HomeMy WebLinkAbout91-7-4644271
ORDINANCE NO. 91- % - `/ 4�,*
AN ORDINANCE APPROVING A LOAN FROM THE
COMMONWEALTH OF KENTUCKY, CABINET FOR ECONOMIC DEVELOPMENT
(CABINET) IN THE AMOUNT OF $500,000.00 AND AUTHORIZING THE
MAYOR TO EXECUTE LOAN DOCUMENTS RELATING THERETO.
WHEREAS, the Cabinet has offered to the City a
loan in the amount of $500,000.00, at no interest, for
purpose of purchasing an approximate 9 -acre tract of real
property located in Paducah, Kentucky, which real property
is generally known as the Florsheim Building; and
WHEREAS, the purchase of this property by the City
will culminate a project entered into between the City and
GPEDC whereby the City and GPEDC had induced International
Teleservice Corporation to relocate one of its primary
business locations to Paducah, Kentucky, and to use and
lease said real property as one of its primary business
locations, the result of which has promoted jobs and
economic growth for the Paducah community.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY,
AS FOLLOWS:
SECTION 1. The City of Paducah hereby approves a
loan transaction with the Cabinet wherein the City shall
borrow from the Cabinet the sum of $500,000.00, with no
interest, which sum shall be repaid by the City to the
Cabinet following ten (10) years after the consummation of
the loan. The loan proceeds shall be utilized to purchase
the approximate 9 -acre tract of real property generally
known as the Florsheim Building.
SECTION 2. The City of Paducah hereby authorizes
and directs the mayor to execute any loan documents which
have been requested by the Cabinet, said loan documents
consisting of a promissory note, second mortgage agreement
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and loan agreement, and to do any other act which
necessary to consummate the loan with the Cabinet.
SECTION 3. This Ordinance shall be read on two
separate days and will become effective upon publication of
title and a certified summary thereof.
GERRY B. MONTGOMERY
Mayor
Introduced by the Board of Commissioners on July 9, 1991
Adopted by the Board of Commissioners on July 16, 1991
Recorded by Lenita Smith, City Clerk, on July 16, 1991
Published by The Paducah Sun July 22, 1991
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