RES 2000-1612 - Amendment to Benson Park Plaza redevelopment agmt •
pAAHA,^, RECEIVED
o� -�gee, Public Works Department
LicA y�__
%�;i�� Omaha/Douglas Civic Center
r,. 00 JUN 12 Ng 4o 12
�/�� ..jI 1819 Farnam Street,Suite 601
T® ct! , June 13, 2000 Omaha,Nebraska 68183-0601
•:" - •- :-
�Oop_ I.eery u CITY CLERK Telefax(402)444-5248
47WDFEBO) OMAHA, NEBRASKA DonW.Elliott,P.E.
City of Omaha Public Works Director
Hal Daub,Mayor
Honorable President
and Members of the City Council,
The Resolution transmitted herewith approves additional public street construction costs due to
grade changes on 72nd Street immediately south of Military as it is related to the Benson Park
Plaza Redevelopment. Recent detailed engineering of the street improvements has revealed that
line of sight problems require a lowering of the grade in order to maintain, and even improve,
public safety and traffic flow in the affected area.
This consideration was outside of the understanding of the parties when the original
Development Agreement was proposed for the Benson Park Plaza Redevelopment and
accordingly an.amendment needs to be made to add the expenditure of these additional costs.
The amendment specifically provides for payment of the actual costs not to exceed the sum of
$380,000.00.
Your consideration of the attached Resolution is respectfully requested.
Respectfully submitted, Referred to City Council for Consideration:
r2.- Zt2 La/2, 00
Don W. Elliott, P.E. 77 ate )&r s 0 tc!iTitle / Date
Director
Approved as to Funding: Approved:
Z,,;h ZiO0 efiA)
Stanley P. Ti Date e . Hamer /D e
Acting Finan e Director Deputy City Attorney
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the
Redevelopment Agreement on the date set forth beneath by their respective signatures.
ATTEST: CITY 1 F ,'i MAHA, nicipal rporation
BY /IC1ov
11 CLERK OF CITY OF OMAH A E " AYOR DAT
' -
Y L �� BENSON PARK PLAZA,LLC, a Nebraska
Limited Liability Company
By: Northwood Properties, Inc.,a Nebraska
Corporation,Manager
By: jik0.
TITLE DATE
APPRO ZD AS TO F RM:
GrQ_
�'Y...ATTORNF`R?—_— D.4
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AMENDMENT TO REDEVELOPMENT AGREEMENT•
This amendment is made to the redevelopment agreement ("Agreement") made and
entered into by and among the City of Omaha, Nebraska (the "City"), Newfoundland Investment
Company, LLC, a Delaware Limited. Liability Company ("Newfoundland"); and Seldin
Development& Management Company, a Nebraska corporation("Seldin").
RECITALS:
WHEREAS, the foregoing parties entered into a Redevelopment Agreement for the plan
and project known as the Benson Park Plaza Redevelopment Plan being that specific agreement
approved by the City Council.of the City of Omaha on February 29, 2000 and signed by the
Acting Mayor on March 2, 2000; and,
WHEREAS, an assignment of the. interests .of Seldin and Newfoundland in said
Redevelopment Agreement Plan and Project has been made to Benson Park Plaza, LLC, a •
Nebraska Limited Liability •Company:which assignment has been consented to by the City•of
Omaha; and, .
WHEREAS, .further engineering study and,plan-development..has!-revealed that certain
changes shoul:d;be..made loathe:pubi.ic.str .et.improvements,associated.with..the project in order.to
•maximize.the safe,and ref icient flo w o f traffic in;.the,.vici nity:of the:project.•
NOW:THl RI ORE;in�cDnsideration of;;the.:mutual •covenants-..contained.herein, the •
parties hereto7agree as'follows:...-•
(1) That-the Redevelopment•Agreement as described herein shall -be amended by
amending Section 2,3 by adding thereto a new paragraph, at the end of.the section,.which shall
read as follows:
"In addition to the promises contained in this section above dealing with both the
special assessment street improvement district and the $600,000 grant, immediately
aforesaid; the City Cr al : snli l :N.l e f.o11oV11 � contribution to public street
construction costs, as generally shown on Exhibit B attached hereto, without limitation or
restriction as to the specific city fund or funds from which said costs shall be paid. Such
costs shall not exceed the sum of$380,000 and shall be the direct as-built costs connected
to the lowering of the grade of 72" Street south of Military Ave. due to line of sight
problems in the immediate vicinity of 721 Street and its intersection with Graceland
Drive: The City's contribution to pay.such costs shall not exceed the lesser. of (a) the
engineer's certified actual as-built cost of such work, materials, and equipment or(b) the
sum of$380,000, and shall be paid in increments as construction proceeds".
(2) All the paragraphs and provisions of such Redevelopment Agreement not herein
specifically amended shall remain.in full force and effect as originally written.
ASSIGNMENT AND ASSUMPTION
AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION AGREEMENT ("Agreement") is
made as of the day of June, 2000 (the "Effective Date"), by and among
Newfoundland Investment Company, LLC, a Delaware limited liability company
("Newfoundland"), Seldin Development & Management Company, a Nebraska
corporation ("Seldin"), and Benson Park Plaza, L.L.C., a Nebraska limited liability
company ("Benson").
