RES 2004-0051 - Settlement agmt with Union Plaza Apartments Ltd A
0N1AHA•
oF, Planning Department
f ,:. .
r •5;�; t(e}r'� �� p i� �. Omaha/Douglas Civic Center
•r.'ir n "C 1819 Farnam Street,Suite 1100
cam• ' s Omaha,Nebraska 68183-0110
o•
to ~ ! (402)444-5200
op 4° C� Y e� c (402)444-5150
4rFD FEBRJr 1,q t i �, 11 �'f� �`� Telefax(402)444-6140
City of Omaha Robert C.Peters
Mike Fahey,Mayor Director
January 13, 2004
Honorable President
and Members of the City Council,
Transmitted herewith is a Resolution authorizing the Mayor to execute and the City Clerk to attest
the attached Settlement Agreement between the City of Omaha and the Union Plaza Apartments,
Limited, an Iowa Limited Partnership, in full settlement and release of a claim held by the City of
Omaha against the Union Plaza Apartments on property at 1517 Jackson Street. This claim arises
out of a Reorganization Plan approved by the United States Bankruptcy Court in 1993 wherein the
City,as an unsecured creditor,was to receive funds pursuant to a certain schedule approximately 20
years after confirmation. This Resolution authorizes the City to accept payment of$53,203.18 in full
payment of its claim against Union Plaza Apatlsuents.
Settlement of this case in this fashion is recommended by the Planning Department, and your
favorable passage of this Resolution is respectfully requested.
Sincerely, Referred to City Council for Consideration:
eVie (2 •2Z-GI a' /Za
Robert Peters Date or' ice ate
Planning Directo
P:\P1n5\9999pjm.doc
SETTLEMENT AGREEMENT AND RELEASE
�d4 r
On this Ai" day of 6, 200g the City of Omaha Municipal Corporation,
hereinafter referred to as "City" and Union Plaza Apartments, Limited, an Iowa Limited
Partnership, hereinafter referred to as "Union Plaza" do enter and make the following
Agreement.
WITNES SETH
WHEREAS, Union Plaza owns the Union Plaza Apartments located at 16th and Jackson
Streets in Omaha,Nebraska.
WHEREAS, due to financial problems, Union Plaza filed for relief under Chapter 11 of
the Bankruptcy Code of the United States;
WHEREAS, by Order Confirming Third Amended Plan of Reorganization Filed by
Union Plaza Apartments, Limited, filed August 30, 1993, the United States Bankruptcy Court for
the District of Nebraska approved a Chapter 11 Reorganization Plan;
WHEREAS, the Third Amended Plan of Reorganization called for payment of the
unsecured claim of the City of Omaha pursuant to a method laid out in the Plan;
WHEREAS, Union Plaza has approached the City about accepting payment in settlement
of its claim and thereby releasing Union Plaza; and
WHEREAS, the City and Union Plaza have agreed to settle their differences with respect
to the claim without any further proceeding or litigation, on for the following terms and
conditions.
NOW, THEREFORE, in consideration of the promises and mutual covenants and the
Agreements contained herein, it is agreed by and between the City and Union Plaza:
1. Union Plaza will make payment in the amount of Fifty-three Thousand Two
Hundred Three Dollars and Eighteen Cents ($53,203.18)to the City of Omaha within fifteen(15)
days of execution of this Agreement.
2. In sole consideration of the receipt of the funds identified in Paragraph 1 by
Union Plaza, the City releases and discharges Union Plaza, its successors and assigns from any
and all claims, damages, actions, causes of action, suits at law or equity, or whatsoever kind or
nature as a result of its claim against Union Plaza detailed by the Order Confirming a Third
Amended Plan of Reorganization filed by Union Plaza Apartments and a Third Amended Plan of
Reorganization which was entered by the United States Bankruptcy Court on August 30, 1993.
3. This Agreement constitutes and contains the entire Agreement between the parties
and supercedes all prior negotiations and all agreements proposed or otherwise written or oral
concerning the same subject matter.
4. The City agrees to take whatever further action necessary to release any claim it
may have on the property of Union Plaza as a result of the debt claimed in the above-referenced
bankruptcy reorganization.
5. STRICT COMPLIANCE - All provisions of this Agreement and each and every
document that shall be attached hereto shall be strictly complied with as written, and no
substitution or change shall be made except upon written direction from an authorized
representative.
6. INTEREST OF THE CITY - Pursuant to Section 8.05 of the Home Rule Charter
of the City of Omaha, no elected official or any officer or employee of the City shall have a
financial interest, direct or indirect, in any City contract. Any violation of this section with the
knowledge of the person or corporation contracting with the City shall render the contract
voidable by the Mayor or Council.
