HomeMy WebLinkAbout2009-12-7638119583ver2
ORDINANCE NO. 2009-12-7638
AN ORDINANCE AUTHORIZING AND APPROVING THE ACQUISITION OF
ALL LEASEHOLD RIGHTS, IMPROVEMENTS, AND PERSONALTY USED IN
CONNECTION WITH THE OPERATION OF THE HOTEL AND CONVENTION CENTER
FACILITIES KNOWN GENERALLY AS THE `EXECUTIVE INN" AND THE SETTLEMENT
OF ALL VALID LIENS AND UTILITIES ENCUMBERING THE FACILITIES, FOR THE
PUBLIC PURPOSE OF PROMOTING AND FOSTERING TOURISM AND CONVENTION
ACTIVITY
WHEREAS, in the latter part of the 1970s, the City of Paducah and McCracken
County jointly endeavored to create a hotel and convention center complex in downtown
Paducah, and to carry out such endeavor, incorporated the Paducah -McCracken County
Convention Center Corporation ("CCC") to act as an agency and instrumentality of the City and
County in the planning, promoting, development, financing, and acquisition of the hotel and
convention center complex; and
WHEREAS, the CCC is now the present fee owner of all of the real property
which comprises the hotel known as the Executive Inn (the "Hotel") and the convention center
known as the Julian M. Carroll Convention Center, and the Paducah Expo Center (the
"Convention Center") (the Hotel and the Convention Center shall collectively be referred to as
the Facilities"), located at 1 Executive Boulevard, Paducah, Kentucky 42001, which real property
is more particularly described on Annex 1 attached hereto; and
WHEREAS, the real property of the CCC is subject to several long-term leases
(the "Leases") which are presently held by Logan Asset Backed Fund, L.P., a Delaware limited
partnership. ("Logan"); and
WHEREAS, it is the consensus of the Board of Commissioners that the
acquisition of all rights, title, and interest of Logan in the Leases and the Facilities and the
settlement of all valid liens and utilities encumbering the Facilities serves the best interest of the
public, preserves and protects the City's investment and interests in the Facilities, and assures the
continuity of prudent and reasonable operations of the Facilities to accomplish the objectives of
the City in promoting tourism and convention activity.
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BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Board of Commissioners of the City of Paducah hereby
approves and authorizes acquisition and purchase of all of Logan's interest in the assets used in
the operation of the Facilities (the "Assets") including, without limitation, the Leases, licenses,
permits, buildings, fixtures, improvements, equipment, furnishings and other personal property
used in connection with the operation of the Facilities, for the purchase price of One Million
Eight Hundred Thousand Dollars ($1,800,000.00). It is hereby found and determined that the
acquisition is property to be used for the public purposes of the City. The Mayor, on behalf of
the City of Paducah, Kentucky, is hereby authorized to enter into and execute a purchase contract
with Logan for the acquisition of the Assets upon such terms and provisions as are acceptable to
the City Manager and are not inconsistent with the provisions of this Ordinance, and is further
authorized to execute all deeds and other documents of transfer, and any other documentation
necessary to accomplish and consummate the acquisition and purchase of the Assets.
SECTION 2. The Board of Commissioners of the City of Paducah further authorizes and
approves the negotiation and settlement, at a reduced amount, of all valid liens and utilities encumbering
the Assets and the Facilities upon such terms and conditions and in such amounts as are acceptable to f
City Manager. The settlement and release or disposition of all valid liens, under terms satisfactory to the
City, may be a condition precedent to the consummation of the acquisition and purchase of the Assets
authorized by this Ordinance. The Board of Commissioners must ratify the settlement and release or
disposition of said liens by not later than the next meeting of the Board of Commissioners to be held on
December 15, 2009.
SECTION 3. The Finance Director is hereby authorized to make all expenditures
approved herein.
SECTION 4.
(a) Corporate Counsel is hereby authorized to prepare the deeds and other
documents of transfer, and any other documentation necessary to accomplish and consummate
the purchase and acquisition of the Assets from Logan and the settlement of the aforesaid liens -�
and utilities encumbering the Assets and the Facilities in accordance with this Ordinance.
(b) Due to the aforesaid acquisition and purchase of the Facilities, Corporate
Counsel is further authorized to motion the McCracken Circuit Court for the dismissal of its
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claims for delinquent ad valorem property taxes assessed against the Facilities and the dismissal
of the City as a party defendant in the civil action styled Paducah -McCracken County Convention
Center Corporation ("CCC") v. Paducah Riverfront Properties, LLC, et al., Civil Action No. 09 -
CI -00699.
SECTION 5. If any section, paragraph or provision of this Ordinance shall be held to be
invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or
provision shall not affect any of the remaining provisions of this Ordinance.
SECTION 6. This City Commission hereby finds and determines that all formal actions
relative to the adoption of this Ordinance were taken in an open meeting of this City Commission, and
that all deliberations of this City Commission and of its committees, if any, which resulted in formal
action, were in meetings open to the public, in full compliance with applicable legal requirements.
SECTION 7. All ordinances, resolutions, orders or parts thereof in conflict with the
provisions of this Ordinance are, to the extent of such conflict, hereby repealed and the provisions of this
Ordinance shall prevail and be given effect.
SECTION 8. This ordinance shall be read on two separate days and will become
effective upon summary publication pursuant to KRS Chapter 424.
