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Legislation #: 910362 Introduction Date: 3/28/1991
Type: Ordinance Effective Date: 4/14/1991
Sponsor: COUNCILMEMBER HERNANDEZ
Title: Approving amendment of City Market Site Lease between the City and the Planned Industrial Expansion Authority; approving amendment of Cooperation Agreement between the City and the Planned Industrial Expansion Authority; approving amendment of the City Market Lease Development and Management Agreement between the Planned Industrial Expansion Authority and River Market Venture I, L.P.; and authorizing and approving certain documents in connection with the amendment to the leases.

Legislation History
DateMinutesDescription
3/28/1991

Prepare to Introduce

3/28/1991

Referred Plans And Zoning Committee

4/3/1991

Advance and Do Pass as a Committee Substitute

4/4/1991

Passed as Substituted


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ORDINANCE NO. 910362

 

Approving amendment of City Market Site Lease between the City and the Planned Industrial Expansion Authority; approving amendment of Cooperation Agreement between the City and the Planned Industrial Expansion Authority; approving amendment of the City Market Lease Development and Management Agreement between the Planned Industrial Expansion Authority and River Market Venture I, L.P.; and authorizing and approving certain documents in connection with the amendment to the leases.

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WHEREAS, the City has by authority of Ordinance No. 64313, as amended, entered into the City Market Site Lease dated as of September 1, 1989 with the Planned Industrial Expansion Authority of Kansas City, Missouri (the "Authority") for the purpose of providing for the improvement, rehabilitation and management of the City Market facility (the City Market Site Lease, as amended by that First Supplemental City Market Site Lease, dated as of December 1, 1989 being herein called the "Site Lease"); and

 

WHEREAS, the Authority has issued its Lease Revenue Bonds, Series 1989, in the principal amount of $11,530,717.00 and the Market Area Development Corporation (the "Corporation") has loaned to the Authority the sum of $3,200,000.00 to provide funds to rehabilitate and improve the City Market property (the "Loan"); and

 

WHEREAS, in connection with said financing the Authority has entered into a Lease, Development and Management Agreement dated as of September 1, 1989 with River Market Venture I, L.P., a limited partnership, for the purpose of rehabilitating, improving, leasing and managing the City Market (the Lease, Development and Management Agreement, as amended by the First Supplemental City Market Lease, Development and Management Agreement, dated as of December 1, 1989 being herein called the "Market Lease"); and

 

WHEREAS, the City has entered into a Cooperation Agreement with the Authority to provide for certain payments by the City, subject to annual appropriation with respect to the Bonds and the Loan (the "Cooperation Agreement"); and

 

WHEREAS, the City and the Authority desire to amend the Site Lease and the Cooperation Agreement as herein provided, and the Authority intends to amend the Market Lease accordingly; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The Second Supplemental City Market Site Lease is hereby approved in substantially the form as attached hereto as Exhibit A and incorporated herein by this reference for the purpose of amending Sections 3.5(a)(ii) and 3.5(f) as provided therein, and the City Manager is authorized to execute the same to effect the amendment authorized herein for and on behalf of the City.

 

Section 2. The First Supplemental Cooperation Agreement is hereby approved in substantially the form as attached hereto as Exhibit B and incorporated herein by this reference for the purpose of amending Section 3 as provided therein, and the City Manager is authorized to execute the same to effect the amendment authorized herein for and on behalf of the City.

 

Section 3. The Second Supplemental City Market Lease and Development and Management Agreement is hereby approved in substantially the form as attached hereto as Exhibit C and incorporated herein to effect the amendment to Sections 2.1(ii), 2.2 and 2.7 as therein provided.

 

Section 4. That the City shall, and the officers, agents, employees of the City are hereby authorized and directed to take such further action, and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance, and to carry out, comply with and perform the duties of the City with respect to the documents approved herein.

 

_____________________________________________

 

 

Approved as to form and legality:

 

 

 

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Assistant City Attorney