HomeMy WebLinkAbout2010-2-7655ORDINANCE NO. 2010-2-7655
AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY
APPROVING A DEVELOPMENT AGREEMENT, ESCROW AGREEMENT AND
ALL OTHER DOCUMENTS NECESSARY FOR COMPLETION OF THE
WESTWOOD HILLS SUBDIVISION, AND AUTHORIZES THE MAYOR'S
EXECUTION OF AFORESAID DOCUMENTS
WHEREAS, on May 21, 2007, Shepherd's Nest Villas, LLC,
("Shepherd's Nest") made application to the City and tendered a final plat entitled
"Westwood Hills Subdivision" (the "Final Plat"), together with subdivision plans and a
stormwater management plan approved by the City Engineer on July 20, 2007 (the
"Approved Plans") for the development and subdivision of approximately 44 acres of
land (said land is more particularly described on Exhibit A attached hereto) located
within the corporate boundaries of the City of Paducah, McCracken County, Kentucky
into a single family residential development (herein after referred to as "Westwood
Hills"); and
WHEREAS, the Final Plat of Westwood Hills was conditionally approved
by the City on July 10, 2007 by City Ordinance 2007-7-7297 upon the obligation of
Shepherd's Nest to develop Westwood Hills and to construct and install all improvements
within the subdivision in accordance with the Final Plat, the Approved Plans and all
applicable subdivision regulations as set forth in Chapter 102, Article I and lI of the Code
of Ordinances—City of Paducah, Kentucky ("Subdivision Ordinance of the City"); and
WHEREAS, the Final Plat of Westwood Hills was subsequently filed of
record in the McCracken County Court Clerk's office in Plat Section "L," page 1842; and
WHEREAS, Shepherd's Nest has failed to fulfill its aforesaid obligations
and has ceased all development and construction within Westwood Hills; and
WHEREAS, on or about August 11, 2008, Branch Banking and Trust
Company ("Lender") commenced a foreclosure action against Shepherd's Nest and
others seeking the judicial sale of Westwood Hills (Branch Banking and Trust Company
vs. Shepherd's Nest Villas, LLC, et al, Civil Action No. 08 -CI -00914), the City is a party
defendant to said action; and
WHEREAS, City and Lender have come to a mutual agreement as to the
judicial sale of Westwood Hills which agreement provides for (1) the sale of Westwood
Hills as a whole rather than individual lots and (2) for the transfer to a successful
purchaser at the aforesaid judicial sale ("Developer") all rights and obligations of
Shepherd's Nest to proceed with the development of Westwood Hills, which transfer
shall be effectuated by Developer's execute and delivery of this Development
Agreement; and
WHEREAS, the City has found and determined, and hereby finds and
determines, that the transfer to Developer of all rights and obligations to proceed with the
development of Westwood Hills in accordance with the Final Plat, the Approved Plans
and the Subdivision Ordinance of the City is in the best interest of the City and the
community and is essential to ensure the public health, safety, and welfare thereof; and
WHEREAS, to set forth the nature and extent of Developer's rights to
proceed with the development of Westwood Hills, Developer desires to enter into this
Development Agreement.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City of Paducah, Kentucky hereby approves a
Development Agreement with Atlas Tri-State SPE,LLC and the Escrow Agreement in the
amount of $300,000 with Atlas Tri-State SPE, LLC and The Paducah Bank and Trust
Company, and all other necessary documents that may relate to the completion of
Westwood Hills Subdivision.
SECTION 2. That the Mayor is hereby authorized to execute the
Development Agreement, Escrow Agreement and all other documents that may relate to
the completion of Westwood Hills Subdivision that are approved in Section 1 above.
SECTION 3. This ordinance shall be read on two separate days and will
become effective upon summary publication pursuant to KRS Chapter 424.
ATTEST:
J8S, 9A-oc/,(
Tammara S. Brock, City Clerk
Introduced by the Board of Commissioners, February 9, 2010
Adopted by the Board of Commissioners, February 23, 2010
Recorded by Tammara S. Brock, City Clerk, February 23, 2010
Published by The Paducah Sun, February 27, 2010
\ord\eng\agree-dev & escrow—Westwood Hills