ORDINANCE NO. 240905


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Sponsor: Mayor Quinton Lucas

Authorizing Amendment No. 3 to First Amended and Restated Lease Agreement Kansas City Riverfront between the City of Kansas City, Missouri and Port KC for the purpose of furthering the development of a hotel.

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WHEREAS, the City and Port KC are parties to that certain First Amended and Restated Lease Agreement Kansas City Riverfront dated August 21, 2006, as subsequently amended by that certain Amendment No. 1 to First Amended and Restated Lease Agreement Kansas City Riverfront dated September 21, 2011, and that certain Amendment No. 2 to First Amended and Restated Lease Agreement Kansas City Riverfront dated January 6, 2020, as the same may be further amended from time-to-time (collectively, the "Riverfront Lease"), whereby the City leases certain real property and improvements generally located east of the Christopher S. Bond Bridge (collectively, the "Riverfront Property") to Port KC for a term ending August 20, 2056; and

WHEREAS, Port KC currently subleases the majority of the Riverfront Property to IOC-Kansas City, Inc. and/or its successors or assigns pursuant to the terms of that certain Amended and Restated Lease Agreement dated August 21, 1995, as subsequently amended by that certain First Amendment to Amended and Restated Lease Agreement dated October 31, 1995, and that certain Second Amendment to Amended and Restated Lease Agreement dated June 10, 1996, and that certain Third Amendment to Amended and Restated Lease Agreement dated July 1, 2020, as the same may be further amended from time-to-time (collectively, the "Casino Sublease"); and

WHEREAS, Bally's Corporation currently operates the casino ("Bally's Casino") pursuant to the Casino Sublease and is currently the only casino in the State of Missouri without an on-site hotel; and

WHEREAS, the lack of an on-site hotel has been a deterrent to Bally's Casino reaching its maximum potential as it is unable to accommodate those ...

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