HomeMy WebLinkAbout2017 Authorizing and Approving the Amemdment to the Purchase and Sale Agreement of Certain Real Property by the City to Vasquez Holdings, LLC BILL NO. 2024-046 ORDINANCE NO. 3,O/ 7'
AN ORDINANCE AUTHORIZING AND APPROVING THE AMENDMENT TO THE PURCHASE
AND SALE AGREEMENT OF CERTAIN REAL PROPERTY BY THE CITY OF RIVERSIDE,
MISSOURI TO VAZQUEZ HOLDINGS, LLC, AND AUTHORIZING OTHER DOCUMENTS AND
ACTIONS RELATED THERETO
WHEREAS, the City of Riverside, Missouri (the"City")a fourth class city organized and existing
under the laws of the State of Missouri, as Seller, entered into a Purchase and Sale Agreement
dated April 16, 2024 ("Agreement"), with Vazquez Holdings, LLC, a limited liability company,
duly organized and validly existing and in good standing under the laws of Missouri ("Buyer");
WHEREAS, the City and Buyer desire to enter into the First Amendment to Purchase and Sale
Agreement("Amendment"), attached hereto as Exhibit A, and incorporated herein, to extend the
Due Diligence Period under Section 3 of the Agreement; and
WHEREAS, the Board of Aldermen find that the Amendment fulfills a public purpose and will
further the growth of the City, facilitate the development of Riverside, improve the environment of
the City, increase the assessed valuation of the real estate situated within the City, increase the
sales tax revenues realized by the City, foster increased economic activity within the City,
increase employment opportunities within the City, enable the City to direct the development of
the Property, and otherwise be in the best interests of the City by furthering the health, safety,
and welfare of its residents and taxpayers; and, approves and authorizes the Amendment.
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 THE FIRST AMENDMENT TO
THE PURCHASE AND SALE AGREEMENT. It is in the best interest of the City, in order to
further the growth of the City, improve the environment of the City, foster increased economic
activity within the City, increase employment opportunities within the City, further the objectives
of the TIF Plan, further build out the public infrastructure and otherwise is in the best interests of
the City by furthering the health, safety, and welfare of its residents and taxpayers, to enter into
the Amendment to extend the Due Diligence Period, in substantially the same form as Exhibit A,
attached hereto and incorporation herein, and said Amendment is hereby approved.
SECTION 2 — AUTHORITY GRANTED. The Mayor is authorized to execute and deliver the
Agreement in substantially the same form attached hereto as Exhibit A, with such changes
therein as are approved by the Mayor. The Mayor, City Administrator, Special Counsel to the
City — Spencer Fane LLP, and other appropriate officials and employees of the City are hereby
authorized and directed 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 6th day of August, 2024.
K leen L. Rose, Mayor
ATTEST:
Robin Kincaid, Clty Clerk
Approved as to form:
C.!:F :theCit
ktTeTnCity 17550752 1
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 6th day of August, 2024.
K leen L. Rose, Mayor
ATTE ,T
Robin Kincaid, City Clerk
Approved as to form:
Spencer Fane LLP,
Special Counsel to the City
by Joe Bednar
leffersonCity 17550752.1
EXHIBIT A
FIRST AMENDMENT TO THE PURCHASE AND SALE AGREEMENT
JeffersonCity 17550752.1
FIRST AMENDMENT
TO
PURCHASE AND SALE AGREEMENT
This First Amendment to Purchase and Sale Agreement (this "First Amendment") is
made as of the date of the last party to sign and deliver this First Amendment to the other party
(the "Effective Date") between CITY OF RIVERSIDE, MISSOURI, a fourth class city
organized and existing under the laws of the State of Missouri ("Seller" and "City") and
VAZQUEZ HOLDINGS, LLC, a Missouri limited liability company, and/or its assigns
("Purchaser"), under the following circumstances:
RECITALS
A. Seller and Purchaser entered into that certain Purchase and Sale Agreement
effective as of April 12, 2024 (the"Agreement") in connection with the purchase and sale of that
certain land consisting of approximately 114,908 square feet+/-,which is generally known as Lot
7 of the 40 West at Horizons, a subdivision in the City of Riverside, Platte County, Missouri, and
as more particularly described in the Agreement(the"Property");
B. As a condition to closing, Buyer shall have time to review Property Information
provided by Seller, within the Due Diligence Period (as described below). Purchaser desires to
extend the Due Diligence Period to review the Property Information provided by Seller; and
C. Seller and Purchaser now desire to enter into an amendment with respect to the
Property as this First Amendment.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Seller and Purchaser hereby agree to amend the Agreement as
follows:
1. Section 3. The first paragraph of Section 3 of the Agreement is deleted in its entirety
and the following is hereby substituted therefor:
3. Conditions Precedent to Closing. Buyer shall have until October 31, 2024 (the
"Due Diligence Period") to determine whether(i) Buyer can obtain financing
for the purchase and development of the Property under terms acceptable to
Buyer, and(ii)the Property is suitable for Buyer's intended use.
2. Amendment Controls. In the event that the terms of this First Amendment and the
Agreement are held to be inconsistent,the terms of this First Amendment shall control.
3. Counterparts. The parties agree that this First Amendment may be executed and
delivered by originally signed counterpart, or by copy of originally signed counterpart
sent by facsimile machine or email attachment to the other party and the parties intend
that a copy of the signed First Amendment containing either the original and/or copies
of the signature of all parties shall constitute a binding First Amendment.
Page 1 of 3
IN WITNESS WHEREOF, the Parties have executed this First Amendment to Agreement
of Purchase and Sale as of the Effective Date.
SELLER:
CITY OF IVERSIDE, MISS U
By: /� , ,;C.j
Kathleen L. Rose, Mayor
Date: GAAcri (o .D_LL2-.7
AT fI T:
El
By: wc�
Robin Kinca d, City Clerk
Page 2 of 3
JEFFERSONCITY 17552036.2
PURCHASER:
VAZQUEZ HOLDINGS,LLC,
a Missouri limited liability company
BY:
Owner
Date: 08/14/2024
Page 3 of 3
JE F FE RSONC1TY 17552036.2