ORDINANCE NO. 080563

Approving the Leased Property Revenues Budget for Fiscal Year 2008-2009, representing proceeds received by the Port Authority of Kansas City, Missouri, under a sublease agreement for the Isle of Capri-Kansas City, Inc. site and reducing the appropriations and revenue in Port Authority accounts by $150,000.00.

WHEREAS, on May 14, 1993, the City of Kansas City, Missouri (City) and the Port Authority of Kansas City, Missouri (Port Authority), entered into the Kansas City Riverfront Lease Agreement (approved by Committee Substitute for Ordinance No. 930083, As Amended), which was first amended on September 30, 1994 (approved by Committee Substitute for Ordinance No. 940931) and second amended on August 21, 1995 (approved by Ordinance No. 950964) (collectively, the Original Lease), pursuant to which the City leased certain riverfront property to the Port Authority; and

WHEREAS, on March 12, 1993, the Port Authority entered into a sublease agreement (Sublease) for a portion of the leased riverfront property with Hilton Hotels Corporation, which sublease agreement was amended and restated on August 21, 1995; and

WHEREAS, on June 6, 2000, with the Port Authoritys consent, Hilton Hotel Corporations interest in the Sublease was assigned to IOC-Kansas City, Inc, which remains the tenant under the Sublease; and

WHEREAS, on August 21, 2006, the City and the Port Authority entered into the First Amended and Restated Lease Agreement (approved by Committee Substitute for Ordinance No. 060862) (Amended Lease) which established a budget approval process for the use of Leased Property Revenues received from the Sublease; and

WHEREAS, on April 26, 2007, the Council passed Ordinance No. 070491, approving the Leased Property Revenues Budgets for Fiscal Year 2006-07 and Fiscal Year 2007-08, and approved the Port Authoritys budget for use of the Leased Property Revenue for 2006-07 and 2007-08; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the appropriation in the following account of the Infrastructure and Maintenance Fund is hereby reduced by the following amount:

09-2090-642341-B Port Authority Riverfront Grant $150,000.00

Section 2. That the revenue in the following account of the Infrastructure and Maintenance Fund is hereby reduced by the following amount:

09-2090-120000-481000 Miscellaneous Contributions Port

Authority $150,000.00

Section 3. That the Leased Property Revenue Budget for Fiscal Year 2008-2009 (which includes the City Managers Certificate for Fiscal Year 2008-2009), and the budget for the Port Authoritys Share of the Leased Property Revenue for Fiscal Year 2008-2009 are hereby approved.

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Approved as to form and legality:

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Heather A. Brown

Assistant City Attorney