HomeMy WebLinkAbout2020-07-8642ORDINANCE NO. 2020-07-8642
AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY,
AUTHORIZING AND APPROVING THE SALE OF PROPERTY AT 5400
COMMERCE DRIVE TO KSR LEGACY INVESTMENT, CORP. PURSUANT
TO AN OPTION TO PURCHASE, IN CONJUNCTION WITH McCRACKEN
COUNTY, KENTUCKY, WITH RESPECT TO A PUBLIC PROJECT; AND
AUTHORIZING THE EXECUTION OF LEGAL DOCUMENTS RELATED
THERETO
WHEREAS, the City of Paducah (the "City") and McCracken County (the "County")
jointly own an industrial building located at 5400 Commerce Drive within the boundaries of
Paducah, McCracken County, Kentucky, ("the Premises") which building was constructed by the
City and the County for the public purpose of economic development; and
WHEREAS, the City, and the County entered into an Amendment to and Assumption of
Lease Agreement dated on or about May 21, 2020, with KSR Legacy Investment, Corp. ("KSR
Legacy") which contains a purchase option allowing the purchase of the Premises for the sum of
$3,600,000.00 ("the option price"); and
WHEREAS, KSR Legacy has given notice to the City and the County that it desires to
exercise said purchase option; and
WHEREAS, the City now wishes to enter into a deed, as described herein, with the
County and with KSR Legacy to convey the Premises to KSR Legacy for the option price
NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. Recitals and Authorization. The Board of Commissioners hereby declares
the Premises to be surplus property as it relates to the operations of the City. Further, the Board
of Commissioners hereby approves the transfer of the Property with compensation to KSR Legacy
Investment Corporation for economic development purposes, all as supported by an independent
appraisal. The City hereby authorizes and approves a deed by and between the City of Paducah,
Kentucky and McCracken County, Kentucky, as Grantors, and KSR Legacy (or its permitted
assignee, if any), as Grantee, for the purpose of conveying the Premises in exchange for payment
of the option price, in substantially the same form attached hereto and made part hereof as Exhibit
A, and for the execution of any and all other documents necessary to close on said transaction 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 or the City Manager. The approval of such
changes, and that such are not substantially adverse to the City, shall be conclusively evidenced
by the execution of the deed and related closing documents by the authorized official.
SECTION 2. 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 3. 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 4. Severability. The provisions of this Ordinance are declared to be
severable. If any section, phrase or provision shall for any reason be declared invalid, such
declaration shall not affect the validity of the remainder of this Ordinance.
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.
Page 1 of 8
Brandi Harless, May
ATTEST:
Lindsay Parish, CdClerk
Introduced by the Board of Commissioners, June 24, 2020
Adopted by the Board of Commissioners, July 7, 2020
Recorded by City Clerk, July 7, 2020
Published by The Paducah Sun, July 17, 2020
Ord/prop sale - KSR Purchase Property 5400 Commerce Drive
Attachment: Exhibit "A" Deed.
Page 2 of 8
Exhibit A
Deed
----- DEED -----
THIS DEED OF CONVEYANCE made and entered into on this the day of
2020, by and between McCRACKEN COUNTY, KENTUCKY, of 300
Clarence Gaines Street, Paducah, KY 42003, and CITY OF PADUCAH, KENTUCKY, of P.O.
Box 2267, Paducah, KY 42002-2267 ("Grantors"); and STANDARD INSURANCES
COMPANY, a Utah corporation, of 9310 South 370 West, Sandy, UT 84070 ("Grantee") (in
whose care the state and county tax bill for the aforesaid calendar year may be sent);
WITNESSETH:
THAT FOR the full and actual consideration of the sum of Three Million, Six -Hundred
Thousand, and 00/100 Dollars ($3,600,000.00), cash in hand paid, by the Grantee to the Grantors,
the receipt and sufficiency of which are hereby acknowledged; the Grantors have this day
bargained and sold and do by these presents hereby bargain, sell, alien, and convey unto the
Grantee, its successors and assigns, the following -described real property, lying and being in
McCracken County, Kentucky, and more particularly described as follow, to -wit:
The below is subject to Declaration of Protective Covenants and Restrictions for
Industrial Park West of record in Deed Book 1186, page 67, and re-recorded in
Deed Book 1186, page 643, McCracken County Clerk's office.
That certain real property located in McCracken County, Kentucky, and more
particularly described as follows:
BEING TRACT "D," CONSISTING OF 12 ACRES, AND TRACT "E,"
CONSISTING OF 7.2207 ACRES, IN THE INDUSTRIAL PARK WEST AS SET
FORTH ON THE WAIVER OF SUBDIVISION OF THE INDUSTRIAL PARK
WEST TO CREATE NEW TRACT "D," AND TRACT "E" OF THE PADUCAH-
McCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
PROPERTY OF RECORD IN PLAT SECTION "L," PAGE 1166, McCRACKEN
COUNTY COURT CLERK'S OFFICE.
