HomeMy WebLinkAbout2010-8-7736ORDINANCE NO. 2010-8-7736
AN ORDINANCE APPROVING A RENEWAL LEASE AGREEMENT
WITH FOREST HILLS VILLAGE, INC, AND AUTHORIZING THE MAYOR TO
EXECUTE SAID LEASE
WHEREAS, the City of Paducah currently leases it's real estate
development to Forest Hills Village, Inc., for specified annual rental amounts; and
2010; and
WHEREAS, the existing lease agreement will expire on December 31,
WHEREAS, the parties desire to continue their lease relationship in
accordance with the terms and provisions of a Renewal Lease Agreement.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF
PADUCAH,KENTUCKY:
SECTION 1. That the City of Paducah, Kentucky, hereby approves the
Renewal Lease Agreement with Forest Hills Village, In., which shall have the following
terms:
A. The primary term of the renewal lease shall be for five (5) years
with one (1) extension of five (5) years provided the parties
mutually agree.
B. Forest Hills Village, Inc. shall pay lease payments to the City of
Paducah during the primary term the following sums: 2011.
$360,000; 2012. $360,000; 2013. $360,000 plus a cost of living
increase; 2014. A rate equal to 2013; and 2015. A rate equal to
2014 plus a cost of living increase.
C. Such other customary terms and conditions as may be approved by
the Corporation Counsel for the City of Paducah.
SECTION 2. The Mayor of the City is hereby authorized to execute the
renewal lease agreement approved in Section 1 above.
SECTION 3. This ordinance shall be read on two separate days and will
become effective upon summary publication
Mayor
ATTEST:
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City Clerk
Introduced by the Board of Commissioners, August 24, 2010
Adopted by the Board of Commissioners, August 31, 2010
Recorded by Tammara S. Brock, City Clerk, August 31, 2010
Published by The Paducah Sun, September 6, 2010
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