HomeMy WebLinkAbout2000-6-6216 A515
ORDINANCE No. 00 -
AN ORDINANCE AUTHORIZING THE MAYOR TO
EXECUTE A QUITCLAIM DEED AND RELEASE
FROM THE CITY OF PADUCAH TO PADUCAH
PRESERVATION, L.L.C.
WHEREAS, on November 2, 1999, the City (the "Grantor") did sell and
convey by deed of conveyance unto Paducah Preservation, L.L.C., (the "Grantee") a certain
tract of real property located on Broadway between First (Water) Street and Maiden Alley,
consisting of eight (8) lots (the "Property"), which deed of conveyance is more particularly set
forth in Deed Book 928, page 269, in the McCracken County Court Clerk's office; and
WHEREAS, a portion of the consideration given by Grantee to Grantor
under the Deed was the Grantee's agreement and promise to improve and renovate all
buildings located on the "Property" therein conveyed in accordance with the terms and
provisions more particularly set forth in the Deed (the "Improvements"); and
WHEREAS, in order to ensure that the improvements were substantially
completed by a certain date the "Property" was conveyed to Grantee, subject to an option
to repurchase in favor of Grantor (the "Option to Repurchase"); and
WHEREAS, Grantee completed a significant portion of the Improvements
required under the Deed, however, Grantee has not substantially completed all the
Improvements as required in the Deed; and
WHEREAS, Grantee is obtaining financing in order to bring about the
substantial completion of the Improvements; and
WHEREAS, one of the conditions of consummating said loan, lender has
requested that Grantor vest Grantee with unencumbered title to the Property, subject only
to the covenants, Improvements, terms and provisions herein contained, and that lender be
given a first and superior mortgage in the Property, to which Grantor is agreeable.
Be it ordained by the City of Paducah, Kentucky:
Section 1: The Mayor is hereby authorized and directed to enter into and
execute a Quitclaim Deed and Release, dated June , 2000, by and between the City and
Paducah Preservation, L.L.C., in order to effectuate the foregoing, subject to review by the
Corporation Counsel.
516
Section 2: An emergency is hereby declared to exist in order to facilitate
financing of the project and successful completion of the Improvements in a timely manner.
Unnecessary delay maycause severe economic harm to the private -parties. Therefore, this
ordinance shall become effective immediately with one reading.
ATTEST:
NOM
Introduced and adopted by the Board of Commissioners June 20, 2000
Recorded by City Clerk June 20, 2000
Published by The Paducah Sun June 26, 2000
ORD\12283