Loading...
HomeMy WebLinkAboutOrdinances Book 10, Page 590, No Ordinance NumberPale 590 AN ORDINANCE AUTHORIZI17G Pile; 1.AYOR AND CI`C'Y CLERK TO ENTER INTO AND EAECUTE, FOR AND ON BEHALF OF THE CITY OF PADUCAH, A LEASE FROI:, T[M PADUCAH AIRPORT CORPORATION UPON A PRACT OF LAND CO !TAINING 50 ACRES, [.=ORE OR LESS, LOCATED ON I'HE COLEi:.AN ROAD IN hCCRACKEN COUNTY, KENTUCKY, THE SAYE TO BE HELD UNDER LEASE ':;ITH THE COUNTY OF YCCRA.CKEN, KENTUCKY; PROVIDING OPTIONS FOR TIIE RLNE-,"'Al, OF SAID LEASE IN 1942 AND IN SUBSEQUENT YEARS; AND PRESCRIBING PHE CONDITIONS UNDER WHICH THE CITY SHALL BECO[rE THE O';iIER OF SAID LEASED PROPERTY BE IT ORDAINED BY PHE BOARD OF COifyISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. . . That the I.iayor and City Clerk be and they are hereby authorized and empowered to enter into and execute, for and on behalf of the City of Paducah a Contract, Lease and Option upon j a certain tract of land containin; 50 acres, more or less, located on the Coleman Road in i,cCracken County, Kentucky, said property ti bo held under lease with the County of i,_cCracken, Kentucky, and which Contract, Lease and Optlon shall contain the followin terms, conditions and agreements: "For and in consideration of the sum of `10.00 cash in hand paid by the City of Paducah to the Paducah Airport I Corporation, the receipt of which is hereby acknowledged,' the Corporation hereby leases unto the City until January 1, 1942 a certain tract of land on the Coleman Road near Paducah, Kentucky, said tract of land to be held under lease by the City of Paducah and the County of McCracken, jointly, being the same property formerly used as a municipal airport i site by the City of Paducah. "The Corporation grants unto the Cit* the ri;ht and i I option to renew this lease for a period of one year beginning January 1st, 1942, and the same right and option is ;;ranted fo further terms of one ,year beSinning on the first day of January, of each year thereafter, at an annual .rental payable on the dates and in amounts as follows: I Lease Period Amount Due Due Date III 1-1-42 1'''.5,000.00 with interest to at 3/ per annum from Oct. 1-1-43 9th, 1941 to July 1, 1942 July 1, 1942 1-1-43 (;5,000.00 with interest to at 3% per annum from Oct. 1-1-44 9th, 1941 to July 1, 1943 July 1, 1943 I 1-1-44 ";5,000.00 with interest jto at 3�6 per annum from Oct. 1-1-45 9th, 1941 to July 1, 1944 July 1, 1944 0 -1 Page 591 1-1-45 $5,000.00 with interest to at 3/% per annum from Oct. 1-1-46 9th, 1941 to July .l, 1945 July 1, 1945 1-1-46 15,000.00 with interest to at 3% per annum from Oct. 11-15-46 9th, 1941 to July 1, 1946 July 1, 1946 "Provided, however, that in the event said options are exercised as herein provided and the City pays to the Corporation the sum of ;'25,000.00, together with all interest accrued thereon as above set out, this lease shall terminate and the Corporation hereby a;rees and binds itself, its successors and assi,;ns to convey the above descridDed real estate to the City on November 15 1946, the date on which the County of :'cCracken will pay to the Corpontion the last annual rental installment under its Contract, Lease and Option, and upon the conveyance of said property to the City, the Corporation will -warrant the title -enerally. "The City is hereby ;ranted the right and privilege of renewin, this lease from year to ,year, and the option shall be deemed to have been exercised in any year if the leislative body shall, upon the adoption of the annual apportionment, ordinance, include therein an appropriation for the renewal thereof and provide 'therein an amount sufficient for payment of the rental installment due for the year in which said lease may be renewed. "The rights and privileZes Zranted to the City under the terms of this lease shall be subordinate and inferior to the lien of the Citizens Saviors -ank at Paducah, Kentucky, 'Trustee, i under its morta_e a;ainst said property. "It is further understood and agreed between the parties I hereto that any and all rentals which may become due under this leae shall be paid to the Citizens Savin"s Bank at ?aducah, Kentucky, Is II Trustee, the same to apply to the payment of certain notes due on I July tst of each year, and which notes were executed and delivered to it by the Corporation, and upon the satisfaction of any note by II the payment of the annual rental as herein provided, the note so paid shall be forthwith cancelled and delivered to the Corporation "If durin�T any year in which the City may exercise its optic to renew this lease, the holder of any one or more of the aforesaid notes shall be required to pay any ad valorem or income taxes assessed thereon by the United States of America, by the Common- wealth of Kentucky, or by any political subdivision of the Common- wealth of Kentucky, there shall be added to f..ae aforesaid annual rental payment due in such year a sum equal to one-half of the tares which are required to be paid by the holder of said note or PaSe 592 notes in said year, the other one-half thereof to be paid by the County of !,.cCracken as provided under its Contract, Lease and Option, with the Corporation, and in which event the Cor_ooration i shall refund to the holders the amount of the taxes, levied against Viem. SECTION 2. This ordinance shall be in full force and effect from and after its adoption. Passed by the Board of Commissioners, October 11, 1941 Recorded by hudy Stewart, City Clerk, October 13, 1941.