Signaac Easement Reservation:
Excepting and reserving to the Grantors, their successors and assigns, and all other
persons or entities for the advantage of Grantors, including G.P.E.D.C., Inc. a/k/a
Greater Paducah Economic Development Council a/k/a Paducah Economic
Development, or its successors or assigns, and/or Paducah -McCracken County
Industrial Development Authority, a perpetual easement for the right to install,
construct, and repair, replace, and maintain signage, including reasonable ingress
and egress thereto, for the industrial development generally known as "I-24
Logistics Park" Mda "Industrial Park West" or its successor, provided that the same
does not unreasonably interfere with the Grantee's (or Grantee's successors' and
assigns') use of the above-described property, which easement shall be on, over,
across and through that portion of the above-described property as is more
particularly described as follows:
Page 3 of 8
Beginning at the intersection of the south right-of-way line of Commerce Drive and
the west right-of-way line of Olivet Church Road (KY 998), thence along the said
west right-of-way line of Olivet Church Road S 11°20'59" W a distance of 86.97
feet to an existing concrete monument, thence along the said west right-of-way line
of said road S 8°49'02" W a distance of 16.92 feet to the point of beginning of the
easement area described herein, thence continuing along the west right-of-way line
of Olivet Church Road S 8°49'02" W a distance of 60.00 feet to the southeast corner
of said easement, thence N 81°10'58" W a distance of 60.00 feet to the southwest
corner of said easement, thence N 8°49'02" E a distance of 60.00 feet to the north
corner of said easement, thence S 81°10'58" E a distance of 60.00 feet to the point
of beginning of said easement, containing 3600 sq. ft. The above signage
reservation is also depicted on the map attached to the instrument recorded August
31, 2006, in Deed Book 1101, page 258 (specifically appearing on page 263), in
the McCracken County Clerk's office.
Being in all respects the same property conveyed to City of Paducah, Kentucky,
and County of McCracken, Kentucky, by deed dated March 26, 2004, of record in
Deed Book 1035, page 452, in the McCracken County Clerk's Office.
Also see option to purchase referenced in Memorandum of Lease and
Memorandum of Assignment and Assumption dated May 21, 2020, recorded June
2, 2020, in Deed Book 1409, page 388, McCracken County Clerk's office. Also
see the assignment of the option to purchase from KSR Legacy Investment, Corp.
to Standard Insurances Company dated , 2020, recorded in
Deed Book , page , McCracken County Clerk's office.
This deed was prepared by the draftsman without the benefit of a title
examination. The information and legal description contained in this deed
were furnished by the Grantors herein and the draftsman assumes no liability
for the accuracy thereof.
TO HAVE AND TO HOLD the herein -described property, together with all improvements
thereon and all rights, easements, and appurtenances thereunto in anywise appertaining, unto the
Grantee, its successors and assigns forever.
The Grantors covenant to and with the Grantee that they are well and truly seized of the
fee simple title to the herein -described property, and do make this conveyance under COVENANT
OF GENERAL WARRANTY, subject to covenants, restrictions and easements of record.
CONSIDERATION CERTIFICATE: By signing below, the Grantors and Grantee
hereby acknowledge that the consideration stated hereinabove is the full actual consideration
for the transfer of the subject property. The Grantee joins this deed for the sole purpose of
certifying the consideration.
IN TESTIMONY WHEREOF, the Grantors and Grantee have hereunto set their hands on
this the day and year first written.
[SIGNATURE PAGES TO FOLLOW]
Page 4 of 8
GRANTORS:
McCRACKEN COUNTY, KENTUCKY
Title:
COMMONWEALTH OF KENTUCKY )
:ss.
COUNTY OF McCRACKEN )
The foregoing Deed and Consideration Certificate were subscribed, sworn to and
acknowledged before me by the Grantor, McCRACKEN COUNTY, KENTUCKY, by and
through its duly authorized 9
2020.
My commission expires:
Notary ID #
on this the day of
NOTARY PUBLIC
KENTUCKY STATE AT LARGE
Page 5 of 8
CITY OF PADUCAH, KENTUCKY
BY:
Title:
COMMONWEALTH OF KENTUCKY )
:ss.
COUNTY OF McCRACKEN )
The foregoing Deed and Consideration Certificate were subscribed, sworn to and
acknowledged before me by the Grantor, CITY OF PADUCAH, KENTUCKY, by and
through its duly authorized ,
on this the day of
.2020.
My commission expires:
Notary ID #
NOTARY PUBLIC
KENTUCKY STATE AT LARGE
Page 6 of 8
GRANTEE:
STANDARD INSURANCES COMPANY
e
Title:
STATE OF )
:ss.
COUNTY OF )
The foregoing Consideration Certificate was subscribed, sworn to and acknowledged
before me by the Grantee, STANDARD INSURANCES COMPANY, a Utah corporation, by
and through its duly authorized officer,
. on this
the day of
My commission expires:
Notary ID #
2020.
NOTARY PUBLIC
Page 7 of 8
I hereby certify that this
instrument has been prepared by:
Law Offices
McMurry and Livingston, PLLC
201 Broadway, P. O. Box 1700
Paducah, KY 42002-1700
(270) 443-6511
By:
Kerry D. Smith
File: G.P.E.D.C.—KSRLegacy
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