ATTEST:
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Tammy Brock, City Clerk
Introduced by the Board of Commissioners, December 8, 2009
Adopted by the Board of Commissioners, December 15, 2009
Recorded by City Clerk, December 15, 2009
Published by The Paducah Sun, December 16, 2009
\ord\ex inn acquisition from logan (00119583)
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ANNEX 1
The Real Property
Tract 1
Being that certain tract of land consisting of 27.8468 acres as more particularly depicted
on the plat entitled "Waiver of Subdivision for the City of Paducah - Paducah -
McCracken County Convention Center Corporation - Paducah, McCracken County,
Kentucky" as surveyed by Jeffrey K. Clark, PLS #3117, of record in Plat Book "L," Page
1354 and 1355, in the Office of the McCracken County Clerk. Said tract comprises all of
Lease Tracts 1, 2, and 3, as depicted on the plat entitled "Waiver of Subdivision for the
City of Paducah - Paducah -McCracken County Convention Center Corporation -
Paducah, McCracken County, Kentucky" as surveyed by Jeffrey K. Clark, PLS #3117, of
record in Plat Book "L," Page 1354 and 1355, in the Office of the McCracken County
Clerk.
Less, Except and Reserved by the City of Paducah, Kentucky, the City of Paducah
Floodwall right of way running along the southwesterly line of the herein conveyed real
property. The exact location of said floodwall is depicted in the U. S. Engineers
floodwall survey, said survey being of record in the Office of the Paducah City Engineer.
Less, Except, and Reserved by the City of Paducah, Kentucky all utility easements,
and appurtenant rights thereto, held by Grantor on over, and under any portion of the
herein conveyed real property.
Being the same property conveyed to the Paducah -McCracken County Convention
Center Corporation by Kentucky Utilities Company and The Electric Plant Board of the
City of Paducah d/b/a Paducah Power on June 14, 1982, said deed appearing at Deed
Book 646, Page 612, in the Office of the McCracken County Clerk; and
Being the same property conveyed to the Paducah -McCracken County Convention
Center Corporation by Federal Materials Company on August 13, 1980, said deed
appearing at Deed Book 630 Page 711, in the Office of the McCracken County Clerk;
and
Being the same property quit claimed to the Paducah -McCracken County Convention
Center Corporation by Federal Materials Company on August 13, 1980, said deed
appearing at Deed Book 630, Page 717, in the Office of the McCracken County Clerk,
title in a portion of the property described therein having been quieted in the Paducah -
McCracken County Convention Center Corporation by McCracken Circuit Court Civil
Action No. 86 -CI -588, a record of the same appearing at Encumbrance Book 22, Page
181, in the Office of the McCracken County Clerk; and
Being the same property conveyed to the Paducah -McCracken County Convention
Center Corporation by the Illinois Central Gulf Railroad Company and the Citizens Bank
and Trust Company of Paducah, as Trustee for John L. Beven and Charlotte Beven, his
wife, on April 6, 1981, said deed appearing at Deed Book 637, Page 333, in the Office of
the McCracken County Clerk; the Illinois Central Gulf Railroad Company having
released its reversionary interest in the same on August 18, 1981, said deed of release
appearing at Deed Book 640, Page 79, in the Office of the McCracken County Clerk; and
Being the same property conveyed to the Paducah -McCracken County Convention
Center Corporation by the Electric Plant Board of the City of Paducah d/b/a Paducah
Power on March 18, 2005, said deed appearing at Deed Book 1060, Page 653, in the
Office of the McCracken County Clerk; and
Being the same property conveyed to the Paducah -McCracken County Convention
Center Corporation by the City of Paducah by deed dated April 14, 2005, appearing at
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Deed Book 1064, Page 565, in the Office of the McCracken County Clerk.
Tract 2:
A tract of land lying north of the flood protection wall and 95 +/- feet easterly from
Campbell Street extended and North 48 degrees 47'38" East, 326.34 feet from the
centerline intersection of North 6ffi Street and Campbell Street in the City of Paducah,
McCracken County Kentucky, being more particularly described as follows:
Beginning at 5/8"x24" iron rebar w/cap (set) PLS #3117in the southerly line of the
Midwest Terminal Inc. property Tract B of record in Deed Book 688, Page 812, said point
being located North 39 degrees 44'41" West, 18.27 feet from a 3/8" iron rebar (find) and a
%2" iron rebar w/cap F&H (fnd); thence with the southerly line of Midwest Terminal, Inc.
North 41 degrees 34'42" East, 70.49 feet to a point; thence continuing with the Midwest
Terminal, Inc. property North 31 degrees 49'12" East, 481.74 feet to a point in the
meander line of the Ohio River as determined by Florence & Hutcheson Barkley Park
Boundary Survey dated March 1981; thence with said meander line South 51 degrees
09'31" East, 30.42 feet to a point in said meander line; said point being located North 28
degrees 44'42" East, 397.27 feet from a 4"x4" concrete monument PMC -55; thence
leaving the meander line and with the northerly line of the Paducah -McCracken County
Convention Center Corporation property of record in Deed Book 646, Page 612 South 31
degrees 49'12" West, 493.61 feet to a 5/8"x24" iron rebar w/cap(set) PLS #3117; thence
continuing with said line South 30 degrees 47'49" West, 68.35 feet to a 5/8"x24" iron
rebar w/cap (set) PLS #3117; then North 39 degrees 44'41" West, 45.70 feet to the point of
beginning, containing 0.3980 acres orl7,336.1 square feet.
Subject property being the same property as determined by SCI Surveyors, Inc. Jeffrey K.
Clark, PLS #3117 dated February 23, 2005.
Being the same property conveyed to the Paducah -McCracken County Convention
Center Corporation by the Paducah & Louisville Railway, Inc., by deed dated April 12,
2005, said deed appearing at Deed Book 1064, Page 561, in the Office of the McCracken
County Clerk.
Tract 3:
All right, title and interest in the Encroachment Agreement granted to the Paducah -
McCracken County Convention Center Corporation by Midwest Terminal, Inc., by
instrument dated March 16, 2005, appearing at Deed Book 1061, Page 98, in the Office
of the McCracken County Clerk.
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