HomeMy WebLinkAbout2009-12-7647120026ver2
ORDINANCE NO. 2,009-12-7647
AN ORDINANCE AUTHORIZING PAYMENT AND APPROVING THE FINAL
SETTLEMENT OF MECHANIC'S LIENS FILED AGAINST THE EXECUTIVE INN
WHEREAS, the City Board of Commissioners on December 15, 2009, adopted Ordinance
No. 2009-12-7638 (the "Acquisition Ordinance") authorizing and approving the acquisition of all rights,
title, and interest of Logan Asset Backed Fund, L.P., a Delaware limited partnership ("Logan"), as tenant,
in and to several long-term leases (the "Leases") in 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; and
WHEREAS, the Acquisition Ordinance further authorized and approved the negotiation
and settlement, at a reduced amount, of all valid liens and utilities encumbering the Facilities upon such
terms and conditions and in such amounts as are acceptable to the City Manager, which settlement and
release or disposition of said liens must be ratified by the Board of Commissioners.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Board of Commissioners of the City of Paducah hereby ratifies and
approves the settlement and release or disposition of the herein described liens, at a reduced amount of not
more than fifty percent (50%) of the face amount of the aforesaid liens, provided, however, that such
lienholders execute and deliver to the City a release and a full waiver of lien as to the Facilities in such
form acceptable to Corporate Counsel:
Lienholder 50% of Face Amount
WEST KY ELEVATOR SERVICES, INC. $9,494.00
CONSOLIDATED MECHANICAL, INC. $20,270.00
PREMIER FIRE PROTECTION, INC. $30,881.00
BILL BARNHILL & ASSOCIATES, INC. 1$26,363.00
ROBERT WILLIAMSON INC $233.00
ELECTRONIC SERVICE COMPANY, LLC $62,771.00
KW COMMUNICATIONS, INC. $15,000.00
INTERIOR SOLUTIONS STL, LLC $7,600.00
PECK FLANNERY GREAM & WARREN, INC. $13,230.00
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herein.
SECTION 2. The Finance Director is hereby authorized to make all expenditures approved
SECTION 3. Corporate Counsel is hereby authorized to prepare the release and waiver or
disposition document and any other documentation necessary to accomplish and consummate the
settlements authorized by this Ordinance.
SECTION 4. If any section, paragraph or provision of this Ordinance shall be held to be invalid
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 5. 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 6. 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 7. Emergency. Pursuant to KRS 83A.060, the City Commission suspends the
requirement of a second reading of this Ordinance. As grounds therefore, the City Commission does hereby
declare an emergency to exist as to the ratification and approval of the settlement and release or disposition of the _
aforesaid liens. Specifically, any delay in such ratification and approval shall adversely impact the consummation
of the transactions contemplated by the Acquisition Ordinance in a timely manner.
ATTEST:
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Tammara S. Brock, City Clerk
Introduced and Adopted by the Board of Commissioners, December 18, 2009.
Recorded by Tammara S. Brock, City Clerk, December 18, 2009.
Published by The Paducah Sun, December 23, 2009.
Ord/ex inn settlement of liens (00120026-2)
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MAYOR