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HomeMy WebLinkAboutOrdinances Book 14, Page 405, No Ordinance Number405 AN ORDINANCE AUTHORIZING THE PURCHASE OF CERTAIN PROPERTY IN THE CITY OF PADUCAH, KENTUCKY, CONSISTING OF A TRACT OF LAND CONTAINING APPROXIMATELY 3.21 ACRES ARID BUILDINGS THEREON, WHEREIN GOVERNMENTAL FUNCTIONS OF SAID CITY AND DEPARTMENTS AND AGENCIES THEREOF MAY BE CARRIED ON; DESCRIBING SAID LAND BY METES AND BOUNDS; i SETTING FORTH THE PURCHASE PRICE OF SAID PROPERTY; PROVIDING FOR THE PAYMENT OF SAID PURCHASE PRICE FROM THE PUBLIC WORKS CUMULATIVE RESERVE FUND OF SAID CITY; AND SETTING FORTH THE CONDITIONS AND TERMS OF SUCH PURCHASE AND PAYMENT OF THE PURCHASE PRICE BE IT ORDAINED BY THE BOARD OF CO1'1MISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the City of Paducah, Kentucky, purchase certain land and buildings thereon situated in said city, at the purchase price and for the uses and purposes hereinafter set out, such land being described as follows: Beginning at a point on the north side of Booadway, where the corporation line of 1871 of the City of Paducah crosses said north line of Broadway; thence towards the Ohio River 385.4 feet, to a stone corner; thence at an angle to the north of 89 degrees with said north line of Broadway 346,5 feet to the south line of Jefferson Street, (if extendedj; thence at an angle to the west of 90 degrees with the last mentioned course and along said south line of Jefferson Street 421.3 feet to said corporation line; thence along said corporation line towards Broadway 345 feet to the point of beginning, containing an area of 3.21 acres, more or less. Said land and buildings thereon being owned by "KATTER", Inc. a corporation organized and existing under the laws of the State of ,Kentucky, which corporation is in the process of being dissolved. SECTION 2. The purchase price to be paid for said land and buildings is the sum of :;550,000.00 in the manner and from certain funds of said City as hereinafter set out. SECTION 3. Said land and the buildings thereon are to be used for the purpose of carrying on governmental functions of the City of Paducah, Kentucky, and departments and agencies thereof, and for all other public purposes which may be permitted or authorized by law, and deemed necessary by the Board of Commissioners of said City. SECTION 4. Said purchase price of 5550,000.00 is to be paid from the Public Works Cumulative Reserve Fund of 'the City of Paducah, Kentucky in the following manner and under the following conditions and terms: Upon receipt of an Owner's Title Insurance Binder issued to the City of Paducah, Kentucky by a reputable and solvent title insurance company in an amount not less than the aforesaid purchase 406 price, stating that good and fee simple title in and to said property is vested in "KATTER". Inc., subject to no exceptions except as follows: (1) Unrecorded easement, rights of tenants and matters of survey; (2) 1961 city, state and county taxes; (3) Mortgage indebtedness to Guaranty Trust Company of New York; and (4) An easement for an eighteen inch storm sewer; said binder further stating that upon the execution and recording of a properly authorized and executed deed from "KATTER't, Inc., to the City of,Paducah, Kentucky, conveying said property, the payment of the consideration therefor and the payment of the title insurance premium, the said title company will insure the title in and to said property to said city subject to the above exceptions; the City Manager and the City Treasurer are hereby authorized and directed to withdraw from said Fund and deposit in escrow with a Paducah bank the sum of ;550,000.00 to be held and disbursed by said bank as follows: (a) Upon delivery to said escrow bank of a general warranty deed from "KATTER". Inc., approved by the Corporation Counsel of said city, conveying said property to said city, the said escrow agent bank shall deliver said deed to the City Manager of said city, or the Treasurer of same, and then said escrow agent bank shall pay to Guaranty Trust Company of New York from said escrow sum an amount necessary to pay in full the unpaid balance of a certain mortgage indebtedness in the original sum of :,'200,000.00 evidenced by a mortgage executed on July 31, 1957, by "KATTER", Inc. to Illinois Central Railroad Company and of record in Mortgage Book 184, page 181, in the McCracken County Court Clerkts office, which mortgage and indebtedness is now owned by said Guaranty Trust Company of New York, located at 140 Broadway in New York City, having been transferred to it by said Illinois Central Railroad Company on October 9, 1957 by an instrument of record in Deed Book 385, page 394 in the aforesaid Clerk's office. (b) After such payment is made to said Guaranty Trust Company of New York, and after securing from it a properly executed deed of release approved by the Corporation Counsel of said City cancelling and releasing said mortgage and indebtedness, and after delivery of said deed of release to the aforesaid City Manager or City Treasurer, said escrow agent bank shall pay the remainder of said sum of L;O7 p550,000.00 to "KATTER", Inc., or to the person or persons in charge of winding up the affairs of said corporation. SECTION 5. This ordinance shall be introduced at a meeting of the Board of Commissioners of the City of Paducah, Kentucky, and before its adoption remain on file at least one (1) week for public inspection in the completed form in which it shall be put upon its final passage, and if adopted shall be in full force and effect at the expiration of ten (10) days after its adoption. i'layor Introduced by the Board of Commissioners January 10, 1961 Passed by the Board of Commissioners January 23, 1961 Recorded by Sarah Thurman, City Clerk, January 23, 1961.