2007 relating to implementation of the Redevelopment Plan; and
WHEREAS, the Redevelopment Agreement was amended by that certain First
Amendment to Redevelopment Agreement dated the 4th day of August, 2009, by that certain
Second Amendment to Redevelopment Agreement dated December 22, 2009, and by that certain
Third Amendment to Redevelopment Agreement dated January 7, 2014; and
WHEREAS, pursuant to Ordinance No. 1407 adopted April 29, 2015, the Board of
Aldermen approved an Amended and Restated Redevelopment Agreement; and
WHEREAS, the City and Briarcliff desire to amend provisions in the Amended and
Restated Redevelopment Agreement.
Now, therefore;in consideration of the premises and promises contained herein and other
good and valuable consideration,the adequacy and sufficiency of which are hereby acknowledged,
the parties agree that the Amended and Restated Development Agreement is amended as follows:
Section 1. Section 3.4(d)(2)(ii) is amended to read as follows:
(ii) Non-critical Area Project. With respect to the remainder of
Redevelopment Project 6, which is not to be located within the three
hundred (300) feet of the L-385 Levee ("Non-critical Area Project"),
construction of the Non-critical Area Project shall be completed no later
than December 31, 2020, absent an event of force majeure. Market
conditions shall not constitute an event of force majeure.
Section 2. Section 7.1 is amended to read as follows:
Bcoi+n{c 1:310 F'aLge 411,
7.1 Liquidated Damages
(a) If Developer fails to construct at least 25,000 ft2 of additional
office/commercial space ("Office Space") in Redevelopment Project 6 by
December 31, 2020, then Developer shall pay to the City as liquidated
damages the amount of$750,000.00, as follows:
(1) Annual installments of $125,000, with the first payment due on
December 31, 2020, and then on December 31St of each subsequent
year until the liquidated damages amount is satisfied.
(2) The annual installment payment(s) obligation shall be stayed if,
prior to December 31" of any given year, Developer i) has been
issued a full building permit("Permit")to construct the Office Space
in Redevelopment Project 6 and ii) operations under the Permit are
commenced within 30 days from the date the Permit is issued.
(3) The stay shall remain in effect as long as the Permit does not lapse.
If the Permit lapses, then any annual installment payments
previously stayed shall be immediately due and owing.The stay will
be reinstated if the Permit is re-issued, but this shall not affect the
obligation to pay previously stayed annual installment payments and
payment of these amounts is a condition precedent to the re-issuance
of the Permit.
(4) Beginning on January 1 of the year following the issuance of a final
certificate of occupancy, the City will reimburse Developer a
portion of any liquidated damages amounts that it has paid in an
annual amount equal to one-half of the TIF Revenues attributable to
the Office Space generated each year until i)the liquidated damages
amount is repaid, or ii) the Redevelopment Plan expires or is
otherwise terminated, whichever occurs first, provided however,
that the reimbursements to Developer shall not begin until the total
of one-half of the TIF Revenues attributable to the Office Space plus
any paid liquidated damages equals $750,000.
(5) Illustration: Developer makes 2 liquidated damages annual
installment payments (in 2020 and 2021, totaling $250,000), and in
2022 a certificate of occupancy for the Office Space is issued, and
furthermore, the Office Space generates $200,000 a year in TIF
payments, with the generated TIF Revenues starting in 2023. For
years 2023 through and including 2027,$100,000 from each of these
5 years(representing one-half of the TIF Revenues)would be added
to the already paid liquidated damages amount of$250,000 so that
the combination equals $750,000. Thus, Developer would begin
receiving one-half of the TIF Revenues attributable to the Office
Space beginning in year 2028, with the maximum allowable
Be--.)c3,k 1310 P'.atga 411
reimbursement under this scenario of $250,000 (the amount of
liquidated damages actually paid).
(b) Developer's failure to timely complete Redevelopment Project 6 results in
less TIF Revenues over the life of the Redevelopment Plan, which in turn
damages the City by limiting the opportunity for it to be fully reimbursed
for Reimbursable Project Costs that the City paid to Developer. Any such
damage to the City arising from Developer's failure to timely complete
Redevelopment Project 6 would be very difficult of accurate estimation.
The liquidated damages amount to which the parties have agreed herein is
intended as compensation and is not intended as punishment.
Section 3. Section 4.1 is amended to read as follows:
4.1. City's Obligation to Pay or Reimburse Developer.
The City shall not have any further obligation to pay or reimburse Developer for
any Reimbursable Project Costs related to any Project, except as may otherwise be
provided in Section 3.4(c). The City has previously reimbursed the Developer
$2,944,500 for Reimbursable Project Costs associated with Project 1 ($2,040,000)
and Project 6 ($904,500). The Developer hereby specifically acknowledges and
agrees that it waives any claim to reimbursement in the amount of$385,500 related
to Redevelopment Project 6 as was provided in the Amended Exhibit E to the
Second Amendment to Redevelopment Agreement. The City shall be entitled to
receive 100% of all future TIF Revenues to reimburse itself for reimbursements it
has made to Developer related to Redevelopment Projects 1 and 6, except as
otherwise provided in Section 7.1.
Section 4. Section 7.9 is amended to read as follows:
7.9 Entire Agreement; Amendment.
The parties agree that the Amended and Restated Development Agreement, as
amended by this 1st Amendment, constitutes the entire agreement between the
parties and that no other agreements or representations have been made by the
parties. Amendments shall only be in writing signed by the parties.
Section 5. Counterparts. This 1st Amendment may be executed in multiple counterparts,
each of which shall constitute one and the same instrument.
Section 6. Recording.This 1 st Amendment shall be recorded in the Platte County Recorder's
office.
Section 7. Ratification and Confirmation. The parties hereby ratify and confirm the
continued viability, force and effect of the Amended and Restated Development Agreement, as
expressly modified by this 1 st Amendment. All terms and conditions of the Amended and Restated
Development Agreement not amended by this 1"Amendment remain unchanged.
BsDcjk 1:310 Page 4.11
"CITY":
CITY OF RIVERSIDE, MISSOURI
By:
Kathleen L. Rose, Mayor
[,AL] ;.
-Attest. `
Robin.Kincaid, City.Clerk-
STATE OF MISSOURI )
SS
COUNTY OF PLATTE )
On this �p day of , 2019, before me appeared Kathleen L. Rose,
to me personally known, who,bei4g by me duly sworn, did say that she is the Mayor of the CITY
OF RIVERSIDE, MISSOURI, a political subdivision of the State of Missouri, and that the seal
affixed to the foregoing instrument is the seal of said City, and said instrument was signed and
sealed in behalf of said City by authority of its Board of Aldermen, and said individual
acknowledged said instrument to be 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.
Notary Public
[SEAL]
My Commission Expires:
ROBIN L I(INCAID
=o�o PUG: My Commisslon Expires
*:
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9 SEAL , Clinton County
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E:e1c3i k: 1310 Pa' g e 41. 1.
"DEVELOPER":
BRIARCLIFF V LOPME MPANY
By:
Preside
STATE OF MISSOURI )
SS
COUNTY OF t"AE )
On this day of 41 2019, before me appeared
to me personally known, who, being by me duly sworn, did say
that he is the President of BRIARCLIFF DEVELOPMENT COMPANY,and that he is authorized
to sign the instrument on behalf of said corporation by authority of its board of directors, and
acknowledged to me that he executed the within instrument as said corporation's act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand in the County and State
aforesaid,the day and year first above written.
Y P ROBIN L.IUNCAID
2,.tiOTARY';*_ My Commission Expires
March 8,2D23 Notary Public
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SEAL
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