Loading...
HomeMy WebLinkAbout2000-10-6274620 ORDINANCE MO Aa,00-/D- (-a%-�(- AN ORDINANCE REGARDING THE EXECUTION OF A FIRST ADDENDUM TO THE RENEWAL LEASE AGREEMENT EXECUTED BETWEEN THE CITY AND Forest HILLS VILLAGE, INC., F/K/A/ Forest PUBLIC PROJECT CORPORATION WHEREAS, on the 29' day of December, 1995, the City of Paducah, Kentucky, did execute a Renewal Lease Agreement with Forest Hills Public Project Corporation, now known as Forest Hills Village, Inc., wherein the City leased to Forest Hills Village, Inc., certain real property and improvements located in the City of Paducah, Kentucky, generally referred to as Forest Hills Public Project, now known as Forest Hills Village; and WHEREAS, pursuant to the Renewal Lease Agreement, the term of the lease was for a period of ten (10) years with Forest Hills being obligated to pay specified annual rentals to the City for the first five (5) years of the ten (10) year term, with the rentals for the remaining five (5) years of the ten (10) year term to be negotiated between the parties; and WHEREAS, Forest Hills has offered to pay to the City the sum of $180,000, per year as annual rentals for the remaining five (5) years of the ten (10) year term; and WHEREAS, it is the opinion of the Board of Commissioners that it would be beneficial for the City to realize such rentals from Forest Hills for the remaining five (5) years of the ten (10) year term. NOW, THEREFORE, be it ordained by the City of Paducah, Kentucky: SECTION 1. The annual rentals to be paid under the Renewal Lease Agreement with Forest Hills Village, Inc., for the remaining five (5) years of the ten (10) year term shall be in the amount of $180,000 per year for each year of the remaining five (5) years of the ten (10) year term. In such regard, the Mayor is hereby authorized and directed to execute with Forest Hills an Addendum to the Renewal Lease Agreement which shall set forth that the remaining rentals to be paid under the Renewal Lease Agreement for the remaining five (5) years of the ten (10) year term shall be $180,000 per year. SECTION 2. This ordinance shall be read on two separate days and will become effective upon summary publication pursuant to KRS Chapter 424. ALBERT JONES, MAY ATTEST: dr Y CLERK Introduced by the Board of Commissioners Adopted by the Board of Commissioners ©G lam. <;Lo a � Recorded by City Clerk O� c3 Dd O Published by The Paducah Sun ORD\13974 �I 621