HomeMy WebLinkAbout2142 Approving Payment of Public Infrastructure Costs in Accordance with Terms of Agreement with Live Nation Inc.BILL NO. 2026-008 ORDINANCE NO. 2142
AN ORDINANCE APPROVING THE PAYMENT OF PUBLIC INFRASTRUCTURE
COSTS IN ACCORDANCE WITH THE TERMS OF THE AMENDED AND RESTATED
DEVELOPMENT AGREEMENT PREVIOUSLY ENTERED INTO BY AND BETWEEN
THE CITY OF RIVERSIDE MISSOURI AND LIVE NATION INC.
WHEREAS, the City of Riverside, Missouri, a fourth-class city (the "City")
organized and existing under the laws of the State of Missouri ("State"), and Live Nation
Inc., a Delaware corporation ("Developer") entered into that certain Amended and
Restated Development Agreement dated as of October 3, 2024, ("ARDA"); and
WHEREAS, by the terms of said ARDA the Developer to cause the development
design and construction of the "Parking Areas" Utilities" Site Improvements and
Roadways as defined in the ARDA as the "Public Infrastructure" portion of the ARDA
("Public infrastructure"); and
WHEREAS, Sections 4.3(b) and 4.6(b) of the ARDA provides for the
reimbursement and disbursement of State and City Funds for the payment and/or
reimbursement of the costs incurred by the Developer for the design and construction of
the Public Infrastructure; and
WHEREAS, the City has received, as confirmed by the City Administrator and City
Finance Director ("City Staff'), a Payment Request No. 4 to receive reimbursement from
State Funds and City Funds in a form that complies with the forms required by the ARDA
and known as the "Request No. 4 -Certificate of Project Costs", attached hereto as
Exhibit A and incorporated herein, and the "Schedule of Payments/Reimbursements
Requested", attached hereto as ExhibitA-1 and incorporated herein, requesting payment
from State Funds in the amount of Five million, four hundred fifty-five thousand, six
hundred thirty and 07/100 dollars ($5,455,630.07), and from City Funds in the amount of
Three hundred ninety-five thousand, three hundred thirty-two and 32/100 dollars
($395,332.32); and
WHEREAS, the City has received, as confirmed by the City Administrator and City
Finance Director ("City Staff'), reasonable supporting documentation such as copies of
bills, invoices, pay applications, contracts, receipts, check stubs, wire confirmations, lien
waivers or such other documentation to confirm that the Project Costs relating to the
reimbursement request constitute Project Costs which are payable and/or reimbursable
under this Agreement from the source(s) of funds requested to pay or reimburse the same
("Developer Request") and City Staff have so confirmed such Project Costs; and
WHEREAS, the City has ten (10) business days following receipt of any Certificate
of Project Costs to review the same to confirm that the costs included therein constitute
Project Costs payable and/or reimbursable from the requested source of funds in
accordance with the ARDA, in which case the City shall approve the Certificate of Project
Costs and disburse the State Funds and/or City Funds requested thereby to Developer,
in the amount requested in the Certificate of Project Costs, within thirty (30) days following
Developer's submission of the Certificate of Project Costs; and
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BILL NO. 2026-008 ORDINANCE NO. 2142
WHEREAS, the City Staff has not disapproved of any of costs included in the
Certificate of Project Costs on the basis of not complying with the criteria required by the
ARDA; and
WHEREAS, the City Staff confirms said State funds for payment of the Developer
Request have been received from the State of Missouri's Missouri Development Finance
Board; and
WHEREAS, the City Staff recommends the City to proceed with disbursement in
the amount of the approved Project Costs listed on such Certificate(s) of Project and
recommends said funds be utilized to satisfy the Developer's Request; and,
WHEREAS, the Board of Aldermen find it to be in the best interests of the City in
order to further the objectives of industrial and economic development of the City, and the
terms and conditions of the ARDA, as well as in furtherance of the objective to protect the
health, safety, and welfare of the businesses and citizens of the City, to approve the
payment of the Developer's Request pursuant to Section 4.6(b) of the ARDA.
