HomeMy Public PortalAboutORD10650 i.j
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BILL NO.
SPONSORED BY COUNCILMAN �..Q, b.
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ORDINANCE NO.
' AP1 ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI FINDING AND
DECLARING THE DEVELOPMENT AREA LOCATED IN C-6 OF THE CAPITOL WEST
u' PROJECT AREA OF THE CITY OF JEFFERSON, MISSOURI , MORE
PARTICULARLY DESCRIBED HEREIN, AS A BLIGHTED AREA WHICH SHOULD BE
REDEVELOPED IN THE PUBLIC INTEREST; APPROVING THE FINAL
' DEVELOPMENT PLAN OF CAPITOL WEST REDEVELOPMENT CORPORATION FOR
PARCEL C-6 OF THE CAPITOL WEST PROJECT AREA; FINDING THAT SAID
n FINAL DEVELOPMENT PLAN CONFORMS TO THE COMPREHENSIVE PLAN FOR THE
CITY; AUTHORIZING THE MAYOR AND CITY CLERK TO ENTER INTO A
CONTRACT ON BEHALF OF THE CITY OF JEFFERSON WITH CAPITOL WEST
REDEVELOPMENT CORPORATION; SETTING FORTH THE 'PERMS AND CONDITIONS
OF THE CONTRACT; AND CONTAINING A SEVERABILITY CLAUSE AND AN
EMERGENCY CLAUSE.
rKHER-EAS, by reason of age, obsolescence, inadequate or
o " moded design, or physical deterioration, certain property in
the City of Jefferson ( "City" ) , State of Missouri, legally
described on EXHIBIT A attached hereto and incorporated herein,
known as Parcel C-6 of the Capitol West Project Area (the
"Development Area" ) has become an economic and social liability
' and that the conditions are conducive to ill health, public
safety, transmission of disease, crime or inability to pay
` reasonable taxes;
WHEREAS, such conditions are beyond the remedy and control
solely by regulatory process in the exercise of the police power
and cannot be dealt with effectively by the ordinary operations
of private enterprise without the aids provided by Chapter 353 ,
R.—ised Statutes of Missouri, 1978, as amended;
i.
WHEREAS, Capitol West Redevelopment Corporation
( "Developer" ) , an urban redevelopment corporation formed and
existing under Chapter 353, Revised Statutes of Missouri, 1978,
as amended, did duly file with the Housing Authority of the City
of Jefferson ( "Authority" ) and the Director of Planning and Code
Enforcement ( "Director" ) an application for approval. of a
preliminary development plan dated January 30, 1986 ( "Preliminary
Plan" ) ;
WHEREAS, the Authority prepared a .report on the Preliminary
Plan and sent it to the City Council of the City of Jefferson
( "City Council" ) and to the Planning and Zoning Commission of the
t. City ( "Commission" )
WHEREAS, the Authority held a hearing on February 17, 1986,
and approved the Preliminary Plan;
WHEREAS, on February 17, 1986, the City Council adopted
RS85-45 approving the Preliminary Plan;
WHEREAS, the Developer did duly submit to the Authority and
the Commission the Final Development Plan, dated February
1986 ( the "Development Plan" ) , for the Development Area;
WHEREAS, the Authority has made the determinations required
by Section 23-59 of the Code of the City ( "Code" ) and has
recommended to the City Council approval of the Development Plan;
WHEREAS, a public hearing has been held for the stimulation
of comment: by those to be affected by the grant of rights and
powers pursuant to this ordinance and it has been determined that
the Development Area is a blighted area within the meaning of and
as defined in the Urban Redevelopment Corporations Law, Chapter
353 , Revised Statutes of Missouri, 1978, as amended, and
specifically Section 353 .020;
WHEREAS, the Preliminary Plan and the Development Plan were
found to be in full compliance with Chapter 23 of the Code and
all the procedures and requirements therein provided and to be
consistent with the Comprehensive Plan for the City; and
WHEREAS, it is hereby determined by the City Council that
a the Development Plan is in the public interest and serves a
T public purpose.
