CITY COMMISSION AGENDA ITEM

Department:	City Manager’s Office		Commission Meeting Date:  April 17, 2018
Staff Contact:	Diane Stoddard, Assistant City Manager
Recommendations/Options/Action Requested:
Authorize the Mayor to execute the Consent and Ratification of Amended and Restated Declaration of Protective Covenants and Restrictions of East Hills Business Park related to Prosoco property in East Hills Business Park.
Executive Summary:		Many years ago, when the East Hills Business Park (EHBP) was established, covenants and restrictions were created for the park.  The East Hills Business Park trustees have been working to modify and restate the covenants and restrictions so there is more clear involvement by the EHBP property owners directly related to the enforcement of the covenants and management of the park.  Formal modification and restatement of the covenants requires property owners in the park to approve the new covenants.  The City of Lawrence holds title to the property occupied by Prosoco by virtue of an industrial revenue bond (IRB) issuance dating back 20 years.  Until the bonds are retired, which is schedule for late 2018, the property is in the name of the City.  EHBP Trustees are requesting that the property owners execute a Consent and Ratification of Amended and Restated Declaration of Protective Covenants and Restrictions of East Hills Business Park.  Though the City has no obligations related to the covenants, bond counsel has advised that Prosoco consent and acknowledge the City’s ratification related to its property.  Prosoco officials have been directly engaged in the process to restate and amend the covenants and have provided consent to the City to ratify on its behalf as demonstrated by the signature on the attached document.  The City Commission should now authorize the Mayor to sign the ratification on behalf of the City, which will enable the amended and restated covenants to proceed.  Again, there are no obligations to the City related to the restated covenants and therefore staff recommends the Mayor’s authorization to sign the document.
Strategic Plan Critical Success Factor		Economic Growth and Security
Fiscal Impact (Amount/Source):		There is no fiscal impact to the City.
Attachments:		Consent and Ratification of Amended and Restated Declaration of Protective Covenants and Restrictions of East Hills Business Park

Reviewed By: (for CMO use only)

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