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MUNICIPAL ORDER NO. 479
A MUNICIPAL ORDER PLEDGING CITY PARTICIPATION IN
THE DEVELOPMENT OF A SPECULATION BUILDING AND DIRECTING
PADUCAH-McCRACKEN COUNTY GROWTH, INC. TO ISSUE A DRAFT UPON
THE ECONOMIC DEVELOPMENT ESCROW ACCOUNT FOR $50,000
WHEREAS, Paducah and McCracken County have
experienced slow economic growth in recent years; and
WHEREAS, it has become commonplace for businesses
and industrial interests to seek situations for expansion
and growth where existing facilities are available; and
WHEREAS, in the absence of such facilities in the
City of Paducah and McCracken County, it has been determined
by the Paducah City Commission and the Greater Paducah
Economic Development Council that it is in the best interest
of this community to create such facilities to further
promote economic growth and development.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Mayor be authorized and
directed to enter into an agreement with the Greater Paducah
Economic Development Council (GPEDC) to extend an economic
development loan of $50,000.00 for the expressed purpose of
capitalizing the construction of a speculation building,
said monies to be used to leverage other monies to this
project.
SECTION 2. That the Mayor has the authority to
request Paducah -McCracken County Growth, Inc. to issue a
draft, not to exceed $50,000.00, upon the Economic
Development Escrow Account held on behalf of the City by
Growth, Inc., payable to the GPEDC. Further, that such such
draft be made only upon a successful negotiation of terms
and conditions for said economic development loan by and
between the City of Paducah and the GPEDC.
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178
SECTION 3. This Order shall be in full force and
effect from and after the date of its adoption.
GERRY B. MONTGOMERY
Mayor
Adopted by the Board of Commissioners November 22, 1988
Recorded by Lenita Smith, City Clerk, November 22, 1988
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