Memorandum
City of Lawrence
City Attorney’s Office
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TO: |
David L. Corliss, City Manager |
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FROM: |
Toni Wheeler, City Attorney Gina Riekhof, Gilmore & Bell |
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DATE: |
July 24, 2013 |
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RE: |
August 6, 2013 City Commission Agenda Item Conveyance of Property related to Industrial Revenue Bonds issued in 1990 for Kinedyne
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Background
The City previously issued its Industrial Revenue Bonds, Kinedyne Project, Series 1990, in the aggregate original principal amount of $1,850,000 (the Bonds”) to acquire, construct and equip certain property. Pursuant to the Lease Agreement entered into in connection with issuance of the Bonds, the Lessee has the right to purchase the property financed with the Bonds upon payment in full of the bonds.
The City has confirmed that the Bonds have been paid in full, the lessees under the Lease Agreement, James M. Klausmann and Jacklyn S. Klausmann, wish to exercise the purchase option provided in the Lease Agreement.
The attached Resolution authorizes the Mayor and Clerk to execute a Deed, Bill of Sale and Termination of Lease Agreement, transferring all interest in the property financed with the Bonds to the lessees under the Lease, James M. Klausmann and Jacklyn S. Klausmann.
Staff Recommendation
Staff recommends approval of the attached resolution.
Action Requested
If appropriate, pass Resolution No. 7037 authorizing the Mayor and Clerk to execute a Deed, Bill of Sale and Termination of Lease Agreement, and to take all other actions necessary to transfer to the project to the lessees under the Lease, James M. Klausmann and Jacklyn S. Klausmann, terminate all interest of the City in the project and carry out the intent of the resolution.
Attachments