Title
RESOLUTION AUTHORIZING THE SALE AND CONVEYANCE OF CERTAIN PROPERTY BY SEDGWICK COUNTY, KANSAS TO METRO SENIOR RESIDENCES, L.P.
Presented by: Sarah Steele, Gilmore and Bell, P.C.
RECOMMENDED ACTION: Adopt and approve the resolution and authorize the Chairman and County Clerk to execute and deliver a Quit Claim Deed, Bill of Sale and Release of Lease.
Body
Pursuant to Resolution No. 141-1996 and the Bond Agreement (the "Bond Agreement") dated as of July 1, 1996 between Sedgwick County, Kansas (the "County"), Metro Senior Residences, L.P., a Kansas limited partnership, as Tenant (the "Tenant") and Bank of America, N.A., successor to BANK IV, National Association (the "Bank"), the County has previously issued its Taxable Industrial Revenue Bonds, Series A, 1996, dated July 1, 1996 (the "Bonds") in the aggregate principal amount of $2,562,300 to finance the cost of acquiring, constructing and equipping a multifamily housing facility (the "Project"). The Tenant leased to the Issuer the tract of land on which the Project was constructed pursuant to a Site Lease dated July 1, 1996 and the Issuer leased the Project to the Tenant, pursuant to a Lease-Purchase Agreement dated as of July 1, 1996 between the County and the Tenant (the "Lease"). The Tenant has made all the payments of Basic Rent and Additional Rent pursuant to the Lease and all principal and interest on the Bonds have been paid or payment has been provided for and now Tenant desires to exercise its option to purchase the Project under Section 17.1 of the Lease and is not in default under the Lease.
Alternatives: None
Financial Considerations: As stated in the attached resolution, the Tenant has made all payments pursuant to the lease and all principal and interest on the bonds have been paid or payment provided for. Metro Senior Residences, L.P. will make payment of the full purchase price on or about December 5, 2013. When the purchase price is paid, the outstanding Bonds will be pa...
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