KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 061423 Introduction Date: 12/14/2006
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER EDDY
Title: Authorizing execution of a 40 year Ground Lease for $160,000.00 and a Billboard Purchase Agreement for $400,000.00 with Dean Realty Company for a marquee sign for Sprint Arena at 1801 Bi-State.

Legislation History
DateMinutesDescription
12/14/2006 Filed by the Clerk's office
12/14/2006 Passed

View Attachments
FileTypeSizeDescription
061423.pdf Authenticated 78K Authenticated
Fact Sheet 1801 bi-state.xls Fact Sheet 57K fact sheet

Printer Friendly Version

ORDINANCE NO. 061423

 

Authorizing execution of a 40 year Ground Lease for $160,000.00 and a Billboard Purchase Agreement for $400,000.00 with Dean Realty Company for a marquee sign for Sprint Arena at 1801 Bi-State.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of City Development is authorized to enter into a Ground Lease Agreement for a period of 40 years with an option to renew and enter into a Billboard Purchase Agreement for the purchase of an existing billboard located at 1801 Bi-State, Kansas City, Jackson County, Missouri, to be used as a marquee sign for the advertising and promoting of the Sprint Arena.

 

Section 2. That the Director of City Development is authorized to expend $400,000.00 for the purchase of the billboard pursuant to the Billboard Purchase Agreement and $160,000.00 for the Ground Lease Agreement from funds previously appropriated and deposited in the Sprint Arena City Obligations account described as follows:

 

Account No. 80-528-03-6 05 City Obligations Subaccount

 

Section 3. That the City hereby accepts the transfer of the leasehold interest conveyed by the Ground Lease Agreement.

 

Section 4. That the Director of City Development is hereby authorized to record both the Ground Lease Agreement and the Billboard Purchase Agreement with the Jackson County, Missouri Department of Records.

_____________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

___________________________________

Debra R. Hinsvark

Director of Finance

 

Approved as to form and legality:

 

___________________________________

Galen Beaufort

City Attorney