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Home My WebLink About2015-03-8229186680 ORDINANCE NO. 2015 — 3- 8229 AN ORDINANCE AUTHORIZING AND APPROVING THE PURCHASE OF CERTAIN TRACTS OF REAL ESTATE GENERALLY LOCATED AT 501 NORTH 3an STREET, PADUCAH, McCRACKEN COUNTY, KENTUCKY, FROM KENTUCKY HOLDINGS I, LLC, FOR A PUBLIC PURPOSE 199 WHEREAS, the Board of Commissioners of the City of Paducah has determined that it is necessary, appropriate, or in the best interest of the City to purchase certain tracts of real estate generally located at 501 North 3rd Street, Paducah, McCracken County, Kentucky 42001, which is more particularly depicted on Exhibit A and described on Exhibit B attached hereto (the "Property"); and WHEREAS, the City of Paducah has reached an agreement for the purchase of the Property with the owner thereof, Kentucky Holdings I, LLC, a Delaware corporation ("Seller") for the purchase price of TWO HUNDRED FIFTY-SEVEN THOUSAND TWO HUNDRED TWENTY-SEVEN AND 97/100 DOLLARS ($257,227.97), which agreement is to be memorialized by a written real estate purchase agreement to be entered into by and between the parties; and WHEREAS, the Board of Commissioners of the City of Paducah concur and find that the purchase of the Property for the purchase price of TWO HUNDRED FIFTY-SEVEN THOUSAND TWO HUNDRED TWENTY-SEVEN AND 97/100 DOLLARS ($257,227.97) is in the best interest of the City. BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. The Board of Commissioners of the City of Paducah hereby approves and consents to the purchase and acquisition of the Property from Seller for the purchase price of TWO HUNDRED FIFTY-SEVEN THOUSAND TWO HUNDRED TWENTY- SEVEN AND 97/100 DOLLARS ($257,227.97) and further approves of the negotiation and execution of a real estate purchase agreement between the City and Seller upon such terms and conditions approved by the City Manager and Corporation Counsel. It is hereby found and determined that the acquisition is public property to be used for the public purposes of the City. SECTION 2. It is further determined that the City Manager, on behalf of the City of Paducah, Kentucky, is authorized to execute the real estate purchase agreement and the Mayor, on behalf of the City of Paducah, Kentucky, is hereby authorized to execute the warranty deed 200 and any other documents necessary to accomplish and consummate the purchase and acquisition of the Property from Seller in accordance with this Ordinance. SECTION 3. The Finance Director is hereby authorized to make said expenditure approved in Section 1 from general fund reserve of the City of Paducah, Kentucky. SECTION 4. Corporate Counsel is hereby authorized to conduct such due diligence and investigation as it deems necessary and in the best interest of the City. Further Corporate Counsel is authorized to prepare the real estate purchase agreement, warranty deed, closing statement and any other documents necessary to accomplish and consummate the purchase and acquisition of the Property from Seller in accordance with this Ordinance. 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. 9k-2 � 00 K-4 AYOR ATTEST: V1// /I/l WMw . W.City Clerk Introduced by the Board of Commissioners, March 24, 2015. Adopted by the Board of Commissioners, March 31, 2015. Recorded by City Clerk, March 31, 2015. 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