7. INTEREST OF THE CONTRACTOR - The Parties covenant that they presently
have no interest and shall not acquire any interest, direct or indirect, which would conflict with
the performance of this Agreement; they further covenant that in the performance of this
Agreement, no person having such an interest shall be employed.
8. NONDISCRIMINATION - The Parties shall not, in the performance of this
Agreement discriminate or permit discrimination in violation of federal or state laws or local
ordinances because of race, color, sex, age, disability, political or religious opinions, affiliations
or national origin.
9. INVALID PROVISION - In the event that any covenant, condition, or provision
herein contained is held to be invalid by any court of competent jurisdiction, the invalidity of any
such covenant, condition, or provision herein contained shall not affect the validityof the
remainder of the covenants, conditions, or provisions of this Agreement which shall in all
respects remain a legally binding contract with the invalid portion being deleted; provided that
the validity of any such covenant, condition, or provision does not materially prejudice either the
City or Parties in their respective rights and obligations contained in the valid covenants,
conditions or provisions of this Agreement.
IN WITNESS WHEREOF, the parties have executed these presents on the day and date
as indicated below. This Agreement may be executed in counterparts.
EXECUTED this /VI day of .:M.Ju , 200
ATTEST: CITY OF OMAHA, a Municipal Corporation
-.. ..L..4 fc)7)-1-D-1,.
, 4 { F ;f By )#.\
B,us er Brown,City •lerk Mayor Mike Fahey
I6
`. EXECUTED this day of OCC lr^'1 kt- , 2003.
`"LAZA APART EN
TS,
EN S,
an Iowa Limited Partnership,by its General Partner
STATE OF NEBRASKA )
) SS.
COUNTY OF DOUGLAS^ )
On this , W day of ,/ (', , 2003, before me, a Notary Public, in and for said
County,personally came the above named Philip L. Ullerich, general partner of Union Plaza Apartments,
who is personally known to me to be the identical persons whose name is affixed to the above instrument
and acknowledged the instrument to be his voluntary act and deed for the purpose therein stated.
WITNESS my hand and Notarial Seal the day and year last above written.
-. .,_ _ .. --- - / .(.( ALe _ /1/4-----1 (A-
_
',:, I�,r v E.t��I G NOTARY PUBLIC
`i,_;;;,, ,: h,i c.:U!: i:MON EXPIRES
AP,nI 28• ,2G04 Y
My Commission expires . - --
APPROVED AS TO FORM:
/2 03
ASSISTANT CITY ATTORNE
c-25a CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebraska
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS, Union Plaza Apartments, an Iowa Limited Partnership, is the record
owner of property located at 1517 Jackson Street in which the City had an unsecured claim;
WHEREAS, in 1991, Union Plaza Apartments, Limited, filed for reorganization
under Chapter 11 of the United States Bankruptcy Code; and
WHEREAS, on August 30, 1993, the United States Bankruptcy Court for the
District of Nebraska entered an Order confirming a Third Amended Plan of Reorganization filed
by Union Plaza Apartments, Limited, which called for the City of Omaha to receive partial
payment of its claim based on a specific formula;
WHEREAS, Union Plaza Apartments, Limited, approached the City concerning
resolution of its pending claim against Union Plaza Apartments by payment of the present value
of the amount owed the City;
WHEREAS, the City of Omaha and Union Plaza Apartments, Limited, desire to
settle their differences with respect to the City of Omaha's claim against Union Plaza
Apartments without further proceedings, litigation, or passage of time;
WHEREAS, the City of Omaha and Union Plaza Apartments, Limited, have set
forth their respective understanding and agreements with respect to settlement of this matter
including the payment of consideration in the amount of$53,203.18 by Union Plaza Apartments
to the City of Omaha; and
WHEREAS, the circumstances and the questions suggest that this would be in the
best interest of the City and the residents thereof to resolve the claim at this time.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF OMAHA:
THAT, the Mayor is authorized to execute and the City Clerk to attest the
attached Settlement Agreement and Release between the City of Omaha and Union Plaza
Apartments, Limited, an Iowa Limited Partnership, and any other documents required to
effectuate this Settlement in a lawful manner (1517 Jackson Street).
P:\P1n5\10000pjm.doc APPROVED AS TO FORM:
By Welt
tuber � sl 8/4�ouncilme
-''� / r^ /4"S c7 CITY ATTORNEY DATE
Adopted •l N 1 3..2004. 9-0
-_ City Clerk
Approved . ''�"�_ - /S
7
ayor
c .
\ / ? ? a
g
® 3
pzI
\ g 0- \ 0 0 o -
IR � R F
^m CD
z \ / \
§
P
e E L_ » z _ \ /
p \ 0
/ / # o / §
) 5
/ \ \ ?
/ / = 7 p \
. § ) 3 \ 9
n § \ . m n \
_ & § § •
1 r"
w , .\
\ w3_ _ ( 4
^/ 2 .-
R-