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Legislation #: 070491 Introduction Date: 4/19/2007
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FAIRFIELD
Title: 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.

Legislation History
DateMinutesDescription
4/19/2007 Filed by the Clerk's office
4/19/2007 Referred to Finance and Audit Committee
4/25/2007 Advance and Do Pass, Debate
4/26/2007 Passed

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070491.pdf Authenticated 69K Authenticated

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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.

 

_____________________________________________

 

Approved as to form and legality:

 

 

______________________________

Heather A. Brown

Assistant City Attorney