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Legislation #: 071234 Introduction Date: 11/8/2007
Type: Ordinance Effective Date: 12/9/2007
Sponsor: None
Title: 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.

Legislation History
DateMinutesDescription
11/6/2007 Filed by the Clerk's office
11/8/2007 Referred to Planning and Zoning Committee
11/19/2007 Do Pass
11/20/2007 Assigned to Third Read Calendar
11/29/2007 Passed

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071234.pdf Authenticated 49K Authenticated
fact sheet.lease.doc Fact Sheet 43K Fact Sheet

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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