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Legislation #: 100931 Introduction Date: 10/28/2010
Type: Ordinance Effective Date: 11/28/2010
Sponsor: COUNCILMEMBER RILEY
Title: Amending Ordinance No. 100850, As Amended, which authorized a Fifth Amendment to the Lease Agreement with Renaissance Northeast, LLC for portions of the building located at 612-614 Garfield Avenue in Kansas City, Missouri, in order to induce the landlord to refinance the existing 2001 Bonds and to provide for the extension of the lease term for ten separate additional terms of one year each.

Legislation History
DateMinutesDescription
10/29/2010 Filed by the Clerk's office
10/28/2010 Referred to Finance and Audit Committee
11/17/2010 Advance and Do Pass, Debate
11/18/2010 Passed

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ORDINANCE NO. 100931

 

Amending Ordinance No. 100850, As Amended, which authorized a Fifth Amendment to the Lease Agreement with Renaissance Northeast, LLC for portions of the building located at 612-614 Garfield Avenue in Kansas City, Missouri, in order to induce the landlord to refinance the existing 2001 Bonds and to provide for the extension of the lease term for ten separate additional terms of one year each.

WHEREAS, the Council passed Ordinance No. 100850 which authorized a Fifth Amendment to the Lease Agreement with Renaissance Northeast, LLC for portions of the building located at 612-614 Garfield Avenue in Kansas City, Missouri; and

WHEREAS, Renaissance Northeast, LLC has asked for the addition of a sentence to Section 1 of to assist it with obtaining financing, that additional sentence being: “Capitalized words and phrases used but not otherwise defined herein shall have the meanings given to such words and phrases in the Fifth Amendment or in the Trust Indenture, in the Development Agreement, or in other Related Agreements as referred to therein”; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

That Section 1 of Ordinance No. 100850, As Amended, is hereby amended to state as follows:

Section 1. That the Director of General Services is hereby authorized and directed to execute that certain Fifth Amendment to that certain Lease Agreement with Renaissance Northeast, LLC, for portions of the building located at 612-614 Garfield Avenue in Kansas City, Missouri (the “Lease”), in order to induce the landlord to obtain Replacement Financing for the project, and to provide that the Series 2001 Bonds, any Additional Bonds, and City Support shall no longer be outstanding for the building commonly known as Century Towers, all as more fully provided in the form of Fifth Amendment attached hereto and by this reference fully incorporated herein (the “Fifth Amendment”). Capitalized words and phrases used but not otherwise defined herein shall have the meanings given to such words and phrases in the Fifth Amendment or in the Trust Indenture, in the Development Agreement, or in other Related Agreements as referred to therein.

_____________________________________________

 Approved as to form and legality: 

______________________________

Galen P. Beaufort

City Attorney