HomeMy WebLinkAboutOrdinances Book 12, Page 1329, No Ordinance Number0
AN ORDINANCE AUTHORIZIAIG AMD EbIPO".' ERII1TG THE I-iAYOR OF THE CITY OF
PADUCAH TO EXECUTE FOR AND 0P1 BEHALF OF THE CITY OF PADUCAH, A CONTRACT
OF LEASING AND OPTION TO PURCHASE I'IITH THE GULF REFINING COi.1PA2IY FOR REAL
ESTATE LYING BETi'7EEN THE PROPERTIES OF THE GULF REFINING Cu-1PA14Y AND THE,
FERGUSON PROPERTY, AT AND NEAR THE 1-IOUTH OF ISLAND CREEK, IN THE CITY OF
PADUCAH
BE IT ORDAIEED BY THE BOARD OF C01-1IISSIONERS OF THE CITY OF PADUCAH,
KENTUCKY:
SECTION 1. That the i-Iayor be, and he is hereby authorized, for and on
behalf of the City of Paducah, to execute a contract of leasing and option to
purchase between the City of Paducah and the Gulf Refining Company of certain
real estate in the City of Paducah, Kentucky, located at and near the mouth
of Island Creek and lying between the properties of the Gulf Refiring Company
and the Ferguson property. Said contract shall provide for the leasing of the
land lying between the end of Elizabeth Street and the Tennessee River and the
GULF Refining Company property and the Ferguson property, with the exception
of the portion thereof heretofore leased by the City of Paducah •to the Gulf
Re=ining Company, for a period of ten (10) years for a certain nominal rental
of Five (`,15.00) Dollars per year, and said contract shall grant to the Gulf
Refining Company an option to purchase the property thereby leased and also
the portion_ thereof heretofore leased by the City of Paducah to the Gulf
Refining Company at any time within two (2) years from the date of the
adoption of this ordinance for a purchase price of Six Htuidred (51500.00)
Dollars, payable in cash.
SECTION 2. This ordinance shall be in full force and effect from and
after its adoption.
I•Iayor
Passed by the Board of Commissioners November 3, 1953
Recorded by Sarah Thurman, City Clerk, November 3, 1953
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