HomeMy WebLinkAbout77-12-1501680
ORDINANCE NO. 77-12-1501
AN ORDINANCE AMENDING "ORDINANCE NO. 75-9-1,17.51'. WHICH. WAS.
ENTITLED "AN ORDINANCE AUTHORIZING AN. AMENDMENT. TO -THE LEASE_ AGREE-
MENT DATED NOVEMBER 22, 1968,.,,BY AND BETWEEN THE CITY OF;.PADUCAH, .
KENTUCKY AND FOREST HILLS PUBLIC PROJECT CORPORATION
NOW, THEREFORE, BE IT ,ORDAINED..BY THE BOARD OF COMMISSIONERS OF
THE CITY OF PADUCAH,,, KENTUCKY:
SECTION 1.. ,That Section 1 of Ordinance No. 757-97.1175 be .amended and
reordained .to read as follows:
"Section 1. That the Mayor and City Clerk are hereby authorized and directed
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to enter into an.. Addendum, to the Lease between the , City of Paducah.,.; Kentucky and the
Forest Hills Public Project Corporation, dated November 22, 1968, which„ will provide
that in -lieu -of tax payments made to the City of Paducah 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 times an
amount that shall be
at least equal to
the
prevailing City tax rate plus Thirty and 0/100 Cents ($0.300) on each one hundred
dollars ($100.00) of property, subject to taxation for, school purposes;., and. -the County
of McCracken,, he u. ,Onj basis of the assessed value of .the ,property which .shall be
fixed at the sum of $2,500,000.00 times an amount that shall be at least equal to the
prevailing county tax rate minus Thirty and 0/100 Cents ($0.300) on each one hundred
dollars ($100.00) of property subject to taxation for school purposes".
SECTION 2. That Section 2 of Ordinance No. 75-9-1175 be amended and re -
ordained as follows:
"Section 2. That the aforesaid Addendum to Lease shall further provide
that addition to the in -lieu -of tax payments made to the City of Paducah and County
of McCracken, as provided in paragraph 1 above, the Forest Hills Public Project
Corporation will agree to pay to the City of Paducah, Kentucky, each year, its
simiannual installments, simultaneously with the aforementioned in -lieu -of tax pay-
ments, an amount that shall be at least equal to the prevailing city tax rate plus
Thirty and 0/100 Cents ($0.300) on each one hundred dollars ($100.00) of property
subject to taxation for school purposes for that year times the sum of $2,000,000.00.
The aforesaid Addendum to Lease shall further provide that the
City of Paducah,
Kentucky
and Forest Hills Public Project
Corporation, will each
agree, that the
aforesaid
sum shall be paid by the City
of Paducah, Kentucky,
into the account
known as
"City of Paducah Voted Public
Facilities (Forest Hills)
Bond Sinking Fund
for 1968"
now being maintained with the
Paducah Bank and Trust Company".
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SECTION 3. The aforesaid Addendum to Lease shall further provide that
the Board of Commissioners of the J City of Paducah may, at' "their
sole discretion and
at any time, upon written notice to the Forest Hills Public Project Corporation,
terminate the relief as granted by Section 1 and 2 above', and all in -lieu -of tax
payments shall thereon immediately revert to the basis for computation as described
in paragraph 5 of the lease dated November 22, 1968.
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 Agree-
ment between the City of Paducah, Kentucky, and Forest Hills Public Project Corporation,
dated November 22, 1968.
_. - ,.� -- ,_..
SECTION "'5. This ordinance shall be in full force and effect from and
after its'adoption .
Mayor
Passed by the Board of Commissioners December 13, 1977
Recorded by Louise McKinney, City Clerk; December" 13, 1977