HomeMy WebLinkAboutMO #2408MUNICIPAL ORDER NO. 2408
A MUNICIPAL ORDER AUTHORIZING PAYMENT TO THE KENTUCKY
ECONOMIC DEVELOPMENT FINANCE AUTHORITY FOR TAX INCREMENT FINANCING
(TIF) CONSULTANT SERVICES, IN AN AMOUNT OF $25,000 AND AUTHORIZING THE
EXECUTION OF ALL DOCUMENTS RELATED TO SAME
WHEREAS, the City of Paducah approved Municipal Order No. 2291 on October 8,
2019, to authorize payment to the Kentucky Economic Development Finance Authority (KEDFA) for
Tax Increment Financing Consultant services in an amount of $85,185; and
WHEREAS, over the course of the project, the Kentucky Economic Development
Finance Authority discovered that the cost exceeded the initial estimate and the Cabinet notified the City
that an additional $25,000 advanced payment will be necessary for the consultant report to be
completed; and
WHEREAS, the City of Paducah now wishes to authorize an additional payment in order
that the consultant report may be completed.
NOW THEREFORE, BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City of Paducah hereby authorizes the Finance Director to
make payment to the Kentucky Economic Development Finance Authority, in an amount of
$25,000 and authorizes the Mayor to execute all documents related to same.
SECTION 2. This expenditure shall be charged to the Administrative
r Contingency Account No 10000106 524500 (DT0044). Payments will be held in escrow by the
Cabinet for Economic Development pending completion of performance milestones by the
consultant. Should the consultant find that the cost will exceed the estimate, the cabinet will
notify the Finance Director and request additional advance payment for the estimated additional
cost.
SECTION 3. This order shall be in full force and effect from and after the date of
its adoption.
Bra � arless, M*or
ATTEST":
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Lindsay Par' h, City Clerk
Adopted by the Board of Commissioners, November 10, 2020
Recorded by Lindsay Parish, City Clerk, November 10, 2020
\mo\ TIF Consultant Services 11-2020