2010-05-17 Regular City Council Agenda

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FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT THIS FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT (this “First Amendment”) is made and entered into as of this _____ day of ___________, 2010, by and between the CITY OF UNIVERSITY CITY, MISSOURI (the “City”), an incorporated political subdivision of the METROPOLITAN DEVELOPMENT-KINGSLAND WALK, LLC State of Missouri, and , a Missouri limited liability company (the “Developer”). (All capitalized terms used but not otherwise Article I defined herein shall have the meanings ascribed in of the herein-defined Redevelopment Agreement.) RECITALS A. The City and the Developer entered into a Redevelopment Agreement dated as of December 30, 2009 (the “Redevelopment Agreement”), in connection with the implementation of the Kingsland Walk Redevelopment Plan & Project. B. The parties agree to amend the Redevelopment Agreement as herein provided. 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 hereto agree as follows: Developer to Advance Costs. 1. Section 2.2(b)of theRedevelopment Agreement is hereby deleted in its entirety and the following inserted in its place: (b) Advances Following Execution of Agreement. On or about December 21, 2009, the Developer advanced to the City the sum of $5,000. The Developer further agrees to advance to the City the sum of $15,000 within 10 days after the City Council’s passage of an ordinance approving this First Amendment. The City may use funds advanced pursuant to this subsection for the payment of legal, financial and other consultants to the extent they are not already provided for by subsection (a) above. Payment of any advance under this Section will not waive any application fee or other cost to the Developer associated with any Governmental Approval required by the City’s municipal code. Ownership of Property. 2. Section 3.2of theRedevelopment Agreement is hereby deleted in its entirety and the following inserted in its place: 3.2 Ownership of Property . 3.2.1 Acquisition by Negotiation. The Developer represents (a) that it owns or has under contract to purchase all of the Property required for the construction of the Redevelopment Project except for the real property occupied by King’s Day Care (the “King’s Day Care Property”) and (b) that it is diligently pursuing acquisition of the King’s Day Care Property.