Focus Area: Economy
Staff Contact: Jamie Robichaud / Kathryn Messer
Subject: Consideration of Resolution No. 25-1072 for the Assignment and Assumption of Lease Agreements and Bond Documents from AP Multifamily Investors, LLC to MAA KC Exchange, LLC, and Assignment of Phase II Resolution of Intent
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title:
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Consideration of Resolution No. 25-1072 for the Assignment and Assumption of Lease Agreements and Bond Documents from AP Multifamily Investors, LLC to MAA KC Exchange, LLC, and Assignment of Phase II Resolution of Intent
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Summary:
On January 17, 2023, the City Council adopted Resolution No. 23-1002, expressing the City’s intent to issue up to $67,573,749 in industrial revenue bonds (IRBs) for the benefit of AP Multifamily Investors, LLC. On October 1, 2023, the City issued $62,000,000 in taxable IRBs to finance the acquisition, construction, and equipping of a multifamily residential project consisting of approximately 303 units (225 apartments and 48 townhomes) and related amenities on approximately 17.4 acres at the northwest corner of Black Bob Road and Indian Creek Parkway.
AP Multifamily Investors, LLC is selling all of its right, title, and interest in the project to MAA KC Exchange, LLC, a Delaware limited liability company, and is also assigning its interest in the Resolution, the Bonds, and accompanying bond documents and related agreements.
Additionally, on December 5, 2023, the City adopted Resolution No. 23-1076 (Phase II Resolution of Intent), expressing the City’s intent to issue up to $30,590,000 in IRBs for the benefit of 127 Land Investors, LLC for the construction of a second multifamily project at the southwest corner of 127th Street and Black Bob Road. The resolution also authorizes the assignment of 127 Land Investors, LLC’s interest in the Phase II Resolution of Intent to MAA KC Exchange, LLC, contingent upon their purchase of the Phase II property.
The resolution (Attachment A) authorizes these assignments and approvals.
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Financial Impact:
None
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Action Needed:
Approve Resolution No. 25-1072
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Attachment(s):
A. Resolution No. 25-1072
B. Letter Request for Reassignment
C. Assignment and Assumption Agreement