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HomeMy Public PortalAboutORD10650 i.j r11. rig L BILL NO. SPONSORED BY COUNCILMAN �..Q, b. f 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 ri a 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 . .N l�•-i•a r.. • 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, -2- 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 -3- 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; ,r. -4- (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: -5- (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. -6- (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 -7- --mill IN 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. `"8- 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 -g- 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 -10- 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. -11- 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.