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Legislation #: 980405 Introduction Date: 4/9/1998
Type: Ordinance Effective Date: 5/3/1998
Sponsor: None
Title: Repealing Committee Substitute for Ordinance No. 971124, passed August 14, 1997, and approving and authorizing the Director of City Development to execute a lease agreement with Allright Corporation for the leasing of City property generally located at 1017 Locust, formerly the Schuyler Hotel, for the purpose of leasing property for a parking lot for a term of fifteen years and including provisions for repayment plus interest for improvements made on the leased property if the lease is terminated prior to expiration of the lease.

Legislation History
DateMinutesDescription
4/23/1998

Waive Charter Requirements City Council

4/9/1998

Prepare to Introduce

4/9/1998

Referred Planning, Zoning & Economic Development Committee

4/15/1998

Do Pass as a Committee Substitute

4/16/1998

Assigned to Third Read Calendar

4/23/1998

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 980405

 

Repealing Committee Substitute for Ordinance No. 971124, passed August 14, 1997, and approving and authorizing the Director of City Development to execute a lease agreement with Allright Corporation for the leasing of City property generally located at 1017 Locust, formerly the Schuyler Hotel, for the purpose of leasing property for a parking lot for a term of fifteen years and including provisions for repayment plus interest for improvements made on the leased property if the lease is terminated prior to expiration of the lease.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That Committee Substitute for Ordinance No. 971124, passed August 14, 1997, is hereby repealed and the authority for the Director of the Department of City Development to execute the lease agreement is hereby rescinded.

 

Section 2. That the Director of the Department of City Development is hereby authorized to execute a lease agreement between the City of Kansas City, Missouri, and Allright Corporation, for the leasing of City property generally located at 1017 Locust, and more specifically described as follows:

 

Lot 4, Block 5, Smarts Second Addition, a subdivision lying in Kansas City, Jackson County, Missouri.

 

A copy of the lease agreement is attached hereto and made a part hereof by reference, for a term of fifteen years, at a rental rate of $6,000.00 each year, and including provisions for repayment for improvements made by Allright on the leased property, not to exceed $200,000.00 plus payment of interest at the rate of 9.75% per annum, if the lease is terminated by the City prior to expiration of fifteen years as provided in the lease subject to appropriation of funds.

 

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Approved as to form and legality:

 

 

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Assistant City Attorney