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.
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Approved as to form and
legality:
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Assistant City Attorney