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Legislation #: 100392 Introduction Date: 5/6/2010
Type: Ordinance Effective Date: 5/23/2010
Sponsor: None
Title: Approving the Leased Property Revenues Budget for Fiscal Year 2010-2011, 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
5/5/2010 Filed by the Clerk's office
5/6/2010 Referred to Planning and Zoning Committee
5/12/2010 Advance and Do Pass, Debate
5/13/2010 Passed

View Attachments
FileTypeSizeDescription
100392.pdf Authenticated 69K AUTHENTICATED
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100392 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100392
FY10-11 Isle Revenue Port Authority Portion Budget.pdf Other 38K FY 10/11 Isle Revenue Port Authority Portion Budget
City Manager's Certificate casino lease revenue fy 10-11 5 10.xls Other 30K Casino Lease Revenue Fy 10/11
factsheet casino rents mgrs cert 0rd 2010-11 5 10.xls Fact Sheet 81K Casino Rents Fact Sheet

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ORDINANCE NO. 100392

 

Approving the Leased Property Revenues Budget for Fiscal Year 2010-2011, 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 Authority’s 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, 080563 and 090631, approving the Leased Property Revenues Budgets for Fiscal Years 2006-2010 and approving the Port Authority’s budget for use of its share of Leased Property Revenue for 2006-2010; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Leased Property Revenue Budget for Fiscal Year 2010-2011 (comprising the City Manager’s Certificate for Fiscal Year 2010-2011 under the Amended Lease), and the budget for the Port Authority’s share of Leased Property Revenue for Fiscal Year 2010-2011 are hereby approved.

 

_____________________________________________

 

Approved as to form and legality:

 

 

______________________________

Heather A. Brown

Assistant City Attorney