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HomeMy WebLinkAboutMO # 1744MUNICIPAL ORDER NO. 1744 A MUNICIPAL ORDER TO RE -USE $125,000 IN REPAID ECONOMIC DEVELOPMENT BOND FUNDS APPROVED THROUGH THE KENTUCKY CABINET FOR ECONOMIC DEVELOPMENT TO BE USED AS AN ECONOMIC INCENTIVE TO WHITEHALL INDUSTRIES TO AID IN THE PURCHASE OF ONE ALUMINUM EXTRUSION PRESS WHICH WILL ASSIST IN THE LOCATION OF WHITEHALL INDUSTRIES TO PADUCAH WHEREAS, the City of Paducah was notified on February 28, 2013, by the Kentucky Cabinet For Economic Development of the availability for use of $125,000 in repaid Economic Development Bond Funds; and WHEREAS, in accordance with instructions from the Kentucky Cabinet For Economic Development the City formally requested and on July 24, 2013, received confirmation from the Cabinet For Economic Development of the approval for use of the $125,000 for a project to assist the location of Whitehall Industries to Paducah; and WHEREAS, the approved use of the $125,000 is to assist in the purchase of an aluminum extrusion press for Whitehall Industries; and WHEREAS, Whitehall Industries has committed to the creation of 150 jobs, paying a minimum of $13 per hour, and including health insurance benefits with 50% company contribution; and WHEREAS, the City wishes to extend the use of these funds to Whitehall in partnership with additional incentives to be provided by Paducah Economic Development and McCracken County. BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the City of Paducah shall re -use $125,000 in repaid economic development bond funds approved through the Kentucky Cabinet for economic development to be used as an economic incentive to Whitehall Industries to aid in the purchase of one aluminum extrusion press which will assist in the location of Whitehall Industries to Paducah. SECTION 2. This expenditure shall be charged to the EDO119 project account (040-0102-511-2307). SECTION 3. This Order shall be in full force and effect from and after the date of its adoption. Af MAYO ATTEST: TAMMARA S. SANDERSON, CITY CLERK Adopted by the Board of Commissioners September 17, 2013 Recorded by Tammara S. Sanderson, City Clerk, September 17, 2013 \mo\incentives-whitehall