COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 210732
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Authorizing the City Manager to enter into a City Parking Cooperation Agreement with the Kansas City Area Transportation Authority; and authorizing the City Manager to terminate the Parking Agreement with the Kansas City Area Transportation Authority for the property generally located at 3rd and Grand.
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WHEREAS, the City, KCATA and Port Authority of Kansas City, Missouri entered into a Cooperative Agreement for Purchase and Development of Real Property ("Purchase Agreement") dated April 5, 1999, pursuant to which each contributed to the purchase of certain property located generally at 3rd and Grand Boulevard (the "Property") and the KCATA was to purchase and own the Property and enter into a separate lease with the City for the use of the Property; and
WHEREAS, the Kansas City Transportation Authority ("KCATA") and the City did enter into a certain Parking Agreement dated September 20, 1999 (the "Parking Lease"), pursuant to which the KCATA leases the Property to the City; and
WHEREAS, the the Purchase Agreement provided that the KCATA owed certain financial compensation to the City upon termination of the Parking Agreement; and
WHEREAS, KCATA is party to that certain Development Agreement between KCATA, Ride KC, and 3G Development, LLC dated as of December 3, 2020 pursuant to which 3G Development, LLC will develop a mixed-use development adjacent to the City Market and including the Property and which will require termination of the Parking Agreement; and
WHEREAS, the City and KCATA desire to encourage transit-oriented development, multi-modal transportation, and the repopulation of the River Market area ("Transportation Oriented Development"); and
WHEREAS, the construction of Transportation Oriented Development on the Property will require termination of the Parking Lease; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL O...
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