NOW, THEREFORE, BE IT ENACTED BY THE CITY COUNCIL OF THE
CITY OF JEFFERSON, MISSOURI , AS FOLLOWS:
Section 1. There exists within the City of Jefferson a
certain blighted area as defined by Section 353 .020, Revised
Statutes of Missouri, 1976, and by Chapter 23 of the Code,
legally described on EXHIBIT A attached hereto and incorporated
herein ( the "Development Area" ) .
Section 2 . The redevelopment of the Development Area as
provided by Chapter 353, Revised Statutes of Missouri, 1978 , and
Chapter 23 of the Code is necessary and in the public interest
under said Chapter 353 , as amended, and is necessary in the
interest of the
public health, safety, morals, and general
welfare of the people of the City.
a ,1 Section 3 . It is hereby determined, found and declared that
the Development Plan of Capitol Plaza Redevelopment Corporation
for the Development Area is in the public interest, serves a
t public purpose and is consistent with the comprehensive. Plan for
the City, and as such is approved in accordance with the terms of
this ordinance and the contract which is incorporated herein.
` Section 4 . It is hereby found, declared and determined that
no families reside in the Development Area and accordingly that
no relocation plan is necessary.
Section 5 . It is hereby found, declared and determined that
public facilities , including but not limited to school, fire,
water, sewer, police, transportation, park, playground, and
recreation are presently adequate, or will be adequate at the
time Development Area is ready for use, to service the
Development Area.
Section 6 . It is hereby found, declared and determined that
the proposed street closings are necessary or desirable for the
redevelopment and its protection against blighting influences and
for the City as a whole.
Section 7 . The Mayor and Clerk of the City are hereby
authorized to execute a contract by and between the City and
Capitol West Redevelopment Corporation. In the event of any
4 conflicts or differences between the provisions of the
5 Development Plan and the contract hereinafter recited, the
contract shall govern and the Development Plan shall be deemed to
have been amended accordingly.
Section 8 . The said contract is hereby made a part of this
ordinance and the contract shall be substantially in words and
figures as attached exhibit "B" .
Section 9 . The sections of this ordinance shall be
severable. In the event that any section of this ordinance is
found by a court of competent jurisdiction to be invalid or
unconstitutional, the remaining sections of this ordinance shall.
remain valid unless the court finds the valid sections of this
ordinance are so essentially and inseparably connected with, and
so dependent upon, the invalid section that it cannot be presumed
that the City Council would have enacted the valid sections of
the ordinance; or unless the court finds that the valid sections ,
standing alone, are incomplete and incapable of being executed in
accordance with the legislative intent .
Section 10 . The passage of this ordinance being deemed
necessary for the immediate preservation of the public peace,
health and safety, an emergency is hereby declared to exist , and
this ordinance shall take effect immediately upon its approval by
the Mayor.
IN WITNESS WHEREOF, the parties have set their hands and
seals the day and year .first above written.
Passed _ Approved a- '), L� -
idi g Officer~ M y r
ATTEST:
City Clerk
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CXHIBIT A
The following tract of land, being a part of the. City
of Jefferson, County of Cole, Missouri, bound?d on the south
F; . by Rex M. Whitton Expressway, on the east by Mulberry
street, on the north by West McCarty Street, and on the west
"sz;:by the Missouri Boulevard extension, and being more
particularly described as follows :
r;4 Part- of Inlots 552 , 556-564 and part of vacated Walnut
St.rPPt and part of a vacated 20 foot alley, all in the City
of Jefferson, Cole County, Missouri, being more particularly
described as follows :
s:•
Beginning at the northeasterly corner of Inlot. 560 ;
thence S 42' 14 ' 25" W, along the westerly line of Mulberry
; , •-
Street, 282 .24 feet to a point on the northerly line of Hwy.
