HomeMy WebLinkAbout2004-8-6860224
ORDINANCE NO. 2004-8-6860
AN ORDINANCE AUTHORIZING AND APPROVING THE CITY OF PADUCAH
GRANTING CERTAIN ECONOMIC INCENTIVES TO ALUMA-KRAFT, INC. AND
AUTHORIZING THE TRANSFER OF FUNDS FROM COMMISSION CONTINGENCY FOR
SAID PROJECT
j BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY, AS
FOLLOWS:
The City of Paducah, will:
Section 1. Recitals and Authorization. The City hereby approves providing
Aluma-Kraft with performance grants in the total amount of $500,000 with payments being made
over a 3 year period in allocations of $200,000, $150,000, $150,000. Further the City hereby
approves the Performance Agreement be entered into among the City, and Aluma-Kraft, Inc., in
substantially the form attached hereto as Exhibit A and made part hereof. It is determined that it
is necessary and desirable and in the best interests of the City to enter into the Agreement for the
purposes therein specified, and the execution of the Agreement is hereby authorized and
approved. The Mayor of the City is hereby authorized to execute the Agreement, together with
such other agreements, instruments or certifications which may be necessary to accomplish the
transaction contemplated by the Agreement with such changes in the Agreement 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 Agreement by such official.
Section 2. Conditional Authorization. The adoption of this Ordinance is
predicated upon Aluma-Kraft, Inc., executing the Agreement to bind Aluma-Kraft, Inc., to its
commitment to retain its existing operations, locate its manufacturing, distribution and office
expansion, create 225 net new jobs and invest at least $1.6 million within 24 months in the City,
all as set forth in the Agreement.
Section 3. Transfer of Funds. The Finance Director is hereby authorized and
directed to transfer the sum of $200,000,00, from the Commission Contingency Fund.
Section 4. 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 5. Compliance With Open Meetings_Laws. This 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.
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Section 6. 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 7. Effective Date. This Ordinance shall be read on two separate days and
will become effective upon summary publication
ATTEST: /�
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Tammara S. Brock, City Clerk
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Introduced by the Board of Commissioners, August 17, 2004
Adopted by the Board of Commissioners, August 24, 2004
Recorded by Tammara S. Brock, City Clerk, August 24, 2004
Published by The Paducah Sun, August 30, 2004
OrdUncentives — Aluma-Kraft
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