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Home My WebLink AboutMO #2784MUNICIPAL ORDER NO. 2784 A MUNICIPAL ORDER APPROVING A FUNDING AGREEMENT WITH THE PADUCAH-MCCRACKEN COUNTY RIVERPORT IN AN AMOUNT OF $100,000 TO PARTIALLY FUND THE MATCH OF SMALL PROJECT PORTS GRANT THROUGH THE PORT INFRASTRUCTURE DEVELOPMENT PROGRAM FOR THE BULK YARD REVITALIZATION AND EXPANSION PROJECT, AND AUTHORIZING THE MAYOR TO EXECUTE ALL DOCUMENTS RELATED TO SAME KENTUCKY: NOW, THEREFORE, BE IT ORDERED BY THE CITY OF PADUCAH, SECTION 1. That the Board of Commissioners hereby authorizes the Mayor to execute a Funding Agreement in an amount of $100,000 with the Paducah -McCracken County Riverport Authority in substantially the form attached hereto and made part hereof (Exhibit A). SECTION 2. Funding of this payment shall be paid through the Riverport Project Account, Account Number EDO117. SECTION 3. This Order shall be in full force and effect from and after the date of its adoption. 7- George ray, Mayor ATTEST: Claudia Meeks, Assistant City Clerk Adopted by the Board of Commissioners, September 5, 2023 Recorded by Claudia Meeks, Assistant City Clerk, September 5, 2023 mo/agree — Riverport Funding Agreement grant match EXHIBIT A FUNDING AGREEMENT PADUCAH-MCCRACKEN COUNTY RIVERPORT AUTHORITY This Funding Agreement, effective this day of , 2023, by and between the CITY OF PADUCAH (hereinafter "City") and the PADUCAH-MCCRACKEN COUNTY RIVERPORT AUTHORITY (hereinafter "Riverport Authority"), a body corporate and politic created by the ordinances of the City of Paducah, Kentucky, and McCracken County, Kentucky pursuant to authority granted by the legislature of the Commonwealth of Kentucky in KRS 65.510. WITNESSETH: WHEREAS, the Riverport Authority is a full-service inland port facility that drives economic development and serves as a national hub for river transport; and WHEREAS, the Riverport Authority has been awarded a $3.32 million Small Projects at Small Ports grant through the Port Infrastructure Development Program, said grant will be used for its Bulk Yard Revitalization and Expansion Project; and WHEREAS, as a condition of this grant award, the Riverport Authority is required to provide matching funds in the amount of $500,000 and has requested $100,000 from the City of Paducah to partially fund this match; WHEREAS, the remainder of the $500,000 match includes $100,000 from McCracken County Fiscal Court, $160,000 from the Riverport Authority and $140,000 from private entities; and WHEREAS, said expenditure constitutes a public purpose expenditure in accordance with Kentucky Constitution Section 171; and WHEREAS, the City of Paducah now desires to enter into a Funding Agreement with the Riverport Authority setting forth the terms and conditions under which the funding shall be granted. NOW THEREFORE, in consideration of the foregoing premises and the mutual covenants as herein set forth, the parties do covenant and agree as follows: SECTION 1: TERM The term of this contract shall be from the effective date of the contract until all funds are expended by the Riverport Authority and all accountings have been provided pursuant to Section 5 below. SECTION 2: TERMINATION Either party may terminate this Funding Agreement upon failure of any party to comply with any provision of this agreement provided any such party notifies the other in writing of such failure and the breaching party fails to correct the breach within thirty (30) calendar days of the notice. SECTION 3: PAYMENT Upon the signing of this Agreement, the City of Paducah shall make payment to the Riverport Authority in the one-time lump sum amount of $100,000 which shall be allocated as defined in Section 4. SECTION 4: OBJECTIVES AND SERVICES The Riverport Authority shall allocate the $100,000 funding from the City to serve as part of the Small Project at Small Ports grant match through the Port Infrastructure Development Program for its Bulk Yard Revitalization an Expansion Project. These funds will be used only for the purpose of which they were awarded and the Riverport Authority will follow all programmatic requirements as required by the U.S. Department of Transportation in the use of the funds and reporting on said use. SECTION 5: ACCOUNTING (A) The Riverport Authority shall provide the City of Paducah an accounting of all expenditures related to the allocations of funds provided by the City of Paducah as they are expended. (B) The Riverport Authority shall provide a copy of their annual financial audit report to the City of Paducah within two weeks of its completion. (C) Accountings required herein shall be addressed as follows: City of Paducah Attn: Lindsay Parish, City Clerk 300 S. 5a' Street Paducah, KY 42002 1parish@paducahky.gov SECTION 6: ENTIRE AGREEMENT This contract for services embodies the entire agreement between the parties and all prior negotiations and agreements are merged in this agreement. This agreement shall completely and fully supersede all other prior agreements, both written and oral, between the parties. SECTION 7: WITHDRAWAL OF FUNDS Notwithstanding any other provision in this Funding Agreement, in the event it is determined that any funds provided to the Riverport Authority are used for some purpose other than in furtherance of the services described herein, the City shall have the right to immediately withdraw any and all further funding and shall immediately have the right to terminate this Funding Agreement without advance notice and shall have the right to all remedies provided in the law to seek reimbursement for all monies not properly accounted. SECTION 8: MISCELLANEOUS This document constitutes the sole agreement between the parties concerning the obligations specified herein and it supersedes and replaces all prior and contemporaneous oral and written understandings pertaining to the subject matter hereof. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Kentucky, without giving effect to its choice of law provisions. The parties hereby consent to the exclusive jurisdiction of the state courts of Kentucky with respect to all matters arising out of or related to this agreement. No amendment or modification of the terms or conditions of this Agreement will be valid unless in writing and signed by both parties. The failure of either party to partially or fully exercise any right or the waiver by either party of any breach, shall not prevent a subsequent exercise of such right or be deemed a waiver of any subsequent breach of the same or any other term of this Agreement. No waiver shall be valid or binding unless in writing and signed by the waiving party. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held to be void, invalid, or inoperative, the remaining provisions of this Agreement shall not be affected and shall continue in effect and the invalid provision shall be deemed modified to the least degree necessary to remedy such invalidity. Witness the signature of the parties as of the year and date first written above CITY OF PADUCAH By Title Date: PADUCAH-MCCRACKEN COUNTY RIVERPORT AUTHORITY By Title Date: