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Legislation #: 990129 Introduction Date: 2/4/1999
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER SWOPE
Title: Authorizing a 50 year Land Lease with the Port Authority for portions of Richards-Gebaur Airport for the development of an intermodal freight transportation center by Kansas City Southern Railway Company.

Legislation History
DateMinutesDescription
2/10/1999

Hold On Agenda

2/4/1999

Referred Finance & Administration Committee

2/17/1999

Do Pass as a Committee Substitute

2/18/1999

Assigned to Third Read Calendar

2/22/1999

Amended

2/22/1999

Passed as Substituted and Amended

4/22/1999

Held on Docket

4/29/1999

Held on Docket

5/13/1999

Held on Docket

5/20/1999

Move To Repeal


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 990129, AS AMENDED

 

Authorizing a 50 year Land Lease with the Port Authority for portions of Richards-Gebaur Airport for the development of an intermodal freight transportation center by Kansas City Southern Railway Company.

 

WHEREAS, the United States of America through the Federal Aviation Administration (FAA) in the Memorandum of Agreement dated July 14, 1998, has agreed to release the City from the terms, conditions and obligations contained in certain Grant Agreements relating to property at Richards-Gebaur Airport (Property) and to permit use of the Property as an intermodal freight center; and

 

WHEREAS, the City desires to facilitate development of the Property as an intermodal freight center (Project) by Kansas City Southern Railway Company (KCSR) by leasing the Property to the Port Authority of Kansas City, Missouri for 50 years; and

 

WHEREAS, the Port Authority of Kansas City, Missouri (Authority), has agreed to sub-lease the Property to KCSR for 50 years and issue no more than $70 million in Port Authority Bonds to finance the construction and installation of certain improvements associated with the Project, the bonds to be paid by KCSR and not secured by the credit or any asset of the City; and

 

WHEREAS, financial advisors have assured the City and the Authority of the credit worthiness of KCSR; and

 

WHEREAS, the Land Lease is subject to review and affirmation by the FAA that the Lease is in conformance with the financial requirements of the Memorandum of Agreement; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Aviation is hereby authorized to execute a 50 year Land Lease with the Port Authority of Kansas City, Missouri, for portions of Richards-Gebaur Airport more particularly described in the Lease, for the development of an intermodal freight transportation center by Kansas City Southern Railway Company including the sale to the Authority at fair market value of certain property for KCSR right-of-way, the Lease to be in substantial conformance with Exhibit B, attached hereto and incorporated herein, subject to review and affirmation by the FAA that the Lease is in conformance with the financial requirements of the Memorandum of Agreement.

 

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Approved as to form and legality:

 

 

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Assistant City Attorney