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HomeMy WebLinkAbout79-6-1728196 ORDINANCE NO. 79-6-1728 AN ORDINANCE AUTHORIZING THE MAYOR TO EXECUTE A LEASE AGREEMENT BETWEEN THE CITY OF PADUCAH AND WALTER PARR, LARRY BAKER ` AND TOMMY FIELDER d/b/a IRVIN COBB ASSOCIATES, PROVIDING FOR THE LEASE OF TWENTY- THREE: PARKING SPACES LOCATED IN THE CITY PARKING FACILITY AT THE SOUTH- EAST CORNER OF THE INTERSECTION OF SIXTH 'STREET AND KENTUCKY AVENUE, AND AUTHORIZING THE CITY TO ACCEPT A BOND FROM,WALTER-PARR, LARRY BAKER AND TOMMY FIELDER c/b/a IRVIN COBB ASSOCIATES, IN THE AMOUNT OF $50, 000.00 AND SECURED, IF REQUIRED, BY A LIEN ON THE WILCOX APARTMENTS AT THE NORTH- WEST CORNER OF' THE INTERSECTION OF SIXTH STREET AND` KENTUCKY AVENUE, FOR PURPOSES OF ASSURING COMPLIANCE BY WALTER PARR, LARRY 'BAKER .AND TOMMY FIELDER, d/b/a. IRVIN COBB ASSOCIATES WITH THE PARKING REQUIREMENTS OF THE PADUCAH ZONING ORDINANCE - 1976 WHEREAS, _ Walter 'Parr,' Larry 'Baker and Tommy Fielder, d/b/a Irvin Cobb Associates, have undertaken,'the' project of rehabilitating the Irvin Cobb Hotel so as to provide commercial and residential use thereof, and` WHEREAS, the Board of -Commissioners of the City of Paducah, Kentucky, desire to assist -and to- make known its`. intentions to cooperate,, --in -zany manner legally, possible, with the oresaid project, 'and WHEREAS , they City of Paducah- has located near, : the Irvin° Cobb Hotel, a parking facility which may, by lease, be utilized to `comply with the requirements of The Paducah Zoning Ordinance 1976. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD" OF:: -COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the Mayor of the City be authorized to enter into a lease agreement with Walter Parr, Larry Baker and Tommy Fielder d/b/a Irvin Cobb Associates whereby the City of Paducah will lease to said persons, or their designee, twenty-three (23) parking spaces in the City's parking facility located at the south- east corner of the intersection of Sixth Street and Kentucky Avenue, for a term of five (5) years, at a rental rate of $2,000.00 per year, and for the purposes of pro- viding parking for the tenants of the Irvin Cobb Hotel. SECTION 2. That the City shall accept a bond from Walter Parr, Larry Baker, and Tommy Fielder d/b/a Irvin Cobb Associates, in the amount of $50,000.00, in order to assure that permanent parking as required by the Paducah Zoning Ordinance - 1976 will be provided for the Irvin Cobb Hotel not later than the expiration date of the - aforementioned lease. 197 SECTION 3. That, if required and deemed necessary, the City of Paducah shall accept a lien on the Wilcox Apartments at the northwest corner of the intersection Sixth Street 'and Ketucky Avenue, in order to secure the terms and provisions of the aforementioned'' bond. ^ 'SECTION 4: That prior "to the execution of the lease, bond, and, if necessary, the aforementioned lien, the legal department of the City of Paducah shall approve all terms and provisions thereof . SECTION 5. This ordinance shall be introduced and remain on file for one week for public inspection in the completed form in which it shall be put upon its final passage; and if adopted shall be in full force and effect ten (10) days there- , - .. after .