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ORD 33874 - Supplemental agmt with Vinton/Park School apartments LP for rehabilitation of Vinton School Honorable President 33�,(/� (,.../ ,0yAAHA,4,4„ O /A►ILV and Members of the City Council, �p _' " �! 7 Attached is a proposed Supplemental Agreement to Ordinance No. 31807, P- c�La��s.-. � .0A �-�"�. approved on May 23, 1989 between the City of Omaha and Hassel Realty 41'FD FEBR'r Company, a Nebraska General Partnership, for the redevelopment of the former City of Omaha Vinton School, 2120 Deer Park Boulevard, into residential use. The Hal Daub,Mayor Redevelopment Agreement provided for a Rental Rehabilitation Program Planning Department Deferred Payment Loan in the amount of$154,000.00 and the authorized use of Omaha/Douglas Civic Center $70,016.00 in Community Improvement Financing. 1819 Farnam Street,Suite 1100 Omaha,Nebraska 68183-0110 (402)444-5200(402)444-5150 On November 30, 1989,the Mayor approved the assignment of this Agreement Telefax(402)444-6140 to Vinton/Park School Apartments Limited Partnership in which Hassel Realty Jeffrey P.Johnson,AICP Company was a general partner. The City Council, on January 5, 1993, by Director Ordinance 32886, authorized the Mayor to execute a Supplemental Agreement allowing for the conveyance of the subject property to the Vinton/Park School Apartment Limited Partnership. On February 8, 1994,by Ordinance No. 33168, the City Council authorized the Mayor to execute a Supplemental Agreement allowing Hassel Realty to assign its interest in the project to the remaining . partners in the limited partnership. The remaining partners have transferred title to the vacant portion of the site, � , formerly the school playground, to Vinton Park, Inc., a Nebraska Corporation. Vinton Park, Inc. intends to sell the property to a non-profit organization for t I i a= c� development of an assisted living project. The terms of the original �- cam— Li..: -, tLi Redevelopment Agreement state that the limited partnership needs the written ,, , `'i' consent of the City in order to transfer title or to assign its rights and obligations. c_= 0-= 1� x The proposed Supplemental Agreement gives this consent. 1 i.-: cis `_' C- The sale of this vacant property to a non-profit organization requires that Vinton Park, Inc. be relieved of its rights and obligations related to the original Redevelopment Agreement, including any restrictive covenants associated with the rental rehabilitation financing, as they relate to the subject property. The City's interest in the Redevelopment Project will continue to be protected by the application of the terms of the Redevelopment Agreement and restrictive covenants to that portion of the original project site, which includes the twenty original rehabilitated units, still owned by Vinton/Park School Apartments Limited Partnership. We urge your adoptions of this Ordinance. Respectfull submitted, Referred to City Council for Consid tion: Jef on, P Planning Directo n° Mayor's Office/Title P:\PLN1\1573.SAP v- ORDINANCE NO. 3 3875/. AN ORDINANCE approving a Supplement to the Agreement between the City of Omaha and Hassel Realty Company, later assigned to Vinton/Park School Apartments Limited Partnership, authorized by Ordinance 31807, dated May 23, 1989, which authorized City funding for the rehabilitation of Vinton School to a residential use. The Supplement authorizes the Mayor, or his designee, to execute a Partial Release of Redevelopment Agreement and Partial Release of Covenants as they relate to the subject property; and provides an effective date thereof. BE IT ORDAINED BY THE CITY COUNCIL OF TO THE CITY OF OMAHA: Section 1. That the Mayor be, and hereby is, authorized to execute the attached Supplemental Agreement, providing for the City's consent to the transfer of partnership interest in a portion of the subject property and assignment of all rights, duties and obligations related to the Agreement currently held by Vinton/Park School Apartments Limited Partnership to Vinton Park, Inc. Section 2. That the Mayor,or his designee,be,and hereby is, authorized to execute a Partial Release of Redevelopment Agreement and Partial Release of Covenants as they relate to the subject property, legally described in the Supplemental Agreement. • ORDINANCE NO. 33 S 7y PAGE -2- Section 3. This Ordinance,not being of legislative character, shall be in full force and take effect immediately upon passage under and by virtue of the authority granted by Section 2.12 of the Home Rule Charter, 1956, as amended. INTRODUCED CILMEMBER as‘ /eAr APPRO %�,; BY: li' / 11 PASSED APR 3 0 1996 �o � d OR OF TO THE CITY OF OMAHA ATTEST: CIT OF TO THE CITY OF OMAHA APPROVE TO FO '"-A-SS STANT CIT 7 RNE P:\PLN 1\1574.SAP 4)0 SUPPLEMENTAL AGREEMENT THIS SUPPLEMENTAL AGREEMENT is to the Agreement between the City of Omaha, a Municipal Corporation, and Hassel Realty Company, a Nebraska General Partnership, approved on May 23, 1989, by City Council Ordinance No. 31807, such Agreement later assigned to Vinton/Park School Apartments Limited Partnership, of which Hassel Realty Company was a general partner. RECITALS: WHEREAS, the City of Omaha (hereinafter referred to as "the City") is a Municipal Corporation, located in Douglas County, Nebraska, organized and existing under the laws of the State of Nebraska, and is authorized and empowered to exercise all powers conferred by the State Constitution, State