HomeMy WebLinkAbout83-3-2365571
ORDINANCE NO. 83-3-2365
AN .ORDINANCE AUTHORIZING AN AMENDMENT -TO THE LEASE AGREEMENT DATED
NOVEMBER 22, 1968, BY AND BETWEEN THE CITY OF PADUCAH, KENTUCKY, AND.FOREST
HILLS PUBLIC PROJECT CORPORATION AND AMENDMENT TO ADDENDUM TO LEASE DATED
OCTOBER 1, 1975
WHEREAS, the City of Paducah, Kentucky, and Forest Hills Public
Project Corporation on November 22, 1968, entered_ into a Lease Agreement
which provided among other things, .for the payment of in lieu of taxes to
the City of Paducah and County of McCracken, and
WHEREAS, the parties hereinbefore named, did on October 1, 1975,
by Addendum to Lease, change and modify the -manner in which the amounts of
in lieu of taxes -were to be computed, and
WHEREAS, it has now become apparent that the basis for computation
of the aforesaid in,lieu of tax payments has created a situation which has
become burdensome upon Forest Hills Public Project Corporation, and that
some relief should therefore be granted, and
WHEREAS, after careful deliberation the Board of Commissioners of
the City of Paducah, Kentucky, desires to grant some relief, but with the
provision that should at some future.date the relief granted be found, in
the opinion of the Board.of Commissioners. of the City of Paducah, Kentucky,
to be unnecessary for the prudent operation of Forest Hills Public Project,
that the Board of Directors of Forest Hills Public Project Corporation will
agree, without protest, to an immediate termination of the relief herein
granted.
NOW THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Mayor and City Clerk are hereby authorized
and directed to enter into an Addendum to the Lease between the City of
Paducah, Kentucky, and Forest Hills Public Project Corporation dated Nov-
ember 22, 1968, as amended by Addendum dated October 1, 1975, which will
provide that in lieu of tax payments made to the City of Paducah and County
Of McCracken by Forest Hills Public Project Corporation shall be upon the
basis of the assessed value of the property which shall be fixed at the sum
of $2,500,000.00.
SECTION 2. The aforesaid Addendum to Lease shall further provide
that Forest Hills Public Project Corporation shall not be required to pay to
the City of Paducah any amounts for deposit into the bond sinking fund known
as City of Paducah Voted Public Facilities (Forest Hills) Bond Sinking Fund
for 1968, except for those sums specifically required by the Paducah Voted
Public Facilities (Forest Hills) Bond Ordinance of 1968.
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SECTION 3. The aforesaid Addendum to Lease shall further provide
that the Board of Commissioners of the City of Paducah may, at their sole
discretion and at any time, upon written notice to Forest Hills Public
Project Corporation terminate the relief as granted by Section 2 above and
all in lieu of tax'payments shall thereupon immediately revert to the basis
for computation as described in paragraph 1 and 2 of the Addendum to Lease
dated October 1, 1975.
SECTION 4. By permitting the Addendum aforesaid the Board of
Commissioners of the City of Paducah does not in any further manner modify
or amend the Lease Agreement between the City of Paducah, Kentucky, and
Forest Hills Public Project Corporation dated -November 22, 1968, nor the
Addendum to Lease dated October 1, 1975.
SECTION S. The Addendum to Lease authorized herein shall be
retroactive to January 1, 1982.
SECTION 6. This ordinance shall be read on two separate days and
will be effective upon publication'of title and a certified summary thereof.
JOHN K. PENROD
Mayor
Introduced by the Board of Commissioners February 22, 1983
Passed by -the Board of Commissioners March 8, 1983
Recorded by Louise McKinney, City Clerk, March 8, 1983
Published by The Paducah Sun March 15," 1983.