HomeMy WebLinkAbout82-9-2294ORDINANCE NO. 82-9-2294
AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A CONTRACT WITH
THE COMMONWEALTH OF KENTUCKY, DEPARTMENT OF ECONOMIC DEVELOPMENT, FOR FUNDS
TO BE USED FOR THE PADUCAH DRY COMMUNITY DEVELOPMENT BLOCK GRANT PROJECT
WHEREAS, P. J. Marnell & Associates d/b/a Paducah Dry wishes to
purchase Paducah Dry, Inc., and
WHEREAS, the Commonwealth of Kentucky has available community
development block grant funds to aid in such project, and
WHEREAS, the Board of Commissioners finds this purchase will be
beneficial to the City of Paducah in maintaining jobs for people of low and
moderate income.
NOW, THEREFORE BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Mayor be authorized to enter into a contract
with the Commonwealth of Kentucky, Department of Economic Development, for a
Community Development Block Grant in the amount of $152,500.00 to be used as
a loan to purchase Paducah Dry Department Store. Said loan is repayable in
one hundred twenty (120) months at six percent (6%) interest.
SECTION 2. A copy of said Grant Agreement is attached hereto and
incorporated herein as if set out in full therein.
SECTION 3. The Mayor of the City of Paducah is hereby designated
as Project Director, and is hereby authorized to sign any and all documents
on behalf of the City of Paducah as Project Director.
SECTION 4. This ordinance shall be read on two separate days and
will be effective upon publication of title and a certified summary thereof.
JOHN K. PENROD
Mayor
Introduced by the Board of Commissioners August 24, 1982
Passed by the Board of Commissioners September 14, 1982
Recorded by Louise McKinney, City Clerk, September 14, 1982
Published by The Paducah Sun, September 21, 1982.
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