RECITALS:
A. Newfoundland, Seldin and the City of Omaha, Nebraska, a Municipal
Corporation ("City") are parties to (i) that certain Redevelopment Agreement, which
was adopted by the Omaha City Council by Ordinance No. 35145 on February 29,
2000 ("Redevelopment Agreement"), and (ii) that certain Mixed Use Development
Agreement, which was adopted by the Omaha City Council by Ordinance No. 35144
on February 29, 2000 ("Mixed Use Agreement"). For convenience of reference the
Redevelopment Agreement and Mixed Use Agreement are sometimes collectively
referred to herein as the "City Agreements." True and correct copies of the
Redevelopment Agreement and Mixed Use Agreement are attached hereto as
Exhibit A and Exhibit B, respectively, and incorporated herein by this reference.
B. Seldin now desires to assign to Benson its interest in the City
Agreements, and Newfoundland, by virtue of the terms of that certain Agreement by
and among Newfoundland, Benson, and Seldin, dated May 31, 2000 (pursuant to
which Newfoundland is transferring to Benson its entire interest in Benson Park
Plaza project to Benson), is required to assign to Benson the City Agreements.
C. By this Agreement Newfoundland and Seldin desire to assign their
rights and delegate their duties under the City Agreements to Benson, and Benson
desires to accept such assignment and assume the duties of Newfoundland'and
Seldin under the City Agreements.
AGREEMENT:
NOW, THEREFORE, in consideration of the sum of Ten Dollars ($10.00) in
hand paid to each of Newfound and Seldin, and for other valuable consideration the
receipt and sufficiency of which are hereby acknowledged, it is agreed as follows:
1. Newfoundland and Seldin hereby transfer, assign and convey to
Benson, and its successors and assigns, all of Newfoundland's and Seldin's right,
title and interest in, to and under the City Agreements.
1
2. Benson hereby accepts and assumes all of the obligations of the City
Agreements arising from and after the Effective Date.
3. Benson hereby assumes and agrees to indemnify, protect, defend and
hold Newfoundland and Seldin harmless from and against any and all damages,
costs and expenses (including without limitation reasonable attorneys' fees,
expenses and court costs) arising from or related to Benson's action concerning or
any obligations of Newfoundland and/or Seldin under the City Agreements accruing
subsequent to the Effective Date of this Agreement.
[BALANCE OF PAGE INTENTIONALLY LEFT BLANK]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and delivered effective as of the date stated above.
NEWFOUNDLAND:
Newfoundland Investment Company, LLC,
a Delaware limited liability company
By: Farallon Real Estate Services Company, Inc.,
a California corporation, Managing Member
0
By• /i0
Print ame: . Lav'4 c5h tgdA
Title: \A C-e ' - de vt"t'
SELDIN:
Seldin Development and Management Company,
a Nebraska Corporation
BY: 2 J
Theodore M. Seldin, President
BENSON:
Benson Park Plaza, L.L.C.,
a Nebraska limited liability company
By: Northwood Properties, Inc.,
a Nebraska corporation, Manager
By: I J
Theodore M. Sel in, President
3
Exhibit A
Copy of Redevelopment Agreement
4
Exhibit B
o I,
Copy of Mixed Use Agreement
5
c-ZSA' CITY OF OMAHA
LEGISLATIVE CHAMBER
Omaha,Nebr June 13, 2000
RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA:
WHEREAS, the City of Omaha by Ordinance No. 35145 approved a
Redevelopment Agreement by and among the City of Omaha, Newfoundland Investment
Company, LLC, and Seldin Development & Management Company on or about February 29,
2000 which dealt with the redevelopment of the Benson Park Plaza Redevelopment Plan at 72nd
and Ames and Military Avenues in the City of Omaha; and,
WHEREAS, the interests of Newfoundland Investment Company, LLC and
Seldin Development &Management Company have been assigned to Benson Park Plaza, LLC, a
Nebraska Limited Liability Company, and,
WHEREAS, further engineering planning and investigation have revealed that
certain changes should be made in the street improvements as originally planned being the
lowering of 72nd Street south of Military Ave. which additional costs are of benefit generally to
the City and its citizens and should be borne by the City of Omaha; and,
WHEREAS, the parties have prepared an agreement adding such additional
public street expenditures to the Redevelopment Agreement in a total amount not exceeding
$380,000.00.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF OMAHA:
That it does hereby approve the attached Amendment to the Redevelopment •
Agreement, as approved by Ordinance No. 35145 of the City of Omaha on or about February 29,
2000, providing for the amendment of the Benson Park Plaza Redevelopment Plan commercial
shopping center at 72nd Street and Ames Avenue by adding thereto certain public street
construction costs not exceeding the amount of$380,000.00.
By
Councilmember
Adopted
City Clerk
Approved
Mayor
• e,.
CITY OF OMAHA
LEGISLATIVE CHAMBER
June 13, 2000
Omaha,Nebr .. .
PAGE 2
BE IT FURTHER RESOLVED THAT:
The costs of the work associated with this amendment shall be paid,from Year
2001, Street and Highway Bond Organization 1509, Agency 140, Bond Fund 305.'
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