HomeMy WebLinkAboutMO #2428MUNICIPAL ORDER NO. 2428
A MUNICIPAL ORDER AUTHORIZING PAYMENT TO THE KENTUCKY
ECONOMIC DEVELOPMENT FINANCE AUTHORITY FOR TAX INCREMENT
FINANCING (TIF) CONSULTANT SERVICES, IN AN AMOUNT OF $50,000 AND
AUTHORIZING THE EXECUTION OF ALL DOCUMENTS RELATED TO SAME
WHEREAS, the City of Paducah adopted Ordinance No. 2019-4-8569 on April 9,
2019, which authorized the execution of a Memorandum of Agreement between the City of
Paducah and the Kentucky Economic Development Finance Authority (KEDFA); and
WHEREAS, the City and KEDFA entered into a Memorandum of Agreement to
establish the TIF District and undertake an independent analysis by a third -party consultant prior
to receiving final approval; and
WHEREAS, said Memorandum of Agreement includes the stipulation that an
administrative fee of $50,000 or an amount equal to a quarter of one percent (0.25%) of the total
approved costs of the Project, whichever is less, be paid to KEDFA prior to receiving final
approval; and
WHEREAS, the City of Paducah now desires to approve the expenditure of
$50,000 for said Administrative Fee.
KENTUCKY:
NOW THEREFORE, BE IT ORDERED BY THE CITY OF PADUCAH,
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
$50,000 for the Kentucky Economic Development Finance Authority's Administrative Fee and
authorizes the Mayor to execute all documents related to same.
SECTION 2. That the City hereby authorizes the transfer of $50,000 from the
Administrative Contingency Account No. 10000106 524500 to the TIF/Opportunity Zone
Project Account No. DT0044. The expenditure shall be charged to the TIF/Opportunity Zone
Project Account.
SECTION 3. This order shall be in full force and effect from and after the date of
its adoption. !�
George Bray, Mayor
ATTEST:
14nt say Parish, Cio Clerk
Adopted by the Board of Commissioners, February 9, 2021
Recorded by Lindsay Parish, City Clerk, February 9, 2021
\mo\ TIF Consultant Services KEDFA 2-2021