HomeMy WebLinkAbout2011-9-7857 ORDINANCE NO. 2011 -9 -7857
AN ORDINANCE AUTHORIZING AND APPROVING A LEASE
EXTENSION AGREEMENT WITH SEAMEN'S CHURCH INSTITUTE OF NEW YORK
AND NEW JERSEY
WHEREAS, the City of Paducah currently leases certain real property known as
117 South First Street, Paducah, KY to Seamen's Church Institute of New York and New Jersey
for specified annual rental amounts, and
WHEREAS, the existing lease agreement will expire on October 31, 2011, and
WHEREAS, the parties desire to continue their lease relationship in accordance
with the terms and provisions of a Lease Extension Agreement.
NOW, THEREFORE, BE IT ORDAINED by the City of Paducah, Kentucky,
that:
SECTION 1. The Mayor of the City of Paducah, Kentucky, be, and he is hereby
authorized and directed to execute a Lease Extension Agreement with Seamen's Church Institute
of New York and New Jersey which shall have the following terms:
(a) The term of the lease extension shall be for ten (10) years.
(b) Seamen's Church Institute of New York and New Jersey shall pay lease
payments to the City of Paducah during the team of the lease extension
period in the amount of $3.00 per square foot per year beginning October
1, 2011. The annual rental shall be paid in monthly installments of one
twelfth (1/12) of the total annual rental due for the applicable year of the
lease.
(c) Such other customary terms and conditions as may be approved by the
Corporation Counsel for the City of Paducah.
SECTION 2. This ordinance shall be read on two separate days and will become
effective upon summary publication pursuant to KRS Chapter 424.
‘1
Mayor
ATTEST:
.1Arntinuitti 5.
Tammara S. Brock, City Clerk
Introduced by the Board of Commissioners, August 23, 2011
Adopted by the Board of Commissioners, September 13, 2011
Recorded by Tammara S. Brock, City Clerk, September 13, 2011
Published by The Paducah Sun, September 19, 2011
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