HomeMy WebLinkAbout2015-06-8267287
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ORDINANCE NO. 2015-6-8267
AN ORDINANCE AUTHORIZING AND APPROVING THE SALE OF SURPLUS
MUNICIPALLY OWNED REAL PROPERTY LOCATED AT 533 MADISON
STREET, PADUCAH, MCCRACKEN COUNTY, KENTUCKY, FOR PURPOSES
OF REDEVELOPMENT AND REVITALIZATION IN THE LOWERTOWN
NEIGHBORHOOD
WHEREAS, the City of Paducah ("City") is the present owner of certain surplus
real property with improvements located at 533 Madison Street, Paducah, McCracken County,
Kentucky, commonly referred to as the Smedley Yeiser building, and is more particularly
described in the attached Exhibit "A," (the "Property"); and
WHEREAS, City has determined that the Property is no longer necessary,
appropriate, or in the best interests of the operations of the City and its citizens and that the
Property should be sold as surplus real estate; and
WHEREAS, the City offered the Property for sale as surplus property in
accordance with KRS 82.083 and the sealed bidding procedure set forth in the City of Paducah
Codes of Ordinance Section 2-668; and
WHEREAS, Bighorn Properties LLC, a Kentucky limited liability company,
managed by its members Levi Nathan Kepsel and Lauren Holt Jackson, was the successful
bidder offering to purchase the property for a purchase price in the amount of $1.00 and its
commitment to invest up to $500,000.00 in the complete rehabilitation of the improvements
located on the Property in accordance with designs and plans to be approved by the Historical
and Architectural Review Commission of the City; and
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF
COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY:
Section 1. Recitals and Authorizations. The Board of Commissioners hereby
declares the Property to be surplus property as it relates to the operations of the City. Further,
the Board of Commissioners hereby approves the sale of the Property to Bighorn Properties
LLC, a Kentucky limited liability company, for a purchase price in the amount of $1.00 and its
commitment to invest up to $500,000.00 in the complete rehabilitation of the improvements
located on the Property in accordance with designs and plans to be approved by the Historical
and Architectural Review Commission of the City. That the Mayor of the City of Paducah,
Kentucky, be and is hereby authorized to execute and deliver a special warranty deed of
conveyance of the Property with a reverter provision, together with all other documentation
necessary to effectuate the sale and transfer of the Property.
Section 2. Severability. If any section, paragraph or provision of this Ordinance
Muaieipal Or -de 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 3. Compliance With Open Meetings Laws. The 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 4. Conflicts. 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.
W-10.1 •
Section 5. Effective Date. This ordinance shall be read on two separate
days and will become effective upon summary publication pursuant to KRS Chapter
424. S-�L�
-ayor
ATTEST:
Tammara S. Sanderson, City Clerk
Introduced by the Board of Commissioners, June 23, 2015
Adopted by the Board of Commissioners, June 25, 2015
Recorded by Tammara S. Sanderson, City Clerk, June 25, 2015
Published by The Paducah Sun, June 30, 2015
\ord\plan\prop sale -533 Madison -Smedley Yeiser
W167
EXHIBIT A TO ORDINANCE
THE PROPERTY
BEING A PART OF BLOCK 19, ADDITION "D" OR LOWER TOWN, PADUCAH,
KENTUCKY, AND BEGINNING AT THE NORTHEAST CORNER OF THE
INTERSECTION OF SIXTH AND MADISON STREETS; THENCE WITH THE
NORTHERLY LINE OR SIDE OF MADISON STREET, AND TOWARD FIFTH
STREET 86 FEET 7-1/4 INCHES; THENCE AT RIGHT ANGLES AND TOWARD
HARRISON STREET 131 FEET AND 3 INCHES; THENCE AT RIGHT ANGLES 86
FEET 7-1/4 INCHES TO THE EASTERLY LINE OF SIXTH STREET; THENCE
WITH THE EASTERLY LINE OF SIXTH STREET 131 FEET AND 3 INCHES TO
THE POINT OF BEGINNING.
BEING PART OF THE SAME PROPERTY CONVEYED TO CITY OF PADUCAH,
KENTUCKY, FOR THE USE AND BENEFIT OF THE MAIN STREET
DEPARTMENT OF THE CITY OF PADUCAH, WHICH DEPARTMENT OPERATES
PADUCAH RENAISSANCE ALLIANCE, A NATIONAL MAIN STREET
PROGRAM, A MUNICIPAL CORPORATION OF THE HOME RULE CLASS
EXISTING UNDER THE LAWS OF THE COMMONWEALTH OF KENTUCKY, BY
DEED DATED AUGUST 15, 2012, OF RECORD IN DEED BOOK 1238, PAGE 334,
MCCRACKEN COUNTY COURT CLERK'S OFFICE.
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