Kansas City, Mo ? The city will turn over management of the Liberty Memorial to a private association, beginning today.

The City Council on Thursday unanimously approved a contract with the Liberty Memorial Assn. to operate the World War I memorial. The city will continue to own the memorial and the land it is on.

The Liberty Memorial Assn., which created the monument in the 1920s, is trying to raise money for a new museum below its deck. The management contract would be renewable every five years and can be terminated by either side.

Besides operating and maintaining the memorial, the association plans to launch a national and international fund-raising effort, and market the memorial as a major tourism attraction, said Steve Berkheiser, the association’s executive director .

The Liberty Memorial joins the Kansas City Zoo, Kemper Arena, and some golf courses as city assets that are managed by private groups.

The memorial contract requires the city to contribute $625,000 a year for 10 years for overhead costs. That’s about the same amount the parks department now spends on the memorial. The subsidy would end in 2014 if the association is operating a successful enterprise with a healthy endowment to cover losses.