50 ; thence westerly along said northerly line of Hwy 50
along the following courses and distances ; N 47 ° 50 ' 39" W,
104 . 42 feet. ; thence S 42° 13 ' 49" W, 10 . 12 fPPt ; thence N
500 45 ' 21" W, 209 . 11 feet ; thence N 48° 33 ' 48" W, 149 .10
faet ; t:hence Pd 14 ° 55 ' 15" 6J, 130. 93 fPPt t.o a point on the
southeasterly line of Missouri Boulevard; thence leaving
said northerly line of Hwy. 50 , N 750 04 ' -15" E , along said
southeasterly line of Missouri Boulevard, 278 . 65 feet. t.o a
point on the southerly line of Worst McCarty St.rePt ; thence S
470 48 ' 59" E, along said southerly line of I -st- McCarty
Street, 421. 33 feet to the point of beginning, toget her wit:ti
Mulberry Street lying between the prolongation of the south
line of West McCarty Street across Mulberry Str.e-t. and the
prolongation of the north line of Hwy. 50 across Mulberry
Street
Containing in all 3 .42 acres .
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• A•'.
CONTRACT
THIS CONTRACT ("Contract") is entered into this
day of June, 1986, by and between. the City of
Jefferson, hereinafter referred to as "City" , and Capitol
Plaza Redevelopment Corporation, an urban redevelopment
corporation formed and existing under Chapter 353 of the
Revised Statutes of Missouri, 1978, hereinafter referred to
as "Developer" , for the execution of the Development Plan
for Parcel C--6 of the Capitol West Project Area dated
March 11, 1986, heretofore submitted by the Developer, as
approved and enacted by the City Council of the City by the
ordinance of which this Contract is a part (the Development
Plan as approved and enacted being hereinafter referred to
as the "Development Plan" ) .
WHEREAS, the City Council of the City of Jefferson
("City Council") has enacted into lacy an ordinance (the
"Ordinance") of which this Contract is a part approving the
Development Plan submitted by the Developer, and declaring
that the area described in the Development Plan (the
?: "Development Area") is a blighted area and that the
clearance, redevelopment, replanning, rehabilitation and
reconstruction thereof are necessary for the public conven-
ience and necessity and that the approval of the Develop-
ment Plan and completion of the redevelopment project pro-
posed therein are necessary for the preservation and
enhancement of the public peace, health, safety, morals and
welfare;
WHEREAS, the Ordinance requires the undertaking
and performance upon the part of the Developer and of the
City of various duties and actions;
WHEREAS, the Ordinance authorizes and directs the
Mayor and Clerk of the City to enter into a contract with
the Developer providing for the execution of the Develop-
ment Plan;
WHEREAS, the Developer is a corporation formed
under Chapter 353 of the Revised Statutes of Missouri,
1978, and is now in good standing in the State of Missouri.
NOW, THEREFORE, the City and the Developer for the
consideration and mutual covenants hereinafter contained
and described and under the conditions hereinafter set
forth do hereby agree as follows:
rr t.
1. The Developer, its successors or assigns,
shall construct: or cause to be constructed, at its expense,
except as otherwise provided herein or in the Development
Plan, the facilities more fully set out and described in
the the Development flan, and in the manner therein pro-
vided (the "Project") . The Development Area consists of
Parcel C--6 of the Capitol West Project Area located in the
City of Jefferson , County of Cole, State of Missouri, and
legally described on EXHIBIT A attached hereto and incor-
porated herein.
.s
2. The provisions of the Development Plan and
the applicable provisions of Chapter 23 of the Code are
hereby incorporated by reference.
3. The development described in the Development
Plan is to be undertaken in one phase. Construction is
scheduled to commence the later of (i) spring of 1986 and
(ii) within thirty (30) days from the effective date of the
Ordinance, and should be substantially completed by October
of 1987, subject only to extensions for delays caused by
reasons beyond the reasonable control of Developer.
Developer shall have the right to initiate any action prior
to the times stated herein. Developer shall have the right
to depart in its design plans from the Development Plan to
the extent of twenty-five percent (25%) (increase or
decrease) of the approximate square f ootages stated in the
Development Plan. None of the changes or modifications
under this paragraph shall require an amendment to the
Development Plan or the consent or approval of the City,
the Horsing Authority of the City of Jefferson
("Authority") , the Planning and Zoning Commission of the
City ("Commission") or the City Council.
