HomeMy WebLinkAbout98-11-5970102
ORDINANCE NO. 98J-- 5Lr70 _
AN ORDINANCE AUTHORIZING THE MAYOR TO
EXECUTE A SETTLEMENT AGREEMENT
REGARDING EAST MALL ACCESS ROAD AND
AUTHORIZING THE FINANCE DIRECTOR TO
MAKE EXPENDITURES THEREUNDER
WHEREAS, the City of Paducah has heretofore filed a
condemnation action against Teachers' Retirement System and Sam's
Real Estate Business Trust regarding the acquisition of real
property for the establishment of the east mall access road; and
WHEREAS, an interlocutory judgment and order was entered
by the McCracken Circuit Court in the aforementioned condemnation
action, and in accordance therewith, the sum of $63,300.00 was paid
to the clerk of the McCracken Circuit Court; and
WHEREAS, the parties have reached an agreement regzrding
the resolution of the condemnation action;
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1: The City Commission does hereby approve the
settlement agreement entered into between the City of Paducah,
Teachers' Retirement System of the State of Kentucky, and Sam's Real
Estate Business Trust regarding the resolution of the condemnation
action instituted by the City of Paducah for the establishment of
the east mall access road. In such regard, the City Commission does
hereby authorize the Mayor of the City of Paducah to execute the
aforementioned settlement agreement for and on behalf the City of
Paducah.
SECTION 2: The City Commission hereby authorizes that
from the sum of $63,300.00, which sum is to be paid by the clerk of
the McCracken Circuit Court to the City of Paducah, Kentucky, the
City shall disperse such funds as follows:
(a) The City of Paducah shall pay Teachers' Retirement
System of the State of Kentucky and Sam's Real Estate Business Trust
the sum of $34,675.00, which sum is to be paid to said parties in
accordance with the terms and provisions of the settlement
agreement;
(b) City shall apply the sum of $18,837.90, to the
contractor's invoice; and
(c) The City shall pay the sum of $9,787.10, to
Warehouse, Inc., as reimbursement of monies heretofore paid by
Warehouse, Inc., regarding the condemnation.
SECTION 3: This Ordinance shall be read on two separate
days and will become effective upon summary publication pursuant to
i KRS Ch. 424.
ALBERT JONES, OR
C,
ATTEST:
CITY CLERK, ASSISTANT
Introduced by the Board of
27,10110
Adopted by the Board of Commissioners_116w/mAtn I o' I q q9
Recorded by City Clerk
Published by The Paducah Sun
ORD\43414
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