HomeMy WebLinkAbout2008-11-03-Resolutions 08-244_500 6th St LLC - Development Agr AssignRESOLUTION NO.08-244
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF AN ASSIGNMENT OF DEVELOPMENT
AGREEMENT
WHEREAS,on the 23rd day of July,2007,the City of Waukee,Iowa (the "City")and
Clnis Bailey entered into a Development Agreement (the "Agreement")pursuant to which Clnis
Bailey agreed to undertake certain commercial development activities,including the Project (as
defined therein),and the City agreed to make to Clnis Bailey certain Payments (as defined
therein)commencing December 1,2009;and
WHEREAS,on the 4th of Feb mary,2008,pursuant to Article C,section 1 of the
Agreement,the City consented to Clnis Bailey assigning the Agreement to All Lines ofIowa,
Inc.(the "Assignor"),provided Assignor assumed all obligations of the "Developer"under the
Agreement;and
WHEREAS,the Assignor changed the legal name of its business entity to 500 6th Street
LLC,and needs to assign the Agreement to said new entity in accordance with the Agreement;
and
WHEREAS,the City has received a proposal from the Assignor,in the form of a
proposed Assignment of Development Agreement (the "Assignment")by and between the
Assignor and 500 6[h St LLC (the "Assignee"),pursuant to which,among other things,the
Assignor agrees to assign all of its right,title,and interest in and to the Agreement,including the
Payments,to the Assignee,and the Assignee agrees to assume all obligations of the Assignor
under the Agreement,including the obligations with respect to the Project and the timely
payment of all property taxes as they come due tlnoughout the term of the Agreement;and
WHEREAS,Article C,section 1 of the Agreement requires an assignment of the
Agreement by the Assignor to be consented to by the City.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE,IOWA:
Section 1.That the form and content of the Assignment,the provisions of which are
incorporated herein by reference,be and the same hereby are in all respects authorized,approved
and confirmed,and the Mayor and the City Clerk be and they hereby are authorized,empowered
and directed to execute,attest,seal and deliver the Assignment for and on behalf of the City in
substantially the form and content now before this meeting,but with such changes,
modifications,additions or deletions therein as shall be approved by such officers,and that from
and after the execution and delivery of the Assignment,the Mayor and the City Clerk are hereby
authorized,empowered and directed to do all such acts and things and to execute all such
documents as may be necessary to carry out and comply with the provisions of the Assignment
as executed.
PASSED AND APPROVED this 3rd of November,2008.
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Attest:
ROLL CALL VOTE AYE NAY ABSENT ABSTAIN
Donald L.Bailey,Jr.X
Casey L.Harvey X
C.Isaiah McGee X
Darlene Stanton X
Mike Watts X
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