4. Notwithstanding anything to the contrary
contained herein, in the Development Plan or in the Ordi-
nance, the time periods provided for commencement or co,nt-
pletion of development, or for other performance obliga-
tions, shall be extended for delays beyond Developer' s
reasonable control. Developer shall not be responsible for
any delays caused by action of legal authority, strikes,
lockouts, labor disputes, riots, fires or other casualties,
tornadoes, cyclones, floods, acts of God, war, invasion or
acts of a public enemy, accidents, governmental restrictions
or priorities regarding acquisition or use of material,
construction or financial delays, unanticipated or unusual
site conditions, failure to obtain necessary permits of any
governmental agency following proper and timely application
therefor, litigation challenging any right of Developer,
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its successors or assigns hereunder with respect to the
Project, or other inability upon the part of the Developer
to obtain materials or labor or to perform not growing out
of its own fault, or for delays caused by city, state or
federal government, or any agency, commission, division,
department or bureau thereof. Furthermore, upon the appli-
cation, before or after the expiration date of any time
limit, by the Developer to the City Council, the City Coun-
cil shall have the absolute authority to extend the time
limits for commencement or completion of development, or
,.s
for other performance obligations of Developer to a time
f` certain upon good cause shown.
In the event Developer, its successors or assigns shall
fail to meet any time limits, as extended, for commencement
or completion of development, or performance of other obli-
gations, the City, and only the City, may take the action
set forth in paragraph 5 of this Contract, and no third
parties shall have any rights or claims with respect to
such failure unless the City has acted pursuant to para-
graph 5 to cancel. and terminate this Contract.
5. (a) The following are ";vents of Default".
( i) if Developer does not substantially comply with the
Development Plan within the time limits and in the manner
for completion as therein stated (subject to Section 4
hereof) , or (ii) if Developer shall do or permit to be done
anything contrary to Chapter 23 of the Code, or fail or
omit to do anything required by it (subject to Section 4
hereof) , then the Authority shall give written notice of
such Event of Default to Developer, which notice shall
establish a reasonable date by which Developer shall cure
or correct such Event of Default, which in no event shall
be less than forty-five (45) days after the date of such
notice or such longer period as may be reasonably necessary
to cure or correct such Event of Default.
(b) If Developer does not cure such Event of
Default within such time period, then the Authority may
certify such fact to the administrator of the City, who may
recommend that the City Counselor commence a proceeding in
the Circuit Court in the name of the City to have, such
action, failure or omission stopped, prevented, or recti-
fied by injunction or otherwise, or in the name of the City
to bring an action for damages against the Developer for
breach of provisions of the Develpment Plan. The Author-
ity shall send its recommendations to the City Council
which may then hold a hearing to determine whether its
approval of the Development Plan should be revoked. If the
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City Council revokes its prior approval of the Development
Plane then property included in the Development Plan shall
from that date be subject to assessment and payment of all
ad valorem taxes based upon the true, full value of such
real property, and the Authority, Commission and City Coun-
cil shall be able to consider new plans for that property.
In the event the Authority has certified as herein provided
that the Developer has abandoned construction before com-
pletion of the Project, the real property involved in such
Event of Default shall from that date be subject to assess-
ment and payment of all ad valorem taxes based on the true,
full value of such real property.
(c) Notwithstanding Section 5 (b) hereof, no
default of the Developer, its successors or assigns, in
completing any part of the Development Plan shall in any
way affect adversely or jeopardize the partial tax relief
with respect to any property in any other part of the
Development Area which has been or will thereafter be com-
pleted by the Developer, its successors or assigns, includ-
ing without limitation, any purchaser at a foreclosure
sa Ie.
(d) In the event this Contract is terminated with
respect to all or any part of the real property in the
Development Area, all duties, obligations and liabilities
of the parties hereto with respect to such property shall
cease and terminate as of the cancellation date.
