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ORDINANCE #93 -L7494 -(o
AN ORDINANCE APPROVING AN AMENDMENT TO
PURCHASE AGREEMENT BETWEEN THE CITY OF PADUCAH
AND G.P.E.D.C., INC., AND AUTHORIZING AN
AN OPTION TO PURCHASE
WHEREAS, on May 13, 1991, G.P.E.D.C., Inc. (GPEDC) and the City of
Paducah did enter into a purchase agreement regarding the City's acquisition of the
old Florsheim building; and
WHEREAS, GPEDC has requested two amendments to said agreement,
the first amendment being that GPEDC be allowed to retain the excess of monthly
rentals which TeleService presently pays on its lease of aforesaid building from the
monthly loan payments made to local Paducah banks which provided funding for the
acquisition, and additionally, that the City accord to GPEDC an option to purchase the
old Florsheim building for an amount equal to the City's loan indebtedness to the
Commonwealth of Kentucky; and
WHEREAS, it is the belief of the City of Paducah that the proposed
rentals to be retained by GPEDC would be beneficial to GPEDC, and therefore, would
be beneficial to the community, and additionally, that the option to purchase would be
beneficial to the City in that exercise of said option would pay and satisfy the City's
loan obligation with the Commonwealth of Kentucky;
NOW, THEREFORE, be it ordained by the Board of Commissioners
of the City of Paducah, as follows:
SECTION 1. The City of Paducah, Kentucky, does hereby approve and
agree to execute an amendment to purchase agreement and an option to purchase
which had been proposed by GPEDC, and that during such time that GPEDC is
paying the monthly loan payments to the local Paducah banks, that it be allowed to
retain for its use and benefit the excess rentals over loan payments, and additionally,
that GPEDC be accorded an option to purchase the aforesaid old Florsheim building
for an amount equal to the amount of the City of Paducah's loan with the
Commonwealth of Kentucky.
SECTION 2. The Mayor of the City is hereby authorized and directed,
and the City Clerk of the City is hereby authorized and directed, to attest under the
seal of the City the proposed amendment to purchase agreement, option to purchase,
and memorandum of option to purchase in the form attached hereto and approved by
corporation counsel for the City as to form and legality.
SECTION 3. This ordinance shall be given two separate readings in
accordance with law and shall become effective upon the date of its publication.
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Introduced by the Board of Commissioners lyh-t, �°pq3
Adopted by the Board of Commissioners ;It
/Y�./I19613
Recorded by Acting City Clerk -
Published by The Paducah Sun
ORD\7109
137