HomeMy WebLinkAbout2020-10-8659ORDINANCE NO. 2020-10-8659
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 its real estate
development to Forest Hills Village, Inc., for specified annual rental amounts; and
WHEREAS, the existing lease agreement will expire on December 31,
2020; and
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 term of the renewal lease shall be for ten (10) years, which
shall commence January 1, 2021, and terminate on the 31St day of
December, 2030.
B. The annual lease payments shall be determined by multiplying the
lease payment as of December 31" of the preceding year by the
average Consumer Price Index "CPP' for Urban Consumers over
the previous two years, as published by the Bureau of Labor
Statistics of the United States Department of Labor for the year
ending in the two previous Novembers, which will be averaged
together to determine applicable CPI. Provided, however, that in
the event that COLA is less than zero, the annual lease shall not be
adjusted for COLA, but rather the annual lease payment shall
remain the same as the preceding year.
C. Forest Hills Village, Inc. shall pay the annual Lease Payments in
twelve (12) equal successive monthly payments on or before the
tenth (10') of each month of the annual lease term.
D. 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 I above.
SECTION 3. 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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YOR
ATTEST:
OLNelpN
mdsay Parish, Cit Jerk
Introduced by the Board of Commissioners, October 13, 2020
Adopted by the Board of Commissioners, October 27, 2020
Recorded by Lindsay Parish, City Clerk, October 27, 2020
Published by The Paducah Sun, October 30, 2020
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