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HomeMy WebLinkAbout2015-08-8284367 191228 ORDINANCE NO. 2015-8-8284 AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, APPROVING A PARKING SITE LEASE BETWEEN THE CITY OF PADUCAH, KENTUCKY AND PADUCAH RIVERFRONT HOTEL, LP WITH RESPECT TO A PUBLIC PROJECT AND AUTHORIZING THE EXECUTION OF THE PARKING SITE LEASE AND OTHER DOCUMENTS RELATED THERETO WHEREAS, the City of Paducah, Kentucky (the "City") is the owner of certain real property situated along and near North 3rd and 4th Streets and Executive Boulevard in downtown Paducah adjacent to a publically owned convention center, generally known as the Julian Carroll and Paducah Expo Convention Center (the "Convention Center"); and WHEREAS, the Board of Commissioners of the City of Paducah, Kentucky, have determined that it is necessary, appropriate, and in the best interest of the City to have designed, developed, constructed, operated, and managed on the City owned real property an upscale hotel and related parking improvements to serve the Convention Center as well as the downtown business and tourism markets (the "Project"); and WHEREAS, on June 29, 2015, the City and Paducah Riverfront Hotel, LP, a Kentucky ULPA Limited Partnership, by and through its General Partner, Paducah Hotel Inc., a Kentucky corporation, (the "Developer") entered into a Hotel Development Agreement (the "Development Agreement") for the development and construction of the Project; and WHEREAS, the City, at the request of the Developer, has agreed to issue its Industrial Building Revenue Bonds in an aggregate principal of $12,000,000 (the "Bonds") pursuant to the provisions of Chapter 103 of the Kentucky Revised Statutes, the proceeds of which will be used to develop and construct the Project; and WHEREAS, the City has determined that in order to further accomplish the public purposes of the City, it is desirable and necessary that the City lease the parking site identified in the Development Agreement to the Developer upon the terms therein set forth; and NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS: Section 1. Recitals and Authorization. The City hereby approves the Parking Site Lease (the "Lease") between the City and the Developer and the Mayor and City Clerk are authorized to execute, acknowledge and deliver in the name and on behalf of the City, the Lease in substantially the same form as attached hereto as Exhibit A, with such changes as shall be consistent with this Ordinance and not substantially adverse to the City and approved by the officers executing the same on behalf of the City. It is further determined that it is necessary and desirable and in the best interest of the City to enter into the Lease for the public purposes herein described. The approval of the Lease by said officers, with such changes that are not substantially adverse to the City, shall be conclusively evidenced by the execution of the Lease by such officers. Section 2. Severability. 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 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. M 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. al"dw XIA YOR ATTEST: Tammara S. Sanderson, City Clerk Introduced by the Board of Commissioners, August 11, 2015 Adopted by the Board of Commissioners, August 25, 2015 Recorded by Tammara S. Sanderson, City Clerk, August 25, 2015 Published by The Paducah Sun, August 28, 2015 Ord\Parking Site Lease - Riverfront Hotel N