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MUNICIPAL ORDER NO. 473
A MUNICIPAL ORDER APPROVING AN ECONOMIC DEVELOP -
V MENT LOAN IN THE AMOUNT OF $15,000 TO DAVID AND BEVERLY
HARRIS
' I
WHEREAS, David and Beverly Harris are developing
the Paducah Harbor Plaza in the downtown area of the City of
Paducah; and
WHEREAS, the City of Paducah has economic
development funds available for the development of projects
within the downtown area of the City of Paducah; and
WHEREAS, Growth, Inc. is the escrow agent for the
Economic Development Escrow Account held on behalf of the
City of Paducah.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Mayor is authorized and
directed to enter into an agreement with David Harris and
Beverly Harris to extend an economic development loan in the
amount of $15,000 bearing interest at the rate of five (50)
percent per annum and payable to the City in one hundred
twenty (120) equal installments of One Hundred Fifty -Nine
and 10/100 ($159.10) Dollars, beginning on the 1st day of
February, 1989, for the express purpose of renovation and
enhancement of property value of the Paducah Harbor Plaza at
Second and Broadway in the City of Paducah, Kentucky.
SECTION 2. That the Mayor has the authority to
request Paducah -McCracken County Growth, Inc. to issue a
draft in the amount of $15,000 upon the Economic Development
Escrow Account held on behalf of the City by Growth, Inc.,
payable to David
and Beverly
Harris. Further, that such
draft may be made
only upon
a successful negotiation of the
terms and conditions of said Economic Development loan by
and between the City of Paducah and David and Beverly
Harris.
SECTION 3. This ordinance shall be in full force
and effect after the date of its adoption.
GERRY B. MONTGOMERY
Mayor
01 Adopted by the Board of Commissioners October 25, 1988
Recorded by Lenita Smith, City Clerk, October 25, 1988
loan.mo
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