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Committee approves third amendment to ground lease with U.S. Bank setting seven‑month removal window for parking lot
Summary
The committee voted 6-0 to recommend City Council approve a third amendment to the ground lease with U.S. Bank National Association, giving the bank seven months after its office lease termination to remove a parking lot and restore the property.
The Finance, Administration & Economic Development Committee recommended City Council approval of a third amendment to the city's ground lease with U.S. Bank National Association concerning a parking lot adjacent to 11200 Foster Street.
Staff explained the original ground lease ties the ground lease termination to the end of U.S. Bank’s office lease on the adjacent building; U.S. Bank notified the city it will not renew that office lease in November. The amendment makes two changes: (1) the ground lease will terminate seven months after the office lease ends to give U.S. Bank time to remove the parking‑lot improvements and restore the property, and (2) it clarifies that improvement removal and restoration must be completed by the end of the amended ground lease term.
City and developer representatives said the bank is moving some employees to another building and will retain about 300 jobs in Overland Park. Committee members discussed alternatives, including the potential for the city to retain the parking improvements, and noted ongoing right‑of‑way/path connections in the area. A motion to recommend approval of the third amendment passed 6-0.
