HomeMy Public PortalAboutORD10770 BILL NO. 86-164
SPONSORED BY COUNCILMAN HALSEY
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AUTHORIZING THE
EXTENSION OF THE TERMS OF THE LEASE BETWEEN THE CITY OF
JEFFERSON, MISSOURI, AND CHESEBROUGH-POND'S, INC. , INCLUDING THE
OPTION TO PURCHASE FACILITIES.
WHEREAS, the City of Jefferson, Missouri, and Chesebrough-
Pond' s, Inc. , entered into a certain lease agreement dated
November. 1, 1965, as part of an industrial development package as
evidenced by Ordinance NO. 7700 and 7701 which provided for the
leasing of the facilities built through industrial revenue bonds
and general obligation industrial bonds to Chesebrough-Pond's,
Inc. ; and
WHEREAS, the terms of said lease included options to extend
the lease and extended the option to purchase the facility to
Chesebrough-Pond's, Inc. , on certain terms and conditions; and
WHEREAS , Chesebrough-Pond ' s , Inc . , is desirous of
maintaining the options to extend and the options to purchase the
facility as provided in the original lease; and
WHEREAS, Chesebrough-Pond's, Inc. , is hereby referred to as
"Tenant" and the City of Jefferson is hereby referred to as
"Landlord"; therefore
BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI,
AS FOLLOWS:
Section 1. The term of the lease, dated November 1, 1965, a
copy of which is attached marked Exhibit A, is hereby extended
from and after the date of the original expiration until the 31st
day of October, 1990. In consideration of the extension of this
lease, Tenant agrees to pay forthwith the sum of Twenty-four
Thousand Dollars ($24,000) and to make payments to Landlord on or
before November 1, of each of the years 1987, 1988 and 1989, as
rent in lieu of the basic rent provided for under Article II of
the lease, the sum of Twelve Thousand Dollars ($12,000) per year
less any amounts which the Tenant shall pay during the calendar
year next preceding the year in which such Twelve Thousand
Dollars ( $12, 000) rent payment is due to be made to either
Landlord or any political subdivision or taxing authority as real
property taxes or assessments with respect to the Facility, other
than special assessments levied on account os special benefits.
Section 2. Article XVI of the lease is hereby extended and
re-enacted with the following changes:
A
Tenant shall have and is hereby given the right and
option to extend the terms of the lease for three (3)
consecutive periods of five (a) years each, provided
that Tenant shall give Landlord written notice of its
intention to exercise any of such options at least 90
days but not more than 120 days prior to the expiration
of the then current term of this lease, and (b) Tenant
is not in default hereunder in the payment of basic
rent at the time it gives Landlord such notice. In the
event Tenant exercises any of said options, the terms,
covenants, conditions and provisions set forth in this
lease shall be in full force and effect and binding
upon the Landlord and Tenant during said extended terms
except that Tenant covenants and agrees to pay to
Landlord on or before November 1 of each of the years,
1987, 1988 and 1989, as rent in lieu of the basic rent
provided for under Article II of this lease, the sum of
$12,000 per year less any amounts which the Tenant
shall pay during the calendar year next preceding the
year in which such $12,000 rent payment is to be made
to either Landlord or any political subdivision or
taxing authority as real property taxes or assessments
with respect to the Facility, other than special
assessments levied on account of special benefits.
Section 3. All of the terms and conditions contained in
Exhibit A, including Article XVII of the lease relating to the
Tenants option to purchase the facility are hereby extended and
re--enacted with all terms, covenants, conditions and provisions
set forth in the original lease incorporated by reference as if
more fully set out herein, except as amended by this ordinance.
Section 4. This ordinance shall be in full force and effect
from and after its passage and approval.
Passed �� .. 15'i /9�� Approved
Pr siding Officbr May r
ATTEST:
�` City Clerk