HomeMy WebLinkAbout2008-2-7391561
ORDINANCE NO. 2008-2-7391
AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY,
APPROVING A MEMORANDUM OF UNDERSTANDING BETWEEN THE CITY
OF PADUCAH, KENTUCKY, FREEDOM CAPITAL, INC., (BUYER) AND DEAN E.
CHERRY AND L. CRAIG SIMS (GUARANTORS), WITH RESPECT TO A PRIVATE
PROJECT AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS
RELATED TO SUCH MEMORANDUM OF UNDERSTANDING
WHEREAS, William and Meredith Schroeder, ("Sellers"), presently own certain
real estate upon which is situated retail space formerly known as the United Home Furnishings
building, which property is located at 219 Broadway, Paducah, Kentucky 42001 (the Property);
and
Property; and
WHEREAS, the City is currently negotiating with the Sellers to purchase the
WHEREAS, the Buyer desires to acquire the Property with Buyer having the
specific intent and purpose to renovate the building and all other related improvements located
upon the Property (the "Renovation Project") and to use the Property to operate an outdoor
equipment retail store; and
WHEREAS, such renovation and use of the Property as an outdoor equipment
retail store will have a positive impact on the local community by stimulating the local economy,
expanding the tax base, and promoting the redevelopment of downtown Paducah; and
WHEREAS, in order to induce the acquisition, renovation, installation,
redevelopment, and equipping of the Property by Buyer, the City is agreeable to conveying the
Property and all related improvements located thereon to Buyer, provided Buyer fully satisfies
and accomplishes such intent and purpose and further fully complies with and satisfies the
conditions of this Memorandum of Understanding; and further the City is agreeable to providing
certain economic incentives to Buyer for purposes of defraying the costs of acquiring,
renovating, installing and equipping the Property; and
WHEREAS, it is deemed necessary and advisable that this Memorandum of
Understanding be entered into by the parties setting forth their agreement with respect to the
conveyance of the Property, the acquisition, renovation, redevelopment, installation and
equipping of the Property, and the economic incentives to be provided to defray the costs of said
acquisition, renovation, redevelopment, installation, and equipping of the Property by Buyer.
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
Memorandum of Understanding between the City, Freedom Capital, Inc, Dean E. Cherry and L.
Craig Sims (the "MOU") in substantially the form attached hereto as Exhibit A and made part
hereof. It is further determined that it is necessary and desirable and in the best interests of the
City to enter into the MOU for the purposes therein specified, and the execution and delivery of
562
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the MOU is hereby authorized and approved. The Mayor of the City is hereby authorized to
execute the MOU, together with such other agreements, instruments or certifications which may
be necessary to accomplish the transaction contemplated by the MOU with such changes in the
MOU not inconsistent with this Ordinance and not substantially adverse to the City as may be
approved by the official executing the same on behalf of the City. The approval of such changes
by said official, and that such are not substantially adverse to the City, shall be conclusively
evidenced by the execution of such MOU by such official. 1
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 424.
ATTEST:
Of
ammara S. Brock, City Clerk
Introduced by the Board of Commissioners, January 22, 2008
Adopted by the Board of Commissioners, February 5, 2008
Recorded by Tammara S. Brock, City Clerk, February 5, 2008
Published by The Paducah Sun, February 11, 2008
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