HomeMy WebLinkAbout2015-09-8288191176
ORDINANCE NO. 2015-9-8288
AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, APPROVING
A RIGHT OF FIRST REFUSAL AGREEMENT BETWEEN THE CITY OF
PADUCAH, KENTUCKY AND PADUCAH RIVERFRONT HOTEL, LP WITH
RESPECT TO A PUBLIC PROJECT AND AUTHORIZING THE EXECUTION
OF THE RIGHT OF FIRST REFUSAL AGREEMENT AND OTHER
DOCUMENTS RELATED THERETO
WHEREAS, the City of Paducah, Kentucky (the "City") is the owner of certain real
property situated along and near North P and 4h Streets and Executive Boulevard in downtown
Paducah adjacent to a publically owned convention center, generally known as the Julian Carroll
and Paducah Expo Convention Center (the "Convention Center"); and
WHEREAS, the Board of Commissioners of the City of Paducah, Kentucky, have
determined that it is necessary, appropriate, and in the best interest of the City to have designed,
developed, constructed, operated, and managed on the City owned real property an upscale hotel
and related parking improvements to serve the Convention Center as well as the downtown
business and tourism markets (the "Project"); and
WHEREAS, on June 29, 2015, the City and Paducah Riverfront Hotel, LP, a Kentucky
ULPA Limited Partnership, by and through its General Partner, Paducah Hotel Inc., a Kentucky
corporation, (the "Developer") entered into a Hotel Development Agreement (the "Development
Agreement") for the development and construction of the Project; and
WHEREAS, the City, at the request of the Developer, has agreed to issue its Industrial
Building Revenue Bonds in an aggregate principal of $12,000,000 (the "Bonds") pursuant to the
provisions of Chapter 103 of the Kentucky Revised Statutes, the proceeds of which will be used
to develop and construct the Project; and
WHEREAS, the City has determined that in order to further accomplish the public purposes
of the City, it is desirable and necessary that the City grant to the Developer a right of first refusal to
purchase or lease the real property generally located at 501 North P Street, Paducah, Kentucky for
purposes of hotel development or hotel related development beneficial to the economic
development of the downtown area upon the terms set forth in the Development Agreement; and
NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
Section 1. Recitals and Authorization. The City hereby approves the Right of First
Refusal Agreement (the "Agreement') between the City and the Developer and the Mayor and
City Clerk are authorized to execute, acknowledge and deliver in the name and on behalf of the
City, the Agreement substantially in the forms submitted or described to the City, which shall be
consistent with this Ordinance and not substantially adverse to the City and approved by the officers
executing the same on behalf of the City. It is further determined that it is necessary and desirable
and in the best interest of the City to enter into the Agreement for the public purposes herein
described. The approval of the Agreement by said officers, and that are not substantially adverse
to the City, shall be conclusively evidenced by the execution of the Agreement by such officers.
Section 2. Severability. If any section, paragraph or provision of this Ordinance shall be
held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such
section, paragraph or provision shall not affect any of the remaining provisions of this
Ordinance.
Section 3. Compliance With Open Meetings Laws. The City Commission hereby finds
and determines that all formal actions relative to the adoption of this Ordinance were taken in an
open meeting of this City Commission, and that all deliberations of this City Commission and of
its committees, if any, which resulted in formal action, were in meetings open to the public, in
full compliance with applicable legal requirements.
Section 4. Conflicts. All ordinances, resolutions, orders or parts thereof in conflict with
the provisions of this Ordinance are, to the extent of such conflict, hereby repealed and the
provisions of this Ordinance shall prevail and be given effect.
Section 5. Effective Date. This Ordinance shall be read on two separate days and will
become effective upon summary publication pursuant to KRS Chapter 424.
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ATTEST:
Tammara S. Sanderson, City Clerk
Introduced by the Board of Commissioners, August 25, 2015
Adopted by the Board of Commissioners, September 1, 2015
Recorded by Tammara S. Sanderson, City Clerk, September 1, 2015
Published by The Paducah Sun, September 5, 2015
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