ORDINANCE NO. 250163
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Sponsor: City Manager
Authorizing the Director of Public Works to execute a five year lease agreement with Aladdin Propco, LLC for 80 spaces in Auditorium Plaza Garage.
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WHEREAS, the City owns the property, and the parking facility thereon presently undergoing renovation, located at 1220 Wyandotte St, Kansas City, MO 64105, generally known as the Auditorium Parking Garage at Barney Allis Plaza; and
WHEREAS, Aladdin Propco, LLC is the owner of the property generally known as the former Aladdin Hotel, located at 1215 Wyandotte Street, Kansas City, Missouri 64105 ("Aladdin"), and is in the process of renovating the Aladdin into a multi-family development to contain approximately one hundred and twenty residential units (the "Aladdin Development"); and
WHEREAS, the Aladdin closed down in March of 2020 in response to the Coronavirus Pandemic and never reopened, resulting in the building becoming a vacant and derelict property in the downtown core of Kansas City; and
WHEREAS, the Aladdin was placed on the National Historic Registry in 1983, and a tunnel was constructed connecting the Aladdin to the Barney Allis Plaza Parking Garage, which is currently undergoing renovation with an expected completion of approximately May 1, 2026; and
WHEREAS, there is insufficient on-street parking in the area surrounding the Aladdin Development for its future residents ("Residents"), and requiring such Residents to utilize such parking will strain the already limited on-street parking for visitors and the community; and
WHEREAS, to sustain financing for the development and rehabilitation of the project, the developer has requested to lease spaces at the Auditorium garage to be accessed through an existing tunnel from the building; and
WHEREAS, the developer will commit to contribute $150,000.00 toward the Housing Trust Fund over the period of 3 years and provide at least 10% of units at 60% AMI; and
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