HomeMy WebLinkAbout1937 Amending Certain Lease Agreement with Live Nation Entertainment Inc.BILL NO. 2023-046 ORDINANCE NO. 1937
AN ORDINANCE AUTHORIZING THE CITY TO AMEND A CERTAIN LEASE AGREEMENT
WHEREAS, the City of Riverside, Missouri, a fourth-class city organized and existing
under the laws of the State of Missouri (hereinafter referred to as "Landlord"), and Live Nation
Entertainment, Inc., a Delaware corporation (hereinafter referred to as "Tenant") (collectively the
"Parties") entered into a lease agreement authorized pursuant to Ordinance No. 1884 duly passed
and approved by the Board of Aldermen and approved and signed by the Mayor on the 61' day of
December, 2022 ("Lease")., and
WHEREAS, Section 22.15 of said Lease provided authorization to the Landlord or Tenant
to terminate the Lease if certain contingencies were not satisfied by a specified date; and
WHEREAS, the Tenant was authorized to provide Notice of termination if certain
contingencies were not satisfied by July 1. 2023.
WHEREAS, the Landlord was authorized to provide Notice of termination of the Lease if
certain contingencies were not satisfied by September 1, 2023.
WHEREAS, the Parties wish to extend the date upon which either would be authorized to
provide a Notice of termination of the lease to the 1 st day of December, 2023.
WHEREAS, the Board of Aldermen find it is in the best interest of the City to authorize
such amendment to the Lease.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE
CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS:
SECTION 1. BEST INTEREST OF THE CITY AND APPROVAL OF AMENDMENT TO
THE LEASE AUTHORIZED PURSUANT TO ORDINANCE NO. 1884. The Board of Aldermen
find it is in the best interest of the City, in order to further the economic development objectives of
the City, and further, the Board of Aldermen hereby approve and authorize the execution of An
Amendment to the Lease in substantially the same form as that attached hereto and incorporated
herein as Exhibit A, between the City and the Tenant.
SECTION 2. AUTHORITY GRANTED. The Mayor is hereby authorized and directed to
execute the Amendment to the Lease in substantially the same form as that attached hereto as
Exhibit A, and the Mayor, City Administrator, Special Counsel to the City - Spencer Fane LLP,
and other appropriate officials and employees of the City are hereby authorized and directed to
take such further action related thereto as is otherwise necessary or desirable to carry out and
comply with the intent of this Ordinance.
SECTION 3. EFFECTIVE DATE. This Ordinance shall be in full force and effect from
and after its passage and approval.
PASSED AND APPROVED: the 2VI day of June, 2023.
Kathleen L. Rose, Mayor
ATTEST:
Robin Kincaid, City Clerk
Approved as to form:
Spencer Fane LLP,
Special Counsel to the City
by Joe Bednar
2
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EXHIBIT A
AMENDMENT TO THE LEASE
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AMENDMENT TO LEASE AGREEMENT
This AMENDEMNT to the LEASE AGREEMENT ("Lease") is made this 27th day of
June, 2023 (the "Effective Date"), by and between the City of Riverside, Missouri, a fourth-class city
organized and existing under the laws of the State of Missouri (hereinafter referred to as "Landlord"), and
Live Nation Entertainment, Inc., a Delaware corporation (hereinafter referred to as "Tenant") (collectively
the "Parties").
1. The Landlord and Tenant entered into a Lease Agreement on the 61 day of December, 2022
as authorized by Ordinance No. 1884 ("Lease").
2. Section 22.15 of said Lease permitted authorization for the Landlord or Tenant to terminate
the Lease if certain contingencies were not satisfied by the specified date.
3. The Tenant was authorized to provide Notice of termination if certain contingencies were
not satisfied by July 1, 2023.
4. The Landlord was authorized to provide Notice of termination of the Lease if certain
contingencies were not satisfied by September 1, 2023.
5. The Parties wish to extend the date upon which either would be authorized to provide a
Notice of termination of the lease to the 1 st day of December, 2023.
IN WITNESS WHEREOF, Landlord and Tenant have, with the requisite authority, respectively signed this
Amendment to the Lease as of the day and year first above written.
LANDLORD:
CITY OF RIVERSIDE, MISSOURI
By:
Mayor Kathleen L. Rose
TENANT:
LIVE NATION ENTERTAINMENT, INC.
Printed Name and Title