File #: 240079    Version: Name:
Type: Ordinance Status: Passed
File created: 12/12/2023 In control: Council
On agenda: 2/8/2024 Final action: 2/8/2024
Title: Sponsor: Director of General Services Department COMMITTEE SUBSTITUTE Authorizing the Director of General Services to execute a five (5) year amended and restated lease agreement, with one option to renew for five (5) additional years with Subway Real Estate, LLC, for the purpose of a restaurant at 327 E. 11th Street, Kansas City, Missouri 64106.
Sponsors: Director of General Services
Attachments: 1. Docket Memo Subway 2023, 2. Approp--Admin---SUBWAY2023, 3. Subway Ordinance 2023 law revised 010824, 4. Subway - amended and restated lease AW121223 revised 013024 (002) AWise02052024, 5. 240079 CS TO ORG ORD - COM awise, 6. Authenticated Ordinance 240079 CS

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[COMMITTEE SUBSTITUTE FOR ]ORDINANCE NO. 240079

 

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Sponsor:  Director of General Services Department

COMMITTEE SUBSTITUTE

 

Authorizing the Director of General Services to execute a five (5) year amended and restated lease agreement, with one option to renew for five (5) additional years with Subway Real Estate, LLC, for the purpose of a restaurant at 327 E. 11th Street, Kansas City, Missouri 64106.

 

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WHEREAS, the City initially estimated revenue in the amount of $8,115.00 in the General fund for this fiscal year as result of this lease;

 

WHEREAS, after reviewing proposed tenant improvements valued at approximately $70,000.00 to City-owned property, the City now intends to waive rent payments for January through June 2024, as contribution toward approved tenant improvements to the premises, valued at $12,172.50;

 

WHEREAS, said improvements made to the City-owned property will provide valuable upgrades that benefit both parties, NOW THEREFORE;

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of General Services Department is authorized to execute an amended and restated lease agreement with Subway Real Estate, LLC for the purpose of a restaurant at 327 E. 11th Street, Kansas City, Missouri 64106 beginning January 1, 2024 and ending December 31, 2029.  A copy of the lease agreement is on file in the General Services Department.

 

Section 2. That the Director of General Services is authorized to waive rent payments for January through June 2024, as contribution toward tenant improvements to the premises.

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Approved as to form:

 

 

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Abigail Judah

Assistant City Attorney