Laws, the Home Rule Charter of the City of Omaha, 1956, as amended, and municipal ordinances, including, but not limited to, the power to contract; and, WHEREAS,Vinton/Park School Apartments Limited Partnership and the City of Omaha are desirous of entering into a Supplemental Agreement to the Agreement approved by the City Council on May 23, 1989, by Ordinance No. 31807, between the City of Omaha and Hassel Realty Company,a Nebraska General Partnership, for the conversion and renovation into residential uses of the Vinton School Building and surrounding property, located at 2120 Deer Park Boulevard, this Supplemental Agreement relating only to a vacant portion of the adjoining property, legally described as: Lot 2, Vinton Place II, an Addition to the City of Omaha, as surveyed, platted and recorded in Douglas County,Nebraska(hereinafter referred to as "Vacant Lot"); and, WHEREAS, in addition to the above Agreement, the Mayor approved a Redevelopment Agreement Assignment Approval and Consent document on November 30, 1989, which assigned all rights, duties and obligations of Hassel Realty Company to Vinton/Park School Apartments Limited Partnership in which Hassel Realty Company was a general partners; and, WHEREAS, on January 5, 1993,by Ordinance No. 32886,the City Council authorized the Mayor to execute a Supplemental Agreement allowing for the conveyance of the subject property to the Vinton/Park School Apartments Limited Partnership; and, WHEREAS, on February 8, 1994,by Ordinance No. 33168,the City Council authorized the Mayor to execute a Supplemental Agreement consenting to the assignment of all rights, duties and obligations deriving from Hassel Realty Company's partnership in Vinton/Park School Apartments Limited Partnership to the remaining partners in Vinton/Park School Apartments Limited Partnership as they relate to the above-described Ordinances providing for the rehabilitation of Vinton School; and, WHEREAS,the remaining partners in Vinton/Park School Apartments Limited Partnership have transferred their partnership interest in the above-referenced Vacant Lot to Vinton Park, Inc., a Nebraska corporation; and, WHEREAS,the remaining partners in Vinton/Park School Apartments Limited Partnership have conveyed said Vacant Lot subject to all rights, duties and obligations deriving from the Ordinances,previously identified,as they relate to the above-referenced Vacant Lot,to Vinton Park, Inc.; and, o WHEREAS,Vinton Park,Inc., in order to facilitate the sale of the vacant property to and use by a non-profit corporation for community development purposes, has requested that it be released from any and all obligations deriving from the Ordinances, previously identified, including the restrictive covenants related to the Acknowledgment of Covenant Running with Land(hereinafter referred to as "Covenants"), filed on March 9, 1993, in Book 1060 at Page 624, as they relate to the above-referenced property; and, WHEREAS,the City's interest in the Redevelopment Project will continue to be protected by the application of the terms of the Ordinances and Covenants, as previously described, to that portion of the original improved project site,legally described as Lot 1,Vinton Place II, an Addition to the City of Omaha, still owned by Vinton/Park School Apartments Limited Partnership; and, WHEREAS, this Supplemental Agreement adopts all of the terms and conditions of the Ordinances and Covenants, as previously described,to the extent that said terms and conditions are not inconsistent with the terms and conditions of this Supplemental Agreement. NOW, THEREFORE, IN CONSIDERATION OF THESE MUTUAL COVENANTS, HEREIN CONTAINED, THE PARTIES HERETO AGREE AS FOLLOWS: Section 1. The City consents to the transfer of title to property legally described below, from Vinton/Park School Apartments Limited Partnership to Vinton Park, Inc.: Lot 2, Vinton Place II, an Addition to the City of Omaha, as surveyed, platted and recorded in Douglas County,Nebraska Section 2. The City of Omaha consents to the assignment of all rights, duties and obligations,deriving from the Ordinances and Covenants,as previously described,from Vinton/Park School Apartments Limited Partnership to Vinton Park, Inc., as they relate to property legally described in Section 1 of this Supplemental Agreement. Section 3. The Mayor, or his designee, is authorized to execute a Partial Release of Redevelopment Agreement as it relates to the property legally described in Section 1 of this Supplemental Agreement. Section 4. The Mayor, or his designee, is authorized to execute a Partial Release of Covenants, as defined herein, as it relates to the property legally described in Section 1 of this Supplemental Agreement. Section 5. This Supplemental Agreement adopts all of the terms and conditions of the Ordinances and Covenants, as previously described,to the extent that said terms and conditions are not inconsistent with the terms and conditions of this Supplemental Agreement. -2- • IN WITNESS WHEREOF,the parties have executed this Supplemental Agreement as of the date last written below. ATTEST: CITY OF OMAHA, a Municipal (Qrppratjon,,.,._... in Dougl unty,Neb ka IT ERK OF THE CITY OF OMAHA MAY E I 0F AHA V T N/PARK SCH APARTMENTS LIMIT P TN IP: By: //19, 9S" Roseland Redevelopm t Corporation Date General Partner, David E. Slattery, President VINT%:4 /I 'M;Z' ARK, INC. By: t Daniel L. 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