FOCUS AREA: Economy
Staff Contact: Jamie Robichaud/John Page
Subject: Consideration of Resolution No. 24-1047 for the assignment and assumption of lease agreements and bond documents from Double T Enterprises, LLC to Lindenwood Olathe Holdings, LLC; Kansas City Road Holdings, LLC; and RBP Holdings, LLC - 158th Olathe Series.
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Consideration of Resolution No. 24-1047 for the assignment and assumption of lease agreements and bond documents from Double T Enterprises, LLC to Lindenwood Olathe Holdings, LLC; Kansas City Road Holdings, LLC; and RPB Holdings, LLC - 158th Olathe Series.
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Summary:
On August 15, 2017, the City Council adopted Ordinance No. 17-46 issuing an amount not to exceed $5,100,000 of the City’s taxable industrial revenue bonds for the construction of a 50,400 square foot office, manufacturing, and fabrication building behind the existing facility at 616 N. Rogers Road to Builder’s Stone & Masonry Inc. On December 4, 2018, the City Council approved Resolution No. 18-1108 assigning the lease agreement and bond documents from Builder’s Stone & Masonry Inc. to Double T Enterprises LLC.
On December 4, 2018, the City Council adopted Ordinance No. 18-60 issuing an amount not to exceed $2,100,000 of the City’s taxable industrial revenue bonds for the construction of three industrial warehouse buildings located on property on Lindenwood Dr., near west of E. Prairie Circle. This was a single series of bonds to be issued to cover the first building. Ordinance No. 18-60 also assigned the lease agreement and bond documents from Ace Properties LLC - Lot 1 to Double T Enterprises, LLC.
Double T Enterprises, LLC is selling all of its right, title, and interest in the Projects to Lindenwood Olathe Holdings, LLC, a Kansas limited liability company, Kansas City Road Holdings, LLC, a Kansas limited liability company, and RBP Holdings, LLC - 158th Olathe Series, a Kansas limited liability company (collectively, the “Assignee”) and is also assigning its interest in the Resolution, the Bonds, and accompanying bond documents and related agreements. Resolution No. 24-1047 authorizes the assignment from Double T Enterprises, LLC to the Assignee.
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Financial Impact:
None.
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Action Needed:
Approve Resolution No. 24-1047
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Attachment(s):
A. Resolution No. 24-1047
B. Assignment and Assumption Agreement - 623 N Lindenwood
C. Assignment and Assumption Agreement - 665 N Lindenwood