HomeMy WebLinkAbout2006-8-716027
ORDINANCE NO. 2006-8-7160
AN ORDINANCE AUTHORIZING THE MAYOR TO
EXECUTE A RESIDENTIAL INFILL DEVELOPMENT
AGREEMENT WITH HIGDON DEVELOPMENT, INC.
WHEREAS, Higdon Development, Inc., is the owner of a tract of real property
consisting of 11.089 acres known as Lakewood Villas, which is located on Bleich Road in Paducah
Kentucky; and
WHEREAS, it would be beneficial to the Developer and Developer's Development,
and the successor owners of property located in Developer's Development, to obtain municipal services
from the City; and
WHEREAS, Hidgon Development, Inc., is desirous of entering into a Residential
Infill Development Agreement with the City, which infill agreement would provide to Higdon a
defined reimbursement of $108,000 with regard to Developer's construction costs for public
infrastructure and improvements which are necessary for the provision of municipal services or the
amount of ad valorem real property taxes realized by the City from property located in Lakewood
Villas for a period of 5 years following August 28, 2006, the lesser to apply.
NOW, BE IT ORDAINED, by the City of Paducah, Kentucky, as follows:
Section 1. The City Commission does hereby approve the Residential Infill
Development Agreement to be executed by and between the City of Paducah and Higdon
Development, Inc. for a tract of real property known as Lakewood Villas located on Bleich Road. The
Mayor of the City of Paducah, Kentucky, is hereby authorized to execute the infill agreement for and
in behalf of the City of Paducah, Kentucky.
Section 2. This Ordinance shall be read on two separate days and will become
effective upon summary publication pursuant to KRS 424.
ATTEST:
Tammara S. Brock, City Clerk
Introduced by the Board of Commissioners, August 15, 2006
Adopted by the Board of Commissioners, August 22, 2006
Recorded by Tammara S. Brock, City Clerk, August 22, 2006
Published by The Paducah Sun, August 28, 2006
\ord\plan\agreement-residential infill (HigdonDevelopment)