HomeMy WebLinkAbout2003-8-6676545
ORDINANCE 2003-8-6676
AN ORDINANCE REGARDING THE EXECUTION OF A SECOND
ADDENDUM AND EXTENSION OF RENEWAL LEASE AGREEMENT
EXECUTED BETWEEN THE CITY AND FOREST HILLS VILLAGE, INC.,
F/K/A/ FOREST HILLS PUBLIC PROJECT CORPORATION
WHEREAS, on the 29tti day of December, 1995, the City of Paducah,
\" Kentucky, did execute a Renewal Lease Agreement with Forest Hills Public Project
Corporation, now known as Forest Hills Village, Inc., wherein the City leased to Forest
Hills Village, Inc. (hereinafter AForest Hills@), certain real property and improvements
located in the City of Paducah, Kentucky, generally referred to as Forest Hills Public
Project, now known as Forest Hills Village; and
WHEREAS, on the 19th day of October, 2000, the City of Paducah and
Forest Hills did execute a First Addendum to Renewal Lease Agreement which amended
Paragraph 5 of the lease agreement, which dealt with the annual lease payment to the
City; and
WHEREAS, the current lease term is set to terminate on the 31St day of
December, 2005; and
WHEREAS, Forest Hills has offered to increase the amount of the yearly
lease payment to the City in exchange for an extension of its lease for another five years
from the termination date referenced above; and
WHEREAS, it is the opinion of the Board of Commissioners that it would
be beneficial for the City to realize such rentals from Forest Hills for that term.
NOW, THEREFORE, be it ordained by the City of Paducah, Kentucky:
SECTION 1. The annual lease payment to be paid under the Renewal
Lease Agreement with Forest Hills Village, Inc., for years nine and ten under the existing
lease shall be in the amount of $240,000 for 2004 and $300,000 for 2005. The rental for
the additional five year period shall be $360,000 per year.
SECTION 2. In such regard, the Mayor is hereby authorized and directed
to execute with Forest Hills a Second Addendum to the Renewal Lease Agreement which
shall set forth the lease payment to be made under the Renewal Lease Agreement for the
remaining two years of the current lease and extend the current lease term by an
additional five (5) year term for the lease payment described above.
546
SECTION 3. This ordinance shall be read on two separate days and will
become effective upon summary publication pur t t "1KRR.SChapter 424.
4
WILLIAM PAXTON, MAYOR
ATTEST:
r,
TAMMARA S. BROCK, CITY CLERK
Introduced by the Board of Commissioners, July 22, 2003
Adopted by the Board of Commissioners, August 12, 2003
Recorded by Tammara S. Brock, City Clerk, August 12, 2003
Published by The Paducah Sun, August 18, 2003
\ord\contract addendum — forest hills
00043996.WPD