HomeMy WebLinkAbout2007-7-7304332
90981
ORDINANCE NO. 2007-7-7304
A ORDINANCE AUTHORIZING THE EXECUTION OF THE SATISFACTION AND
RELEASE OF AAA FABRICATORS, LLC, FROM THE TERMS OF THE MEMORANDUM OF
UNDERSTANDING DATED AND ENTERED INTO ON JUNE 16, 2004 BETWEEN AAA
FABRICATORS, LLC, THE CITY OF PADUCAH, KENTUCKY, AND MCCRACKEN COUNTY,
KENTUCKY.
WHEREAS, in order to facilitate and encourage the development of industry in the City
of Paducah ("City") and in McCracken County ("County"), by expanding the tax base, stimulating the
local economy and reducing unemployment, the City and County entered into an agreement to provide
economic incentives to AAA Fabricators, LLC, ("AAA Fabricators"); and
WHEREAS, pursuant to this agreement, the City, County and AAA Fabricators entered
into a Memorandum of Understanding ("MOU") dated June 16, 2004, detailing the agreement between
the parties; and
WHEREAS, AAA Fabricators has substantially met all obligations contained in the
MOU at the present time and should be released from the obligations contained in the MOU, and has met
all obligations earlier than specified; and
WHEREAS, it is appropriate to release AAA Fabricators from the terms of the MOU,
due to AAA Fabricators' outstanding performance during the three (3) year period it has been in
operation; and
(� WHEREAS, it is beneficial for the City of Paducah to execute the Release, releasing
AAA Fabricators and all parties from the MOU, and thereby terminating the MOU.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF
THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. Recitals and Authorization. The Mayor of the City of Paducah,
Kentucky, is hereby authorized and directed to execute the Satisfaction and Release of AAA Fabricators
from the MOU in substantially the form attached hereto as Exhibit A and made part hereof, which fully
releases and discharges the MOU between the City, County and AAA Fabricators in its entirety.
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.
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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.
MAYOR
ATTEST:
Tammara S. Brock, City Clerk
Introduced by the Board of Commissioners, June 26, 2007
Adopted by the Board of Commissioners, July 10, 2007
Recorded by City Clerk, July 10, 2007
Published by The Paducah Sun, July 16, 2007
\ord\AAA FABRICATORS -RELEASE FROM MOU (0009098 1)
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EXHIBIT A
SATISFACTION AND RELEASE
THIS SATISFACTION AND RELEASE AGREEMENT is effective this _ day of ,
2007, by and between AAA FABRICATORS, LLC, (AAA Fabricators"), the CITY OF PADUCAH,
KENTUCKY, ("City") and MCCRACKEN COUNTY, KENTUCKY, ("County").
WITNESSETH:
WHEREAS, AAA Fabricators, City, and County entered into a Memorandum of Understanding dated June
J 16, 2004, (the "MOU") in which the City and County provided certain economic incentives to AAA Fabricators in
or to induce AAA Fabricators to acquire, install, and equip a manufacturing facility in Paducah, McCracken County,
Kentucky; and
WHEREAS, the economic incentives have been provided and AAA Fabricators has
substantially met all its obligations contained in the MOU and has requested that it be released from the
obligations contained in the MOU, to which the City and County are agreeable.
NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained in this Satisfaction and Release Agreement and memorializing the agreement between
the parties, the parties agree as follows:
1. SATISFACTION AND RELEASE. The parties hereby release and forever
discharge each other, and their respective employees, officers, directors, successors and assigns
forever, from any monetary or compensatory claims, causes of action, suits, and demands,
whatsoever, in law or equity, which may now or hereafter arise out of the MOU made and
entered into between the parties.
2. MISCELLANEOUS PROVISIONS. This agreement shall be binding upon the
parties hereto, their successors and assigns. This agreement represents the entire understanding
reached between the parties, and all prior covenants, promises, and representations are merged
herein and are superseded by this agreement. This agreement shall be governed, construed, and
enforced in accordance with the laws of the Commonwealth of Kentucky and any disputes
concerning this agreement shall be decided in the courts of McCracken County, Kentucky.
INTENDING TO BE LEGALLY BOUND, THE PARTIES HERETO HAVE
EXECUTED THIS AGREEMENT.
CITY OF PADUCAH, KENTUCKY
By:
Title:
Date:
MCCRACKEN COUNTY, KENTUCKY
By:
Title:
Date:
AAA FABRICATORS, LLC
By: _
Title:
Date:
90989