[R.O. 2009 §16.50.100]
The City has created Sikeston Business, Education and Technology
Park by subdivision of the real estate contained therein into various
lots, common areas, public streets and easements. City hereby declares
that all of the real property within Sikeston Business, Education
and Technology Park is and shall be held, conveyed, encumbered, leased,
occupied, built upon or otherwise used, improved or transferred in
whole or in part, subject to this Declaration, as amended or modified
from time to time. This Declaration is in furtherance of a general
plan for the subdivision, improvement and sale of said real property
and is established for the purpose of enhancing and perfecting the
value, desirability and attractiveness of said real property and every
part thereof. All of this Declaration shall run with all of the real
property within Sikeston Business, Education and Technology Park for
all purposes and shall be binding upon and inure to the benefit of
the City, the owners and their successors in interest.
[R.O. 2009 §16.50.101]
A.
Right To Repurchase. Upon conveyance of any lot in Sikeston
Business, Education and Technology Park by the City of Sikeston and
upon failure of the owner of the lot to commence construction of improvements
within one (1) year or failure to substantially complete construction
of improvements within two (2) years from the date of conveyance,
the Sikeston Business, Education and Technology Park Administrative
Council (hereinafter referred to as the "Sikeston DED Executive Board")
shall have the right to require owner to reconvey the lot to the City
of Sikeston, free and clear from all liens, charges, encumbrances,
tenancies and other such title exemptions except those in existence
at the time of original conveyance to owner. Upon such reconveyance
the City of Sikeston shall refund to owner the purchase price; except
that, in the event the owner does not clear the lot of all liens,
charges, encumbrances, tenancies and other title exemptions except
those in existence at the time of original conveyance to the owner,
the City of Sikeston shall be entitled to deduct from the purchase
price all costs and expenses, including reasonable attorney fees,
incurred in clearing title to the lot and shall refund the remainder
of the purchase price to the owner; and the City may thereafter enter
into possession of the lot. At any time the Sikeston DED Executive
Board may extend, in writing, the time within which construction of
improvements may be commenced or completed. The right to repurchase
shall be an additional material consideration to the City for the
conveyance of any lot.
B.
First Right Of Refusal. At such time as an owner may list
or otherwise offer any improved or unimproved lot for sale, the owner
shall provide the Chairman of the Sikeston DED Executive Board with
written notice of the owner's intention to list or offer such lot
for sale. The Sikeston DED Executive Board shall thereupon have the
right to enter into negotiations with the owner for purchase of the
lot. In the event the owner receives a good faith offer for purchase
of the lot from any third (3rd) party, the Sikeston DED Executive
Board shall have the first (1st) right of refusal for purchase of
the lot under the terms of the offer extended by such third (3rd)
party. The first (1st) right of refusal shall be an additional material
consideration to the City of Sikeston for the conveyance of any lot.
C.
Right To Review Plans. There is reserved by and unto the
Sikeston DED Executive Board of the Sikeston Business, Education and
Technology Park the power to require submission of plans, specifications
and a plot plan showing the location of proposed improvements, with
a landscaping plan, with respect to proposed development or additional
development of any lot, tract or parcel within the Sikeston Business,
Education and Technology Park property and no development or additional
development may take place until such plans have been approved in
writing by the City or its designee. In reviewing and approving plans,
the Sikeston DED Executive Board will apply the design and construction
standards set forth in this Declaration.
D.
Right To Grant A Variance From The Requirements Of Protective Covenants. The right to grant a variance from the requirements of the protective
covenants and restrictions contained in this Declaration, by contract
or otherwise, is expressly reserved by and unto the Sikeston DED Executive
Board with respect to any parcel, lot or tract of the property which
is hereafter conveyed by the City to any owner; provided that grant
of a variance with respect to any particular parcel, lot or tract
of the property shall not be deemed to constitute waiver of such requirement
or restriction with respect to any other parcel, lot or tract of the
property.
