HomeMy WebLinkAbout2005-083 - Assignment and Assumption Agreement with Missouri Gaming Company. --
BILL N0.2005-83 ORDINANCE N0.2005-~
AN ORDINANCE APPROVING THE ASSIGNMENT AND ASSUMPTION
AGREEMENT BETWEEN THE CITY OF RIVERSIDE, MISSOURI AND MISSOURI
GAMING/ARGOSY COMPANY, DOING BUSINESS AS THE ARGOSY CASINO, IN
CONNECTION WITH THE ASSIGNMENT TO ARGOSY OF CERTAIN RIGHTS AND
OBLIGATIONS RELATING TO EIGHT ACRES OF POTENTIAL REPLACEMENT
MITIGATION PROPERTY, AND APPROVING ACTIONS AND MATTER RELATED
THERETO.
WHEREAS, the City of Riverside, Missouri (the "City") and William T. Mann ("Seller")
entered into the Sale of Real Estate Interest Agreement with an effective date of December 14,
2004, which agreement is being restated and amended pursuant to the Amended and Restated
Sale of Real Estate Interest Agreement (the original agreement, as amended and restated, the
"Sale Agreement") for the purchase of certain property rights in property located in Platte
County, Missouri as described in the Sale Agreement (the "Property"); and
WHEREAS, Missouri Gaming Company ("MGC") is expanding its facilities in the City
(the "Project") and such expansion will provided economic benefits to the City and its residents
and businesses; and
WHEREAS, MGC, as a part of the Project, requires property that can be used as
mitigation wetlands; and
WHEREAS, MGC desires to acquire certain property rights in eight (8) acres of the
Property for uses including the construction and maintenance of the mitigation wetlands
("Assigned Property"); and
WHEREAS, the City finds that its is in the best interest of the City to assign its rights in
connection with the Assigned Property to MGC provided MGC assumes all obligations related
thereto; and
WHEREAS, the City desires to assign to MGC and MGC desires to assume all of the
City's rights and obligations under the Sale Agreement with respect to the Assigned Property;
NOW, THEREFORE, be it ordained by the Board of Aldermen of the City of Riverside,
Missouri, as follows:
Section 1. The assignment to MGC of the rights of the City with respect to the Assigned
Property under the Sale Agreement is approved pursuant to the Assignment and Assumption
Agreement, provided MGC assume all of the City's obligations under the Sale Agreement with
respect to the Assigned Property and Seller consents to such assignment.
Section 2. The execution and delivery of the Assignment and Assumption Agreement, in
substantially the form on file with the City Clerk and presented with this Ordinance, is approved
and the Mayor is authorized to execute such Agreement with such changes as are approved by
the Mayor, the execution of such Agreement being conclusive evidence of such approval. The
Mayor and the City Administrator are authorized to take such other actions reasonably necessary
or desirable to carry out the intent of this Ordinance and such Agreement on behalf of the City.
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Section 3. This Ordinance shall be in full force and effect from and after its passage and
approval.
Passed and Approved this 16t" day of August, 2005.
ATE
City Clerk
Mayor
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