6. The Developer shall obtain all necessary
permits prescribed by law and shall be subject to all
lawful inspections and shall perform such other necessary
acts as are required by Chapter 23 of the Cade.
7. The City agrees to cooperate with Developer
in carrying out the Development Plan and with due diligence
will join the Developer in facilitating and procuring such
actions and approvals relating to municipal services and
requirements in the area consistent with the Development
Plan or appropriate for full development of the Development
Area consistent with the intent and purpose of the Develop-
ment Plan, this Contract and the Ordinance, including but
not limited to the following :
(a) All action necessary or appropriate to permit
construction in accordance with site plans and other plans
approved by the Authority and City and to provide assurance
of full use of the Development Area;
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(b) Issuance of all temporary permits for use of
parts of adjacent street rights-of-way as necessary or
appropriate for construction;
(c) Approval of entrances, exits and required
curb cuts for entrance to and exit from the Development
Area;
(d) Cause at the expense of the utility com-
panies, the Authority or the City all utility lines to be
removed from the hotel "footprint" site. This relocation
of utilities does not include the electrical lines in the
twenty-foot easement along the southern edge of the
Redevelopment Area or the utilities along the western por-
tion of the Development Area located in the former right-
of-way of now vacated Walnut Street. The City hereby
consents to the construction of the parking lot shown on
the site plan attached to the Development Plan and agrees
at its cost and expense to restore the parking lot if at
any time the City removes or damages the parking lot while
repairing, replacing or maintaining its utility lines
located in the Development Area.
Ask
(e) Unconditionally vacate the portion of
Mulberry Street between West McCarty and Rex Whitton
Expressway. The cost of vacating Mulberry Street, if any,
shall be paid by the Authority.
(f) Approval of minor variations from building
and other technical code requirements consistent with the
purpose and intent of the applicable code requirements or
to the extent that the mode, method or manner to be followed
is equal to or superior to the mode, method or manner
required by the provisions of the applicable code, to
facilitate the fullest and most efficient use of the
Development Area for the intended purpose.
8. Commencing with the year following the effec-
tive date of the Ordinance and until construction is
completed, Developer will annually file a certificate with
the City Administrator complying with Section 23-58 (17) (a)
of the Code.
9. The general ad valorem property tax assessment
and taxation (including assessment and taxation under the
provisions of Sections 71. 790 to 71.808 R.S.Mo. , 1978) of
the real property (including buildings and other improve-
ments) within the Development Area shall be subject to the
following provisions:
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(a) Real property within the Development Area
acquired by the Developer, shall not be subject to assess-
ment or payment of general ad valorem property taxes
imposed by the City or State or any political subdivision
thereof for a period of ten (10) years from January 1 of
the year following the date when the Developer shall acquire
the property by purchase, lease, condemnation or otherwise,
except to the extent and in such amount as may be imposed
on the real property during such period measured solely by
the amount of the assessed valuation of the land, exclusive
of improvements, as was determined by the Assessor of Cole
County ("Assessor") for taxes due and payable thereon
during the calendar year preceding the calendar year during
which the Developer acquired the real property; and the
amount of such tax assessment shall not be increased by the
Assessor during said ten (10) year period as long as the
real property is used in accordance with the uses specified
in the Development Plan.
(b) In the event that any such real property is
tax exempt immediately prior to its acquisition by the
Developer, the Assessor shall promptly assess such land,
exclusive of improvements, at such valuation as shall
conform to but not exceed the assessed valuation made dur-
ing the preceding calendar year of other land, exclusive of
improvements, adjacent thereto. The amount of such assessed
valuation so fixed by the Assessor shall not be increased
by the Assessor during the ten (10) year period from
January 1 of the year following the date upon which the
Developer acquired such property so- long as the real
property is used in accordance with the uses provided in
the Development Plan.
