HomeMy WebLinkAboutMO #2629MUNICIPAL ORDER NO. 2629
A MUNICIPAL ORDER AUTHORIZING THE FINANCE DIRECTOR TO
MAKE PAYMENT TO THE INDUSTRIAL DEVELOPMENT AUTHORITY FOR THE
PURCHASE OF PROPERTY LOCATED AT 6866 BOBO ROAD IN AN AMOUNT OF
$98,928.46 FOR ECONOMIC DEVELOPMENT PURPOSES, AUTHORIZING THE MAYOR
TO FILE AN APPLICATION TO THE PADUCAH AREA COMMUNITY REUSE
ORGANIZATION (PACRO) FOR FUNDING IN AN AMOUNT UP TO $98,928.46 FOR THE
ACQUISITION OF LAND TO BE USED BY THE PADUCAH-MCCRACKEN COUNTY
INDUSTRIAL DEVELOPMENT AUTHORITY AND AUTHORIZING THE MAYOR TO
EXECUTE ALL DOCUMENTS RELATED TO SAME
WHEREAS, the Paducah -McCracken County Industrial Development Authority
(the "IDA") holds certain publicly owned development sites within Paducah and McCracken
County and is responsible for the management, maintenance, and development of such properties;
and
WHEREAS, the City of Paducah recognizes that to best position our community for
sustainable economic growth, the IDA must serve as an aid in capturing incentives and holding,
obtaining, and developing favorable economic development properties; and
WHEREAS, the City of Paducah now wishes to assist the IDA with the purchase of
certain property located at 6866 Bobo Road for economic development purposes; and
WHEREAS, the total purchase price of the property is $430,123.76, of which the
City of Paducah will provide funding in an amount of 23% of the purchase price with McCracken
County providing 77% of the purchase price; and
WHEREAS, the City wishes to make application to the Paducah Area Community
Reuse Organization (PACRO) for funding for said project.
KENTUCKY:
NOW THEREFORE, BE IT ORDERED BY THE CITY OF PADUCAH,
SECTION 1. That the Finance Director is hereby authorized to make payment to
the Paducah -McCracken County Industrial Development Authority in an amount of $98,928.46 for
the purchase of 6866 Bobo Road for economic development purposes and authorizes the Mayor to
execute all documents related to same. This expenditure shall be charged to the ARPA Capital
Holding Project Account Number MR0093.
SECTION 2. That the Mayor is hereby authorized to file an application to the
Paducah Area Community Reuse Organization (PACRO) in an amount up to $98,928.46 for
funding to be used for the acquisition of land to be used by the Paducah -McCracken County
Industrial Development Authority as authorized in Section 1. above.
SECTION 3. This Order will be in full force effect from and after the date of its
adoption. r
/ f�F j
George Bray, Mayor
ATTEST:
Lindsay Parisy, City Clerk
Adopted by the Bond of Commissioners, August 9, 2022
Recorded by Lindsay Parish, City Clerk, August 9, 2022
MO\IDA Prop Purchase 6866 Bobo Rd 2022