[Ord. No. 6344, 3-25-2024]
A.
Right To Repurchase. Upon conveyance of any lot in Sikeston South
Industrial 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 South
Industrial Park Administrative Council (hereinafter referred to as
the "Sikeston Area Economic Development Corporation") shall have the
right to require the 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 Area Economic Development Corporation
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 Area Economic Development Corporation
with written notice of the owner's intention to list or offer such
lot for sale. The Sikeston Area Economic Development Corporation 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 party, the Sikeston Area
Economic Development Corporation shall have the first right of refusal
for purchase of the lot under the terms of the offer extended by such
third party. The first 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
Area Economic Development Corporation of the South Industrial Park
the power to require submission of plans, specifications and a plot
plan showing the location of proposed improvements, with a land scaping
plan, with respect to proposed development or additional development
of any lot, tract or parcel within the South Industrial 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 Area Economic Development
Corporation 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 any of the requirements of the
protective covenants and restrictions contained in this Declaration,
by contract or otherwise, is expressly reserved by and unto the Sikeston
Area Economic Development Corporation 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.