(c) For the next ensuing period of fifteen (15)
years, the general ad valorem property t,7)tes upon such real
property shall be measured by the assessed valuation thereof
as determined by the Assessor upon the basis of not to
exceed fifty percent (50%) of the true value of such real
property, including any improvements thereon [i.e. , fifty
percent (50%) of the assessed valuation of like property of
equal value] nor shall such valuation be increased over
fifty percent (50%) of the true value of such real property
(i.e. , fifty percent (50b) of the assessed valuation of
like property of equal value] from year to year during said
period of fifteen (15) years as long as said property is
used in accordance with the uses specified in the Develop-
ment Plan.
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(d) After said period totaling twenty-five (25)
years, such real property shall be subject to assessment
and payment of all ad valorem taxes, based un the value of
the real property; established pursuant to the general real
property ad valorem taxing statutes of Missouri; provided,
that after the completion of the Project or part thereof as
provided in the Development Plan, whenever the owner thereof
or part thereof shall elect to pay full taxes with respect
to such real property or part thereof, or at the expiration
of said twenty-five (25) year period, such real proper ty or
part thereof shall be owned and operated free from any of
the conditions, restrictions or provisions of the Develop-
ment Plan and of the Ordinance.
(e) In the event of the sale or other disposition
of any real property of the Developer, its successors or
assigns, in the Development Area, by reason of the fore-
closure of any mortgage or other lien, through insolvency
or bankruptcy proceedings, by order of any court of compe-
tent jurisdiction, or oy voluntary transfer or conveyance,
the partial tax relief provided for in subsections (a) , (b)
and (c) of this Section 9 shall continue and shall inure to
the benefit of any purchaser or transferee of such real
property and such property shall continue to be assessed
and taxed in the manner provided in subparagraphs (a) , (b)
and (c) of this Section as long as the property is used in
accordance with the uses specified in the Development Plan.
10. Without the prior written consent of the City
and subject to the terms of a certain Redevelopment Agree-
ment between the Developer and the Land Clearance for
Redevelopment Authority of Jefferson City, Developer will
not assign its rights under the Development Plan or this
Contract prior to completion of construction of the Pro-
ject; provided, however, Developer may assign its rights to
John Q. Hammons as an individual or to a partnership or
corporation in which John Q. Hammons has at least a one-
third ownership interest, or by or to John Q. Hammons or
his wife or to an executor, administrator, personal repre-
sentative, or trustee for or of either of them; and pro-
vided, further, that Developer shall remain liable for the
acquisition and clearance of the Development Area. Any
transferee of or successor in interest to the property or
any part thereof within the Development Area, acquired by
the Developer pursuant to the Development Plan and this
Contract, shall be entitled to the partial tax relief of
Section 353 .1101 R.S.Mo. , 1978, as provided herein in Sec-
tion 9 and as provided in Section 353.150 (4) , R.S.Mo. ,
1978, without further action of the City Council, as long
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as the transferee or successor in interest, upon completion
of construction, continues to use the property in accor-
dance with the uses specified in the Development Plan.
11. The net earnings of the Developer from the
Project during the period during which tax relief is enjoyed
under Section 9 hereof shall be limited to an amount not to
exceed eight percent (8%) per annum of the cost to the
Developer of the Project including the cost of land or the
balance of such cost as reduced by amortization payments,
provided that the net earnings to Developer derived from
the Project shall in no event exceed a sum equal to eight
percent (8%) per annum upon the entire cost thereof. Such
net earnings of the Developer shall be computed after
deducting from gross earnings the following:
(1) All costs and expenses of maintenance and
operation.
(2) Amounts paid for taxes, assessments, insurance
premiums and other similar charges.
(3) An annual amount sufficient to amortize the
cost of the entire Project at the end of the period which
shall not be more than sixty (60) years from the date of
completion of the Project.
Gain on the sale of stock or other interest in a
subsidiary company or affiliate of the Developer or the
property or any part thereof after completion of construc-
tion shall not be deemed income to the Developer for pur-
poses of computing the Developer' s earnings under Chapter
353, R.S.Mo. , 1978, or under this Contract.
