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Legislation #: 090631 Introduction Date: 7/23/2009
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving the Leased Property Revenues Budget for Fiscal Year 2009-2010, representing proceeds received by the Port Authority of Kansas City, Missouri, under a sublease agreement for the Isle of Capri-Kansas City, Inc., site.

Legislation History
DateMinutesDescription
7/22/2009 Filed by the Clerk's office
7/23/2009 Referred to Planning and Zoning Committee
7/29/2009 Do Pass
7/30/2009 Assigned to Third Read Calendar
8/6/2009 Passed

View Attachments
FileTypeSizeDescription
090631.xps Authenticated 81K Authenticated
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090631 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090631
FY 2010 IOC Capri Casino Portion Budget.xls Other 39K Appropriation Sheet
Capri Casino Certificate 2009-2010.xls Exhibit 24K Exihibit
factsheet casino rents mgrs cert.xls Fact Sheet 60K Fact Sheet

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ORDINANCE NO. 090631

 

Approving the Leased Property Revenues Budget for Fiscal Year 2009-2010, representing proceeds received by the Port Authority of Kansas City, Missouri, under a sublease agreement for the Isle of Capri-Kansas City, Inc., site.

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, the Council passed Ordinance Nos. 070491 and 080563, approving the Leased Property Revenues Budgets for Fiscal Years 2006-2009 and approving the Port Authoritys budget for use of the Leased Property Revenue for 2006-2009; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Leased Property Revenue Budget for Fiscal Year 2009-2010 (which includes the City Managers Certificate for Fiscal Year 2009-2010), and the budget for the Port Authoritys Share of the Leased Property Revenue for Fiscal Year 2009-2010 are hereby approved.

 

_____________________________________________

 

Approved as to form and legality:

 

 

______________________________

Heather A. Brown

Assistant City Attorney