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Council extends timeline for US Bank to remove parking improvements under ground lease amendment
Summary
The council unanimously approved a third amendment to the ground lease with U.S. Bank National Association to allow additional time for the bank to remove parking improvements from the right-of-way when it vacates the property at lease termination.
On June 21 the Overland Park City Council unanimously approved a third amendment to the ground lease with U.S. Bank National Association. The original ground lease, entered in February 2010, allowed the bank to use adjacent right-of-way for parking improvements. Staff told the council U.S. Bank plans to vacate the building when the lease term ends Nov. 30 and the city may require removal of the parking improvements under the lease terms. The bank requested additional time because the lease expiration falls near winter; the FAD committee reviewed the request and recommended approval.
Council Member Newland moved to approve the third amendment and the motion passed unanimously. Staff said the amendment grants additional time for the bank to remove improvements and that jobs associated with the bank remain in Overland Park even though the bank will leave that property.
