Loading...
HomeMy WebLinkAbout2014-08-816639 175960 ORDINANCE NO. 2014-8-8166 AN ORDINANCE AUTHORIZING AND APPROVING A SETTLEMENT, RELEASE, AND PURCHASE PERTAINING TO THE REAL PROPERTY LOCATED AT 5065 CONCORD AVENUE, PADUCAH, MCCRACKEN COUNTY, KENTUCKY INVOLVING BETTY J. OWENS AND ALLSTATE INSURANCE COMPANY WHEREAS, in 2013, the Board of Commissioners of the City of Paducah previously determined that it was necessary, appropriate, and in the best interest of the City to purchase the real property located at 5065 Concord Avenue, Paducah, McCracken County, Kentucky which is more particularly described on Exhibit "A," attached hereto (the "Property") for purposes of the Olivet Church Road Improvement Project (the "Public Project"); and WHEREAS, Betty J. Owens reserved a life estate on said property in order to live in her home located thereon; and WHEREAS, the City of Paducah and Betty J. Owens had certain contractual obligations pertaining to that transaction and the retention of her life estate; and WHEREAS, on December 9, 2013, a fire erupted at the property destroying Betty J. Owens' home and its contents; and WHEREAS, the City of Paducah, Allstate Insurance and Betty J. Owens have come to terms to settle and release any and all claims pertaining to the fire and to extinguish the life estate reserved by Betty J. Owens; WHEREAS, the Board of Commissioners of the City of Paducah wishes to resolve this matter, collect the insurance proceeds and extinguish the life estate, and has determined that the execution of Settlement Agreement and Release, Purchase Agreement and Release and Quitclaim Deed is in the best interest of the City. BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. The Board of Commissioners of the City of Paducah hereby approves and consents to the execution of the Settlement Agreement and Release, Purchase Agreement and Release and Quitclaim Deed in exchange for the receipt of the insurance proceeds of $109,093.69, plus an additional $3,000 for demolition costs, plus a release of all contractual obligations between the City of Paducah and Betty J. Owens and the release of the reserved life estate. It is hereby found and determined that the transaction completes the acquisition of the property to be used for public purposes of the City. It is further determined that the Mayor, on behalf of the City of Paducah, Kentucky, is hereby authorized to execute the transaction documents and any other documents necessary to accomplish and consummate the settlement and purchase in accordance with this Ordinance. SECTION 2. That the Board of Commissioners of the City of Paducah authorizes the purchase of the life estate reserved by Betty J. Owens in the amount of $43,959.00 as set out in the Purchase Agreement and Quitclaim Deed from Owens to City of Paducah. SECTION 3. The Finance Director is hereby authorized to make said expenditure approved in Section 2 from project account w1 SECTION 4. Corporate Counsel is hereby authorized to conduct such due diligence and investigation as it deems necessary and in the best interest of the City. Further Corporate Counsel is authorized to prepare the quitclaim deed, closing statement and any other documents necessary to accomplish and consummate the settlement, release, purchase and acquisition between the City, Allstate and Owens in accordance with this Ordinance. SECTION 5. If any section, paragraph or provision of this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Ordinance. SECTION 6. This City Commission hereby finds and determines that all formal actions relative to the adoption of this Ordinance were taken in an open meeting of this City Commission, and that all deliberations of this City Commission and of its committees, if any, which resulted in formal action, were in meetings open to the public, in full compliance with applicable legal requirements. SECTION 7. All ordinances, resolutions, orders or parts thereof in conflict with the provisions of this Ordinance are, to the extent of such conflict, hereby repealed and the provisions of this Ordinance shall prevail and be given effect. SECTION 8. This ordinance shall be read on two separate days and will become effective upon summary publication pursuant to KRS Chapter 424. ATTEST: City Clerk Introduced by the Board of Commissioners, July 22, 2014. Adopted by the Board of Commissioners, August 5, 2014. Recorded by City Clerk, August 5, 2014. Published by The Paducah Sun, August 11, 2014. \ord\agree-owens property -5065 concord ave 2 41 EXHIBIT "A" BEING LOTS 22 AND 23 IN THE CHARLES L. KINDRED SUBDIVISION AS SHOWN BY PLAT OF RECORD IN PLAT BOOK "G", PAGE 93, IN THE MCCRACKEN COUNTY CLERK'S OFFICE. BEING THE SAME PROPERTY CONVEYED TO KENNETH OWENS AND ' WIFE, BETTY J. OWENS, BY DEED DATED JUNE 14, 1966, OF RECORD IN DEED BOOK 478, PAGE 510, IN THE MCCRACKEN COUNTY CLERK'S OFFICE. KENNETH OWENS, DECEASED, DIED ON OR ABOUT APRIL 24, 2013, AND BY VIRTUE OF THE SURVIVORSHIP CLAUSE IN THE AFORESAID DEED FEE TITLE VESTED IN BETTY J. OWENS.