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HomeMy WebLinkAboutOrdinances Book 15, Page 1011, No Resolution NumberA RESOLUTION AUTHORIZING THE CITY MANAGER AND CITY TREASURER TO TRANSFER THE SUM OF $75,000.00 FROM THE ACCOUNT KNOWN AS "CITY OF PADUCAH CHAMBER OF COMMERCE INDUSTRIAL DEVELOPMENT FUND" TO GREATER PADUCAH CHAMBER OF COMMERCE, INC. WHEREAS the Board of Commissioners of the City of Paducah, Kentucky, by ordinance adopted April 14, 1966 created and established a fund known as "City of Paducah Chamber of Commerce Industrial Development Fund" in the amount of $75,000.00 in an account in Peoples First National Bank & Trust Company of Paducah, and WHEREAS said amount of $75,000.00 was ordered to be transferred by the City Manager and City Treasurer to the Treasurer of Greater Paducah Chamber of Commerce. Inc. as soon as possible after June 16, 1966, provided that on or after such date the said Greater Paducah Chamber of Commerce, Inc. complies with all requirements set forth in Section 102.060 of Kentucky Revised Statutes as amended by the 1966 General Assembly of the Commonwealth of Kentucky, and that a similar sum of $75,000.00 is paid at the same time by the Fiscal Court of McCracken County, Kentucky to the Treasurer of said Greater Paducah Chamber of Commerce, Inc., all of such funds to be used (ror industrial development purposes only, and WHEREAS it appears that the said Greater Paducah Chamber of Commerce, Inc. has complied with all requirements set forth in the aforesaid statute and has decided to use said sum of $150,000.00 for the purchase of the real property of the International Shoe Company located at 2nd and Jefferson Streets in the City of Paducah in order that said International Shoe Company may build a new, large, modern manufacturing establishment in the City of Paducah and retain its manufacturing activities therein, and WHEREAS the Fiscal Court of McCracken County, Kentucky has agreed that it will pay to said Greater Paducah Chamber of Commerce, Inc. the sum of $75,000.00 for a one-half undivided interest in said real property, and WHEREAS said Greater Paducah Chamber of Commerce, Inc. has agreed with the City of Paducah that it will use the $75,000.00 to be provided by the City to purchase the other one-half undivided interest in said real property and hold same in trust for the City and will later convey same to said City upon request. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the City Manager and City Treasurer of the City of Paducah, Kentucky, be, and they are hereby, directed and 1012 authorized to withdraw the sum of $75,000.00 from the account- in Peoples First National Bank & Trust Company of Paducah, known as "City of Paducah Chamber of Commerce Industrial Development Fund" and pay same to the Treasurer of Greater Paducah Chamber of Commerce, Inc. for use for industrial development purposes in acquiring a one-half undivided interest in the real property of International Shoe Company located at 2nd & Jefferson Streets in Paducah, to be held in trust for the City, provided that at the same time a similar sum of $75,000.00 is paid by the Fiscal Court of McCracken County, Kentucky, to the Treasurer of said Greater Paducah Chamber of Commerce, Inc. for the acquisition of the other one-half undivided interest in said real property. SECTION 2. In the event it should become necessary or advantageous that said sum be placed in escrow with Peoples First National Bank & Trust Company of Paducah, Kentucky to carry out the intent of the Board of Commissioners of the City of Paducah and the Fiscal Court of McCracken County, Kentucky, then the said Manager and Treasurer are hereby authorized to place the aforesaid sum of $75,000.00 in such escrow, provided a similar sum of $75,000.00 is placed in the same escrow in said bank at the same time by the Fiscal Court of McCracken County, Kentucky. SECTION 3. This Resolution shall be in full force and effect from and after its adoption. Mayor Passed by the Board of Commissioners July 12, 1966 Recorded by Sarah Thurman, City Clerk, July 12, 1966.