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ORDINANCE NO. 87-9-3068
AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO AN AMENDED
AGREEMENT WITH C.C. COHEN'S, INC., A KENTUCKY CORPORATION
WHEREAS, the City of Paducah received a grant from the
Commonwealth of Kentucky for the purpose of loaning the proceeds.
thereof to..Charles Taylor, Jonesboro, Arkansas; Robert A. Robbins,
M.D., Lake City Arkansas; and Larry Johnson, Jonesboro, Arkansas, a
Kentucky Partnership, and C.C. Cohen's, Inc., for the purpose of
maintaining low and moderate income employment within the City of
Paducah; and
WHEREAS, the City of Paducah adopted Ordinance No. 83-1-2344,
approving a loan in the amount of $80,000.00; and
WHEREAS, the unpaid balance on said loan is $60,597.37, plus
accrued interest from January, 1987, in the amount of $3.,231.86; and
WHEREAS, provisions of said grant allow loaning of monies
repaid to the City to activities eligible for assistance under Title I
of the Community Development Act; and
WHEREAS, C.C. Cohen's, Inc., has.requested an additional loan
of $21,700.00; and
WHEREAS, C.C. Cohen's, Inc., for the purpose of maintaining
low and moderate income employment within the City of Paducah, is
eligible under Title I of the Community Development Act.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Mayor is authorized to enter into an Amended
Agreement with Charles, Taylor, Jonesboro, Arkansas; Robert A. Robbins,
M.D., Lake City, Arkansas; and Larry Johnson, Jonesboro, Arkansas, a
Kentucky Partnership, and C.C. Cohen's, Inc., for the purpose of the
City of Paducah lending to C.C. Cohen's, Inc., the sum of $21,700.00
and rescheduling the monies due the City of Paducah under Agreement
entered into in March of 1983. Said Amended Agreement sets forth the
terms of repayment of the loan and conditions upon which said sum is
loaned to C.C. Cohen's, Inc..
SECTION 2. A copy of said Agreement is attached hereto and
incorporated herein as if set out in full.
SECTION 3. This ordinance shall be read on two separate days
and will become effective upon publication of title and a certified
summary thereof.
JOE VITERISI
Mayor
Introduced by the Board of Commissioners September 8, 1987
Adopted by the Board of Commissioners September 22, 1987
Recorded by Lenita Smith, City Clerk, rS'eptember 22, 1987
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Published by The Paducah Sun — --Zd — 'V %
187