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HomeMy WebLinkAbout2009-019 - Industrial DevelopmentBILL N0.2009-19 ORDINANCE NO. 2009-19 AN ORDINANCE AUTHORIZING THE PURCHASE OF CERTAIN PROPERTY FROM THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF RIVERSIDE, MISSOURI; AUTHORIZING AND DIRECTING THE IDA TO TRANSFER AND SELL SUCH PROPERTY 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 Financing Agreement requires that the IDA, upon direction of the City, transfer and sell the Mortgaged Property, in whole or in par[, in one or more transactions. WHEREAS, Missouri Gaming Company, doing business as Argosy Casino ("Argosy"), and the City are parties to that certain Lease and Development Agreement, as amended, relating to the development of the Argosy Casino in the City (the "Lease"). WHEREAS, Argosy has requested that 2,500 square feet of the Mortgaged Property be added to the Lease in order for Argosy to build a billboard advertising the Argosy Casino in the City ("Billboazd"). WHEREAS, the Billboard is anticipated to contribute towards increased activity and revenues at the Argosy Casino, thereby increasing tax increment financing revenues under the L-385 Levee Redevelopment Plan, as amended (the "TIF Plan"), and other economic development within the City. WHEREAS, in order to accommodate the IDA a certain portion of the Mortgaged described on Exhibit A (the "Sale Property"). Argosy, the City desires to purchase from Property, the legal description of which is WHEREAS, the City desires to direct the IDA to sell the Sale Property to the City pursuant to the Special Warranty Deed, the form of which is attached as Exhibit B. WHEREAS, Section 6.3 of the Financing Agreement sets forth a Mjnimum Sales Payment (as defined in the Financing Agreement) of $.50 per squaze foot for the transfer of the Mortgaged Property. )~~~ . . STATF~OF HISSOURI SS COUH Y OF P~ ATTE I t:z`RTIFY INSiRUNENi RECEiVEO 2009 MAR -3 P i • 48 s ~~~ ~~coroeo Boox ~, q 6LGRIA BOYER.PLATTE CO. CORDEk SPECIAL WARRANTY DEED by 002722 THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF RIVERSIDE, MISSOURI, MAILING ADDRESS: 2950 NW Vivion Road, Riverside, Missouri 64150 GRANTOR to THE CITY OF RIVERSIDE, MISSOURI, MAILING ADDRESS: 2950 NW Vivion Road, Riverside, Missouri 64150 GRANTEE Relating to Premises in: Platte County, Missouri LEGAL DESCRIPTION: Sce Exhibit A DATED: February, 2009 Return Recorded Document to: Deborah A. Polk Armstrong Teasdale LLP 2345 Grand, Suite 2000 Kansas City, Missouri 64108 r~- ... 41 -v c-~ ~' 61t~>~35PGL690 SPECIAL WARRANTY DEED THIS INDENTURE is made as of February ~, 2009 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, as grantor ("Grantor"), with a mailing address of 2950 NW Vivion Road, Riverside, Missouri 64150 to CITY OF RIVERSIDE, MISSOURI, a fourth class city organized and existing under the laws of the State of Missouri, as grantor ("Grantor"), with a mailing. address of 2950 NW Vivion Road, Riverside, Missouri 64150, WITNESSETH: THAT GRANTOR, in consideration of the sum of TEN ANDNO/100 DOLLARS ($10.00) and other valuable consideration to it in hand paid by Grantee (the receipt of which is hereby acknowledged) does by these presents, BARGAIN and SELL, CONVEY and CONFIRM 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 on Exhibit A attached hereto. TO HAVE ANll 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 it is lawfully seized of an indefeasible estate in fee of the premises herein conveyed; that it has good right to convey the same; that said premises are free and clear from any encumbrance (except as referenced above and on Exhibit A) done or suffered by it; 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 whomsoever claiming under it except as above stated. IN WITNESS WHEREOF, Grantor has caused these presents to be signed as of the day and year first above written. THE INDUSTRIAL DEVELOPMENT [SEAL] ATTEST: By: J e Henry, ecreta AUTHORITY OF THF. CITY OF I~ d~`_~~:~35~G~8~~ ACKNOWLEDGMENT STATE OF MISSOURI ) )SS COUNTY OF PLATTE ) ON THIS ~'~day of February, 2009, before me, the undersigned, a Notary Public in and for said County and State, personally appeared Wayne Snyder to me personally known, who being by me duly sworn, did say that he is the President 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 authority of its Board of Directors, and said individual acknowledged said instrument to be the 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. otary Public Signature (Seal) (1 ' 1 Jics~._ L/~'ll~a.MS- L/~rs~c~.IJ Printed or Typed Name My Commission Expires: `M.~ q Z o09 sus~w wi Eno UU "own stase or kAtswuri J°`~C°O~ n ~oeaaat~z pq, pp~gatnn Expires D51Q9l09 1~ QQ2722 EXHIBIT A LEGAL DESCRIPTION OF PREMISES All that part of the Southeast Quarter of Section 5, Township 50 North, Range 33 West, in the City of Riverside, Platte County, Missouri, more particularly described as follows: commencing at the southwest corner of said Section 5, thence South 88 degrees 51 minutes 51 seconds East, with the south line of the Southwest Quarter of said Section 5, a distance of 2620.58 feet to the southwest corner of the Southeast Quarter of said Section 5; thence South 88 degrees 47 minutes 46 seconds East, with the south line of the Southeast Quarter of-said Section 5, a distance of 1443.91 feet to a point on the west right-of--way line of Interstate 635; thence North 13 degrees 47 minutes 36 seconds East, with the west right-of--way line of Interstate 635, a distance of 152.20 feet to the point of beginning; thence North 76 degrees 12 minutes 24 seconds West, perpendicular to, and no longer with the west right-of--way line of Interstate 635, a distance of 50.00 feet; thence North 13 degrees 47 minutes 36 seconds East, parallel with the west right-of- way ofInterstate 635, a distance of 50.00 feet; thence South 76 degrees 12 minutes 24 seconds East, a distance of 50.00 feet to a point on the west right-of-way line of Interstate 635; thence South 13 degrees 47 minutes 36 seconds West, with the west right-of--way of Interstate 635, a distance of 50.00 feet to the point of beginning. The above described tract contains 2,500 squaze feet, or 0.06 acres. Al] of the above being subject to all easements, reservations and. encumbrances of record. NOW, THEREFORE, be it ordained by the Board of Aldermen of the City of Riverside, Missouri, as follows: Section 1. The City hereby finds and determines that it is in the best interest of the City, in order to further the objectives of the TIF Plan and the objectives of industrial and economic development of the City, that the IDA sell the Sale Property to the City. Section 2. The City's purchase of the Sale Property from the IDA at the price of $.50 per square foot is hereby approved. There aze 2,500 square feet within the Sale Property making the purchase price of the Sale Property $1,250 (the "Sales Price"). Section 3. The City Finance Officer is authorized and directed to pay to UMB Bank, N.A., Trustee of the Bonds, the amount of $1,250 for the Sale Property, which funds shall be deposited by the Trustee into the Special Redemption Account. Section 4. The IDA is directed to enter into and execute the Special Warranty Deed attached hereto as Exhibit B in favor of the City. Section 5. The City shall, and the officers, agents, and employees of the City aze 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 6. The Ordinance shall be in full force and effect from and after its passage and approval. .y, Passed and approved this ~? 3ay of February, 200 .L~X~a .4 Mayor Kathleen L. Rose ATTE wise Rusick, City Clerk EXHIBIT A LEGAL DESCRIPTION OF SALE PROPERTY All that part of the Southeast Quarter of Section 5, Township 50 North, Range 33 West, in the City of Riverside, Platte County, Missouri, more particulazly described as follows: commencing at the southwest comer of said Section 5, thence South 88 degrees 51 minutes 51 seconds East, with the south line of the Southwest Quarter of said Section 5, a distance of 2620.58 feet to the southwest corner of the Southeast Quarter of said Section 5; thence South 88 degrees 47 minutes 46 seconds East, with the south line of the Southeast Quarter of said Section 5, a distance of 1443.91 feet to a point on the west right-of--way line of Interstate 635; thence North 13 degrees 47 minutes 36 seconds East, with the west right-of- way line of Interstate 635, a distance of 152.20 feet to the point of beginning; thence North 76 degrees 12 minutes 24 seconds West, perpendiculaz to, and no longer with the west right-of--way line of Interstate 635, a distance of 50.00 feet; thence North 13 degrees 47 minutes 36 seconds East, pazallel with the west right-of--way of Interstate 635, a distance of 50.00 feet; thence South 76 degrees 12 minutes 24 seconds East, a distance of 50.00 feet to a point on the west right-of--way line of Interstate 635; thence South 13 degrees 47 minutes 36 seconds West, with the west right-of--way of Interstate 635, a distance of 50.00 feet to the point of beginning. The above described tract contains 2,500 square feet, or 0.06 acres.