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.
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Approved as to form and legality:
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Heather A. Brown
Assistant City Attorney