HomeMy WebLinkAboutMO #2402MUNICIPAL ORDER 2402
A MUNICIPAL ORDER AUTHORIZING THE TRANSFER OF REAL PROPERTY LOCATED AT
432 BROADWAY TO PGJM, LLC, FOR $7,500.00 TO PROVIDE FOR OUTDOOR DINING AND
ENTERTAINMENT SPACE ASSOCIATED WITH THE REHABILITATION OF 428-430 BROADWAY
AND AUTHORIZING THE MAYOR TO EXECUTE ALL DOCUMENTS RELATED TO SAME.
WHEREAS, KRS 82.083(4) (b) specifies that "real property may be transferred, with or without
compensation, for economic development purposes, which shall include but not be limited to real
property transfers for the elimination of blight";
WHEREAS, the lot was conveyed to the city in 2015 under emergency conditions after the
building began to collapse due to the neglect of the previous owner and the city had to demolish the
building to protect the public;
WHEREAS, the small, vacant lot is located within the City of Paducah's Historic Downtown and
the Downtown Commercial District;
WHEREAS, the maintenance of the vacant lot has been an on-going expense;
WHEREAS, an appraisal of the property was conducted estimating the value at $10,000.00;
WHEREAS, PGJM, LLC, is a respected and proven development partner, local historic
preservationist, and long-term business owner in Paducah;
WHEREAS, PGJM, LLC, commits to redeveloping the lot in conjunction with the rehabilitation of
the adjacent property, 428-430 Broadway, into a boutique hotel, event center, retail, and restaurant
space; and
WHEREAS, transferring the lot to a proven developer -owner will bring new businesses, new
jobs, new tax revenue, and reactivation of underutilized land to draw more people and commerce to
Downtown Paducah, thereby contributing to the City's long-term vision of revitalization for the
District.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Board of Commissioners hereby authorizes the Mayor to execute a deed and
any necessary documents relating to same.
SECTION 2. The Mayor is hereby authorized to execute a contract with PGJM, for the purchase
of 432 Broadway according to all contract documents heretofore approved and incorporated in the
proposal.
SECTION 3. This Order shall be in full force and effect from and after the date of its adoption.
Brandi Harless, Makr ---
ATTEST: ^
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Lindsay Pa ish/)City Clerk
Adopted by the Board of Commissioners, October 27, 2020
Recorded by Lindsay Parish, City C1erk,October 27, 2020
M0/prop sale -432 Broadway-PGLM, Inc.