The surplus earnings of the Developer in excess of
those provided for in this Section 11 may be used or held
for any one or all of the following purposes:
(a) As reserves for maintenance of such rate of
return in the future, and may be held by the Developer to
offset any deficiency in such rate of return which may have
occurred in prior years.
(b) To accelerate amortization payments.
(c) For the enlargement of the Project.
(d) For a reduction in rentals.
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At the termination of the tax relief provided for
in Section 91 the Developer shall make a strict accounting
of surplus earnings in excess of those permitted hereby and
shall turn over to the City any excess of such surplus
earnings not previously used for one or more of the purposes
set forth in subparagraphs (a) , (b) , (c) or (d) of this
Section 11.
12. The Developer shall establish and maintain
reserve accounts, including, but not limited to, a reserve
for the payment of taxes and insurance, according to recog-
nized standard accounting practices.
13. "Costs as used herein for the purpose of
determining the entire cost of the Project shall include,
without limitation, among other items or expenses, interest
during construction; the cost of land and improvements; the
cost of financing; the expense of demolition or removal of
existing improvements, if any; the expense of utilities,
landscaping and roadways; the expense of constructing,
equipping and furnishing buildings and improvements,
including architectural, engineering, attorney' s,
Ah developer' s, construction manager' s, consultant' s and
builders' fees; pre-opening, title insurance and other
expenses and fees; reasonable management and operating
expenses until the Development Area is ready for use; and
the expense of improving any open spaces together with such
additional expense incurred as a result of additions to or
changes in the Development Plan. The Developer will keep
and maintain books and records of the cost of the Project
and the City shall have the right to inspect such books and
records with respect to compliance with Developer ' s under-
takings under this Contract.
14. The terms, conditions and p rovisions of this
Contract and of the Development Plan can be neither sub-
stantially modified nor eliminated except by mutual written
agreement between the City and the Developer, its succes-
sors and assigns; provided, however, that this Contract
shall not be construed as an enlargement of the authority
conferred on the City by Chapter 353, R.S.Mo. , 1978.
15. Developer shall render annually to the Direc-
tor of Finance of the City, during the existence of the tax
relief provided in Section 9 hereof, three (3) copies of
its financial report, including the certified audit pre-
pared by a certified public accountant: for the preceding
year. This report shall disclose the earnings of the
Developer and the disposition of any net earnings in excess
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Aft
of those provided for under Section 11 hereof, and the
interest rate on income debentures, bonds, notes, or other
evidences of debt of the Developer. The Director of
Finance shall review the financial report of the Developer,
and thereafter he shall file with the City Council, the
Authority and the Commission the said financial report,
accompanied by his opinion, as to the compliance by the
Developer with Section 11. The Developer shall pay to the
1 City a fee of $100 each year for this financial review and
report.
16. Developer may, in writing, request the
Authority to issue a certificate of compliance. Upon the
written request of Developer, the Authority shall conduct
an investigation, and if the Authority determines that the
Project has been completed in accordance with the provisions
of the Development Plan and this Contract, it shall recom-
mend to the City Council that a certificate of full compli-
ance be issued to the Developer. The City Council, upon
receipt of such recommendation, shall authorize the
Authority to issue a certificate of compliance. In the
event that the Authority determines that the Project has
not been completed in accordance with the Development Plan,
then the Authority shall forthwith transmit notice by
registered mail, return receipt requested, to the Developer,
stating in writing the reasons for the finding that there
has not been compliance. Failure to so notify the Developer
within thirty (30) days after receipt of the said written
request from the Developer shall be deemed a certificate of
compliance.
17. Except as provided in Section 18 below, the
property in the Development Area shall be subject to the
Development Plan as modified from time to time, for a
period of not less than twenty-five (25) years from the
effective date of the Ordinance or such longer period with
respect to any piece of property in the Development Area to
the end of the partial tax abatement period pursuant to
Section 9 hereof for such property.
