ORDINANCE NO. 070491
Approving the Leased Property
Revenues Budgets for Fiscal Year 2006 2007 and Fiscal Year 2007 2008,
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;
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;
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;
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 approved the Port Authoritys budget for use of the Leased
Property Revenue for 2006 - 2007;
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the Leased Property Revenue Budget for Fiscal Year 2006
2007 (which includes the City Managers Certificate for
Fiscal Year 2006 2007) is hereby approved.
Section 2. That
the Leased Property Revenue Budget for Fiscal Year 2007 2008 (which includes
the City Managers Certificate for Fiscal Year 2007 2008)
and the budget for the Port Authoritys Share of the Leased Property Revenue
for Fiscal Year 2007 2008 is hereby approved.
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Approved as to form and legality:
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Heather A. Brown
Assistant City Attorney