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 AND PAY
REQUEST FOR DISBURSEMENT. The Recitals above are hereby incorporated into this
Lease as if fully set forth in this Section 1. It is in the best interests of the City in order to
further the objectives of industrial and economic development of the City, and to satisfy
the terms and conditions of the ARDA, as well as in furtherance of the City's objective to
protect the health, safety, and welfare of the businesses and citizens of the City, to
approve the Developer's Request for disbursement pursuant to Sections 4.3(b) and 4.6(b)
of the ARDA to the Developer, Live Nation, Inc ., as submitted pursuant to "Request No.
4 -Certificate of Project Costs", attached hereto as Exhibit A, and the "Schedule of
Payments/Reimbursements Requested", attached hereto as Exhibit A-1 and
incorporated herein, requesting payment from State Funds in the amount of Five million,
four hundred fifty-five thousand, six hundred thirty and 07/100 dollars ($5,455,630.07),
and from City Funds in the amount of Three hundred ninety-five thousand, three hundred
thirty-two and 32/100 dollars ($395,332.32). Said Developer Request is hereby
approved.
SECTION 2. AUTHORITY GRANTED. The City hereby authorizes the Mayor, the
City Administrator, the Finance Director, Special Counsel to the City and other
appropriate City officials to pay the Developer's Request and 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.
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BILL NO. 2026-008 ORDINANCE NO. 2142
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 27th day of January 2026.
Kathleen L. Rose, Mayor
ATTEST:
Melissa McChesney, City Clerk
Approved as to form:
Spencer Fane LLP
Special Counsel to the City
by Joe Bednar
3
WA 77S1921.1
BILL NO. 2026-008 ORDINANCE NO. 2142
EXHIBIT A
"Request No. 4 -Certificate of Project Costsu
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Docusign Envelope ID: 8D42DDF2-A932-450B-A20D-126894F686C3
EXHIBITG
[FORM OF]
CERTIFICATE OF PROJECT COSTS
(Riverside Amphitheater Project)
Request No. 4
Governing Body of the City of Riverside, Missouri
Date: 12 8, 2025
Pursuant to that certain Amended and Restated Deve]opment Agreement between the City
of Riverside, Missouri ("City") and Live Nation Entertainment, Inc. ("Developer''), dated
December 8 ,2025 (the "Agreement"), Developer requests payment or reimbursement of Project
Costs (as defined in the Agreement) and hereby states as follows:
1. The date and number of this request are as set forth above.
2. All terms used and not otherwise defined in this request sha11 have the
meanings as provided in the Agreement.
3. The following information, as applicable to this request, is as set forth on
Attachment I hereto:
(a) The names of the person(s), firm(s), corporation(s) and/or other entity or
entities to whom payment has been made for which reimbursement is
requested, or is due and proposed to be paid, hereby;
(b) The amount so paid or to be paid hereby;
(c) A general description of the cost(s) so paid or to be paid hereby; and
(d) The source(s) of funds (e.g., State Funds and/or City Funds) from which
such reimbursement or payment is requested.
4. The costs identified on Attachment I (a) have been incurred and paid, or
are presently payable and proposed to be paid hereby, and (b) have not previously been
paid or reimbursed with State Funds or City Funds.
Docusign Envelope ID: 8D42DDF2-A932-450B-A20D-126894F686C3
LIVE NATION ENTERTAINMENT, INC.,
a Delaware limited liability company
By: (signature)
Name: David Codiga
Title: Blueprint Studio - President
Approved this 27th day of January, 2026.
CITY OF RIVERSIDE, MISSOURI
By: (signature)
Name: Kathleen L. Rose, Mayor
Title: City Representative
BILL NO. 2026-008 ORDINANCE NO. 2142
EXHBIT A-1
Schedule of Payments/Reimbursements Requested
5 WA 7751921.1
ATTACHMENT I
Request No. 4
SCHEDULE OF PAYMENTS/REIMBURSEMENTS REQUESTED
Payee Name | Amount ($) | General Description | Source(s) of Funds
Live Nation Entertainment, Inc. | $5,455,630.07 | Public Infrastructure MDFB
Live Nation Entertainment, Inc. | $395 ,332.32 | Public Infrastructure | City of Riverside
TOTAL $5,850,962.39