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HomeMy WebLinkAbout83-11-2439681 ORDINANCE NO. 83-11-2439 AN ORDINANCE EXEMPTING GENEX CORPORATION FROM THE PAYMENT OF CERTAIN CITY TAXES FOR A PERIOD OF FIVE YEARS WHEREAS, it is provided by Section 92.300(1) that the legislative body of any city of second to sixth class may, by ordinance, exempt manufacturing establishments from city taxation forlia periodfnot exceeding five.years as an inducement to their location in.the city, and WHEREAS, the Board of-. Commissioners met in executive session on October 24, 1983, and tentatively approved the tax relief granted herein as an inducement for Genex Corporation to bui its manufacturing establishment in the City of Paducah, and --WHEREAS, Genex Corporation, a Maryland corporation, has requested such exemption for purpose of establishing a manufacturing establishment in the City -of Paducah, Kentucky, and WHEREAS, the Board of Commissioners of the City of Paducah, Kentucky, finds that the granting of such an exemption will induce Genex Corporation to locate a new manufacturing establi ment in the City of Paducah, and that the benefits to said City and its citizens of the location such new manufacturing establishment in said City will greatly exceed any benefits derived from s taxes if such an exemption were not granted, and WHEREAS, the Board of Commissioners of the City of Paducah, Kentucky, desires to grant exemption as an inducement for said manufacturing establishment to be located in the city. NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the real estate to be purchased by Genex Corporation for a manufactur site, together with all of its associated manufacturing equipment subject to city taxation, be exempted from such city ad valorem taxation as provided for by Section 92.300(1) for a period of f years, beginning with the first half (payable in the fall, 1984) of the taxes assessed as of Janua 1, 1984, for the fiscal year 1984-85, as an inducement for said establishment to be located wit the corporation limits of the City of Paducah, Kentucky. A brief description of the aforesaid real estate is as follows: Sixty-one (61) acres, more or less, located on the Coleman Road and contained within the Coleman Road Industrial Site, and as to be conveyed from Heublein, Inc., to Genex Corporation. SECTION 2. If at any time said Genex Corporation should cease operating said manufactur establishment, except periods of non -manufacturing activities caused by accidents, mishaps, b downs, strikes or other unavoidable occurrences or casualties, the exemption granted herein shall immediately cancelled and held for naught. SECTION 3. This ordinance shall be read on two separate days and will be effective up publication of a certified summary thereof. JOHN K. PENROD Mayor Introduced by the Board of Commissioners October 25, 1983 Passed by the Board of Commissioners November 22, 1983 Recorded by Louise McKinney, City Clerk, November 22, 1983 Published by The Paducah Sun December 2, 1983.