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HomeMy WebLinkAbout2006-11-7214170 83240ver2 ORDINANCE NO. 2006-11-7214 AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, AUTHORIZING AND APPROVING THE TERMINATION OF AN OPTION TO PURCHASE HELD IN FAVOR OF THE WILLIAM CLARK MARKET HOUSE MUSEUM TO MUNICIPALLY OWNED PROPERTY LOCATED AT SOUTH 2ND STREET AND KENTUCKY AVENUE AND AUTHORIZING AND APPROVING THE SALE OF MUNICIPALLY OWNED REAL PROPERTY LOCATED AT SOUTH 21D STREET AND ADAMS STREET TO THE WILLIAM CLARK MARKET HOUSE MUSEUM WHEREAS, the City of Paducah ("City") owns certain real property comprised of 25, 121 square feet, located at South Second Street and Kentucky Avenue, Paducah, Kentucky (the "2nd and Kentucky Property"); and WHEREAS, on September 3, 1996, City and the William Clark Market House Museum (the "Museum") did execute and enter into an Option to Purchase the 2nd and Kentucky Property (the "Option to Purchase") for the construction of a new museum building (the "Project"); and WHEREAS, the Option to Purchase will expire upon receipt of funding from the Ethel Dubois Smith Trust or on January 1, 2015, whichever shall occur first; and \ WHEREAS, City and Museum have some concerns with the location of the Project at the 2nd and Kentucky Property location; and have mutually agreed to relocate the Project to an alternative site also owned by City and located at South Second Street and Adams Street, Paducah, Kentucky, which site is comprised of 25, 121 square feet (the "2nd and Adams Property"); and WHEREAS, City and Museum have agreed to terminate and cancel the Option to Purchase; and WHEREAS, City has determined that the 2nd and Adams Property is no longer necessary, appropriate, or in the best interests of the operations of the City and its citizens and that the 2nd and Adams Property should be sold as surplus real estate; and WHEREAS, Museum desires to purchase the 2nd and Adams Property and City desires to sell the 2nd and Adams Property to Museum for the purchase price of Sixty Thousand Dollars ($60,000.00); and WHEREAS, the Board of Commissioners of the City of Paducah finds that the sale of the 2nd and Adams Property to the Museum for the Project is in the best interest of the City and will further revitalization of the downtown business area of the City of Paducah. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: 171 SECTION 1. Recitals and Authorization — Termination of Option to Purchase. The Board of Commissioners hereby authorizes and approves the termination and cancellation of the Option to Purchase whereupon neither party shall have any further obligations thereunder and the Option to Purchase shall have no further force and effect. The Mayor is hereby authorized and directed to execute a termination of the Option to Purchase. Corporate Counsel is hereby authorized to prepare a termination of the Option to Purchase to be entered into by and between City and the Museum. SECTION 2. Recitals and Authorization — Sale of 2nd and Adams PropeThe Board of Commissioners hereby declares the 2nd and Adams Property to be surplus property and approves and authorizes the sale of the 2nd and Adams Property to Museum for a purchase price of $60,000.00 upon such other terms and conditions as may be acceptable to the Mayor of the City, subject to review by the Corporate Counsel, provided, however, that (i) the City shall have the option to repurchase the 2nd and Adams Property at the same price that it was sold to Museum, together with an inflation factor of 5% per annum from the date of the deed of conveyance to the Museum to the date that the repurchase option is exercised by the City, in the event (i) the Project is not under contract and construction initiated within one (1) year from the date that the Museum is in receipt of the third (3rd) bequest payment under the Ethel Dubois Smith Trust or (ii) Museum shall decide to sell the Property without the substantial completion of the Project. That the Mayor of the City is hereby authorized to execute and deliver the deed of conveyance in substantially the same form as attached hereto as Exhibit A, together with such other instruments be agreements, or certifications which may necessary to accomplish the transaction contemplated with such changes to the instruments not inconsistent with this Ordinance and not substantially adverse to the City as may be approved by the Mayor. The approval of such changes by the Mayor, and that such are not substantially adverse to the City, shall be conclusively evidenced by the execution of such instruments by Mayor. SECTION 3. 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 4. 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 5. 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. 2 SECTION 6. Effective Date. This Ordinance shall be read on two separate days and will become effective upon summary publication pursuant to KRS Chapter 424. C� ATTEST: JU-0cl— Tammara S. Brock, City Clerk Introduced by the Board of Commissioners, November 14, 2006 Adopted by the Board of Commissioners, November 28, 2006 Recorded by Tammara S. Brock, City Clerk, November 28, 2006 Published by The Paducah Sun, December 7, 2006 172