Title
AN ORDINANCE AUTHORIZING THE DELIVERY OF CERTAIN ASSIGNMENT, AMENDMENT AND OTHER DOCUMENTS RELATED TO THE CITY’S TAXABLE INDUSTRIAL DEVELOPMENT REVENUE BONDS (RESIDENCES AT NEW LONGVIEW PROJECT), SERIES 2014, TO RECOGNIZE THE SALE OF THE PROJECT AND THE RELATED ASSIGNMENT OF THE BONDS AND CERTAIN BOND DOCUMENTS AND TO MAKE OTHER CONFORMING MODIFICATIONS TO THE BOND DOCUMENTS.
Body
Key Issues:
This ordinance is being presented as Residences at New Longview, LLC (NorthPoint Development) (“Residences”) is in the process of selling the Residences at New Longview Project to JVM Residences Apartments, LLC and the sale of the property is subject to the approval and consent of the City as the project was financed in part through the issuance of the City’s Taxable Industrial Development Revenue Bonds, Series 2014, pursuant to Section 100.010 to 100.200 of the Revised Statutes of Missouri (Chapter 100). In order for the sale of the project to occur, and with JVM Residences Apartments, LLC desiring to assume all rights, benefits, privileges and obligations under the Chapter 100 Bonds and the related Bond documents, adoption of the attached Ordinance is necessary.
JVM Residences Apartments, LLC is not requesting any material modifications or changes to the previously approved Chapter 100 Plan or the various related documents executed by the City and Residences.
Proposed City Council Motion:
I move for second reading of AN ORDINANCE AUTHORIZING THE delivery of CERTAIN ASSIGNMENT, AMENDMENT AND OTHER DOCUMENTS RELATED TO THE CITY’S Taxable INDUSTRIAL DEVELOPMENT REVENUE BONDS (RESIDENCES AT NEW LONGVIEW PROJECT), SERIES 2014, TO RECOGNIZE THE SALE OF THE PROJECT AND THE RELATED ASSIGNMENT OF THE BONDS AND CERTAIN BOND DOCUMENTS AND TO MAKE OTHER CONFORMING MODIFICATIONS TO THE BOND DOCUMENTS.
I move for adoption of AN ORDINANCE AUTHORIZING THE delivery of CERTAIN ASSIGNMENT, AMENDMENT AND OTHER DOCUMENTS RELATED TO THE CITY’S Taxable INDUSTRIAL DEVELOPMENT REVENUE ...
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