ORDINANCE NO. 260835
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Sponsor: Councilmember Kevin O’Neill
Amending Committee Substitute for Ordinance No. 260576, As Amended, As Further Amended by Ordinance No. 260685, by repealing and replacing Section 1 for the purpose of revising the directive to the City Manager regarding the negotiation of appropriate reimbursement or other damage provision to the benefit of the City in the Funding Agreement with The Phillips Edison Company.
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WHEREAS, Committee Substitute for Ordinance No. 260576, As Amended, As Further Amended by Ordinance No. 260685, authorized the City Manager to execute a Funding Agreement with The Phillips Edison Company for the relocation and reconstruction of N.E. Karapat Drive at North Oak Trafficway; and
WHEREAS, Section 1 of Committee Substitute for Ordinance No. 260576, As Amended, As Further Amended by Ordinance No. 260685, directed the City Manager to negotiate appropriate reimbursement or other damage provisions to the benefit of the City if the Phillips Edison Company fails to substantially complete the development project within three years of the City’s completion and opening of the relocated N.E. Karapat Drive; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. That the Director of Public Works is hereby authorized to execute a Funding Agreement with The Phillips Edison Company for the relocation and reconstruction of N.E. Karapat Drive at North Oak Trafficway. A copy of the agreement, in substantial form as modified by this directive to the City Manager to negotiate appropriate reimbursement or other damage provisions to the benefit of the City if The Phillips Edison Company fails to initiate the development project within four years of the date on which The Philips Edison Company provides notice to the City of its acquiring title to the Development Property, per the terms of the Funding Agreement and subject to any delays as provided in the Funding Agreement.
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Approved as to form:
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Andrew Bonkowski
Assistant City Attorney