HomeMy WebLinkAbout2003-12-6738627
ORDINANCE NO. 2003-12-6738
AN ORDINANCE ACCEPTING THE TRANSFER OF REAL ESTATE
KNOWN AS THE ARCADE AND COLUMBIA THEATERS FROM JJK
INVESTMENTS, INC., ET AL., TO THE CITY OF PADUCAH
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The City of Paducah hereby accepts the transfer of real
estate known as the Arcade Theater Building and Columbia Theater Building from JJK
Investments, Inc., et al., located at 500-508 Broadway (Tract I) and 510- 514 Broadway
(Tract II), and being more particularly described as follows:
TRACT I: 500-508 BROADWAY (ARCADE THEATER BUILDING)
BEING PART OF LOT NO. 190 IN BLOCK #22 IN TOWN B. FIRST
ADDITION TO THE CITY OF PADUCAH; BEGINNING ON THE WEST
SIDE OF 5TH (FORMERLY CHESTNUT) STREET AT THE CORNER OF
BROADWAY AND 5TH STREETS OPPOSITE THE CUSTOM -HOUSE
BUILDING; THENCE OUT BROADWAY STREET IN A WESTERLY
DIRECTION ONE HUNDRED AND TEN (110) FEET AND SEVEN (7)
INCHES, ON ABOUT THAT DISTANCE AT RIGHT ANGLES TOWARDS
THE CENTER OF THE BLOCK AND KENTUCKY AVENUE (FORMERLY
COURT STREET), ONE HUNDRED AND SEVENTY-THREE (173) FEET
AND THREE (3) INCHES WITH THE LINE OF FRIEDMAN, KEILER AND
NAHM PROPERTY; THENCE AT RIGHT ANGLES IN AN EASTERLY
DIRECTION 110 FEET AND 7 INCHES, OR ABOUT THAT DISTANCE TO
5TH (FORMERLY CHESTNUT) STREET; THENCE WITH THE LINE OF 5TH
STREET IN A NORTHERLY DIRECTION, 173 FEET AND 3 INCHES TO
THE PLACE OF BEGINNING, ON THE CORNER OF BROADWAY AND
FIFTH STREETS.
TRACT II: 510-514 BROADWAY (COLUMBIA THEATER BUILDING)
BEGINNING AT A POINT (110-67/100) ONE HUNDRED AND TEN AND
SIXTY-SEVEN ONE HUNDREDTHS FEET FROM THE SOUTHWEST
CORNER OF BROADWAY AND FIFTH STREETS, IT BEING R. LOEB'S
N. W. CORNER, THENCE WESTWARDLY WITH THE SOUTH SIDE OF
BROADWAY FIFTY-SEVEN AND SEVENTY FIVE ONE HUNDREDTHS
FEET, THENCE AT RIGHT ANGLES TO BROADWAY ONE HUNDRED
AND SEVENTY-THREE AND TWENTY-FIVE ONE HUNDREDTHS FEET,
THENCE AT RIGHT ANGLES TOWARD FIFTH STREET, FIFTY-SEVEN
AND SEVENTY-FIVE HUNDREDTHS FEET, THENCE AT RIGHT
ANGLES TOWARD BROADWAY, ONE HUNDRED AND SEVENTY-
THREE AND TWENTY-FIVE ONE HUNDREDTHS FEET TO THE
BEGINNING.
SECTION 2. That the City of Paducah hereby agrees to do the following
in order to facilitate the adaptive reuse of the Arcade and Columbia Theaters:
• Provide $2,000 towards the cost of the re -appraisal of the theaters.
• Accept properties as a donation
• Be aggressive in actively marketing the properties to find a capable
developer who will renovate the property to be used in a for-profit
use.
• Use due diligence to help insure that the building facades are
maintained and/or restored to a standard in keeping with the
Secretary of the Interior's Standards for Rehabilitation.
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• Honor all leases and require the developer to do same.
• That the offices of John W. Keiler remain at their current location
rent-free for a period of two years after his death.
SECTION 3. The Mayor is hereby authorized to execute any and all
documents necessary to accomplish the purpose of transferring the above-described real
estate to the City of Paducah.
SECTION 4. Due to JJK Investments, Inc., et al. reporting this as a
donation on the 2003 tax filing an emergency is hereby declared to exist and this
ordinance shall become effective immediatelv witb.ei ng. n
ATTEST:
Tammara S. Brock, City Clerk
Introduced and adopted by the Board of Commissioners December 16, 2003
Recorded by Tammara S. Brock, City Clerk, December 16, 2003
Published by The Paducah Sun, December 24, 2003
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