ORDINANCE NO. 071234
Authorizing execution of a Ground
Lease Estoppel and Amendment to the Lease between the City of Kansas City and
EHD Holdings, LLC, for property generally located at Holmes Road and 104th
Street to be used for parking purposes; extending the term of the lease to May
31, 2037; and authorizing Keybank National Association to obtain a security
interest in the lease.
WHEREAS, EHD
Holdings LLC, entered a 25-year lease with the City of Kansas City for property
generally located at approximately Holmes Road and 104th Street to be used for
parking purposes, and the lease is to expire on May 31, 2012; and
WHEREAS, EHD
Holdings LLC, now wishes to extend the term of the lease to May 31, 2037; and
WHEREAS, Keybank
National Association has extended a loan to EHD Holdings, LLC; and EHD
Holdings, LLC, with the Citys consent, desires to grant a security interest in
the lease to Keybank National Association, pursuant to section 19 of the lease;
NOW, THEREFORE,
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
Estoppel and Amendment with EHD Holdings, LLC, and Keybank National
Association, which extends the term of the lease between the City of Kansas
City and EHD Holdings, LLC, to May 31, 2037, and authorizes Keybank National
Association to obtain a security interest in the lease.
__________________________________________________
Approved as to form and legality:
_______________________________
Sarah Baxter
Assistant City Attorney