18. This Contract shall remain in full force and
effect with respect to property in the Development Area or
any part thereof as long as the Developer, its successors
or assigns shall enjoy the partial tax relief provided for
in Section 9 above, pursuant to 353.110, R.S.Mo. , 1978,
with respect to such property and at the termination of
such relief this Contract shall terminate with respect to
such property and become null and void; provided that such
part of the Project has been completed and has been so
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e
certified by the Authority; and provided further, that in
the event Developer, its successors or assigns, do not
desire the property to continue under the Development Plan,
the real property ;shall be assessed for the full, true
value of the real property and may be owned and operated
free from any of the conditions, restrictions or provisions
of this Contract or the Ordinance.
19. In the event that the Developer, its succes-
sors or assigns shall be prohibited from performing the
covenants or agreements herein contained or contained in
the Development Plan, by law or by the order of any court,
governmental agency, or other authority of competent juris-
diction, or in the event that The Urban Redevelopment Cor-
porations Law of the State of Missouri or the Ordinance
shall be declared invalid or amended in whole or in part,
then, and in any such event, the Developer, its successors
or assigns, at its or their option, may cancel or terminate
this Contract, with respect to, and only with respect to
their respective development obligations hereunder, by
written notice of intention so to do given to the City
within sixty (60) days thereafter.
20. Whenever notice is called for herein to be
given, it shall be in writing and shall be sent by certi-
fied or registered mail, postage prepaid, addressed as
follows:
if to City:
Mayor of the City of Jefferson
320 East McCarty
Jefferson City, Missouri 65102
Attention: City Administrator
if to Developer :
Capitol Plaza Redevelopment Corporation
John Q. Hammons Building
300 Sherman Parkway
Springfield, Missouri 65007
Attention: Mr. John Q. Hammons
or to such other address or addresses as shall have been
furnished by the party to receive such notice to the other
:. party by notice given in accordance with this paragraph.
All notices so given shall be deemed given when so
deposited in the U.S. Mail.
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21. The provisions of this Contract shall be
deemed severable. In the event that any provision of this
Agreement is found by a court of competent jurisdiction to
be invalid, the remaining provisions of this Contract shall
remain valid unless the court finds the valid provisions,
standing alone, are incomplete and incapable of being
executed in accordance with the contracting parties'
intent. If any part of this Contract, or of the Ordinance
;. of which this Contract is a part, regarding the rights or
duties of the Developer is found invalid, the Developer
shall thereafter at its election have the right to be
released from this Contract.
IN WITNESS WHEREOF, the parties have set their
hands and seals the day and year first above written.
CITY OF JEFFERSON
Sy: `
` Title:��
G
(SEAL)
Attest:
CAPITOL PLAZA REDEVELOPMENT
CORPORATION
(SEAL) ,
resx ent
A t: J
S ret* y
17'�
i�
7 -ia-
r
• EXHIBIT A
The following tract of land, being a part of the City
of Jefferson, County of Cole, Missouri, bounded on the south
} by Rex M. Whitton Expressway, on the east by the east line
of Mulberry Street, on the north by West McCarty Street,
and on the west by the Missouri Boulevard extension, and
being more particularly described as follows:
Beginning at the northeasterly corner of Inlot 560;
thence S 42°14125" W, along the westerly line of Mulberry
Street, 282.24 feet to a point on the northerly line of
Hwy. 50; thence westerly along said northerly line of Hwy.
50 along the following courses and distances; n 47°50139"
W, 104.42 feet; thence S 42.13 149" W, 10.12 feet; thence
N 50°45 121" W, 209.11 feet; thence N 48033148" W, 149.20
feet; thence N 14 055115" W, 130.93 feet to a point on the
southeasterly line of Missouri Boulevard; thence leaving
said northly line of Hwy. 50, N 75°04145" E, along said
southeasterly line of Missouri Boulevard, 278.65 feet to
a point on the southerly ling: of West McCarty Street; thence
S 47"48159" E, along said southerly lane of West McCarty
Street, 421.33 feet to the point: of beginning, together
with Mulberry Street lying between the prolongation of the
south line of West McCarty Street across Mulberry Street
and the prolongation of the north line of Hwy. 50 across
Mulberry Street.