HomeMy WebLinkAbout2002-11-6592ORDINANCE NO. 2002-11- >
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR TO
EXECUTE AN AMENDED AGREEMENT BETWEEN THE CITY OF PADUCAH,
KENTUCKY'S STATE PROPERTY AND BUILDINGS COMMISSION, CABINET FOR
ECONOMIC DEVELOPMENT, MCCRACKEN COUNTY AND GPEDC, INCYOR GRANT
PROCEEDS FOR PADUCAH INFORMATION AGE PARK
WHEREAS, on June 1, 1993, Ordinance No. 93-6-4945, adopted the Original
Grant Agreement to provide for a grant in the original principal amount of $2,200,000 from the
Cabinet to GPEDC, Inc., for the benefit of the City to construct road and site improvements at the
Paducah Information Age Park; and
WHEREAS, pursuant to the terms of the Original Grant Agreement, GPEDC,
Inc., among other requirements, was required to create 2,500 full-time equivalent jobs on or
before January 1, 2003; and
WHEREAS, GPEDC, Inc., has informed the Cabinet that it is unable to meet the
full-time equivalent job requirement on or before January 1, 2003; and
WHEREAS, as a result of the Cabinet's continued commitment to economic
development and retention of Jobs in Paducah and McCracken County, Kentucky, the Cabinet
has agreed to renegotiate the terms of the Original Grant Agreement for the benefit of GPEDC, .
Inc.; and
WHEREAS, the Cabinet, the Commission, the City, the County, and GPEDC,
Inc., desire to amend and supplement the Original Grant Agreement; and
WHEREAS, pursuant to Section 6.7 of the Original Grant Agreement, the
Cabinet, the Commission, the City, the County, and GPEDC, Inc., are authorized to modify the
Original Grant and therefore enter into this Amended Grant Agreement.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Mayor is hereby authorized and directed to execute an
Amended Agreement between the City, Kentucky's State Property and Buildings Commission,
Cabinet for Economic Development, McCracken County and GPEDC, Inc., for an extension of
time to GPEDC, Inc., to fulfill the full-time equivalent job requirement for the Paducah
Information Age Park.
SECTION 2. This ordinance shall be read on two separate days and will become
effective upon summary publication pursuant to KRS Chapter 424.
ATTEST:
Tammara S. Brock, City Clerk
Introduced by the Board of Commissioners, October 22, 2002
Adopted by the Board of Commissioners, November 12, 2002
Recorded by Tammara S. Brock, November 12, 2002
Published by The Paducah Sun, i16)U6ftM A:5S RQP�
\ord\gpedc amended grant agreement