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Legislation #: 031364 Introduction Date: 12/18/2003
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing an amendment of a Sublease Agreement with MEP Investments, LLC (a subsidiary of Aquila, Inc.), for the addition of two one-year options to renew.

Legislation History
DateMinutesDescription
12/18/2003

Prepare to Introduce

12/18/2003

Referred Planning, Zoning & Economic Development Committee

1/7/2004

Advance and Do Pass

1/8/2004

Passed


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ORDINANCE NO. 031364

 

Authorizing an amendment of a Sublease Agreement with MEP Investments, LLC (a subsidiary of Aquila, Inc.), for the addition of two one-year options to renew.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of City Development is hereby authorized to execute an amendment to a Sublease Agreement with MEP Investments, LLC, to allow for two options to renew for a period of one year: Option Period #1 to begin September 1, 2004 and end August 31, 2005, and Option Period #2 to begin September 1, 2005 and end August 31, 2006.

 

Section 2. That the terms and conditions of the existing Sublease will not change, and no cost shall be charged to tenant for either granting or nor exercising the option periods. The annual Lease payments will be prorated for actual use during any option extension period should the tenant vacate the premises having provided written notice to the City according to the terms of the Agreement.

 

Section 3. That the tenant will provide the City with its intention to exercise an option to renew no later than 180 days prior to the expiration of the current terms. The Lease payments will be adjusted each option period according to the Consumer Price Index for all Urban Consumers (CPI).

 

________________________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Alisa N. Lynch

Assistant City Attorney