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Legislation #: 100850 Introduction Date: 10/7/2010
Type: Ordinance Effective Date: 10/24/2010
Sponsor: None
Title: Authorizing a Fifth Amendment to a hat certain 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
10/7/2010 Filed by the Clerk's office
10/7/2010 Referred to Transportation and Infrastructure Committee
10/14/2010 Advance and Do Pass, Debate
10/14/2010 Councilmember Gottstein Move to Amend
10/14/2010 Passed as Amended

View Attachments
FileTypeSizeDescription
100850.pdf Authenticated 81K Authenticated
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100850 Website Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100850
Centry Tower Excel_FACTSHT(1) Template.xls Fact Sheet 53K Fact sheet
20100928 - CenturyTower 5 Amendment.DOC Contracts 76K Fifth Amendment

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ORDINANCE NO. 100850, AS AMENDED 

Authorizing a Fifth Amendment to a hat certain 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.

  BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

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”).

Section 2. That, effective upon the Closing of the Replacement Financing, subsequent to the execution and delivery of the Fifth Amendment by the parties thereto the Lease shall be deemed modified and amended as provided in Article 4 of the Fifth Amendment, without the necessity of any further action or documentation by the parties, in the following respects:

A. Increases in Controllable Expenses shall be limited to not more than four (4%) percent in any lease year as more fully set forth and provided in Section 4.3 of the Fifth Amendment.

B. The term “Renewal Options” in the Schedule of Basic Terms of the Office Lease shall be amended to increase the number of renewal options therein provided by ten (10) additional separate successive one (1) year renewal options as more fully set forth and provided in Section 4.2 of the Fifth Amendment.

C. Any agreement, understanding or the like preventing tenant from seeking to lease or rent part of the available space on the second floor of the building without first leasing the entire second floor shall thereupon be terminated and of no further force or effect as more fully set forth and provided in Section 4.4 of the Fifth Amendment.


Section 3. That the Council pursuant to the enactment of this ordinance does hereby approve the Fifth Amendment, and does hereby ratify and affirm the execution and delivery of such Fifth Amendment by the Director of General Services.

_____________________________________________

 Approved as to form and legality: 

 

______________________________

Sarah Baxter

Assistant City Attorney