HomeMy WebLinkAboutMO #2892MUNICIPAL ORDER NO. 2892
A MUNICIPAL ORDER APPROVING A TERMINATION OF RESIDENTIAL
INFILL AGREEMENT BETWEEN THE CITY OF PADUCAH, KENTUCKY,
AND EMD PROPERTIES, LLC, FOR LABARRI SUBDIVISION AND
AUTHORIZING THE MAYOR TO EXECUTE SAID TERMINATION AND ALL
DOCUMENTS RELATED TO SAME
WHEREAS, on November 30, 2023, the Board of Commissioners authorized a
Residential Infill Agreement with EMD Properties, LLC with Ordinance No. 2023-11-8796 for
reimbursement of ad valorem taxes based on costs associated with the public infrastructure in the
subdivision; and
WHEREAS, since the execution of said agreement, EMD Properties, LLC has
agreed to sell the development to Willett Enterprises, Inc.; and
WHEREAS, the City of Paducah now wishes to terminate the existing Residential
Infill Agreement with EMD Properties, LLC and wishes to enter into a new Residential Infill
Agreement with Willett Enterprises, Inc.
KENTUCKY:
NOW, THEREFORE, BE IT ORDERED BY THE CITY OF PADUCAH,
SECTION 1. Recitals. That the City of Paducah hereby approves a Termination of
Residential Infill Agreement by and between the City of Paducah and EMD Properties, Inc. as
attached hereto and made part hereof. It is further determined that it is necessary and desirable and
in the best interests of the City to enter into the Termination of Residential Infill Development
Agreement for the purposes therein specified. The Mayor of the City of Paducah is hereby authorized
to execute the Termination, together with such other agreements, instruments or certifications which
may be necessary to accomplish the transaction contemplated by the Termination of Residential Infill
Development Agreement.
SECTION 2. Severability. If any section, paragraph or provision of this Municipal Order
shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such
section, paragraph or provision shall not affect any of the remaining parts of this Municipal Order.
SECTION 3. Compliance with Open Meetings Laws The City Commission hereby finds
and determines that all formal actions relative to the adoption of this Municipal Order were taken in
an open meeting of this City Commission and that all deliberations of the City Commission and of its
committees, if any which resulted in formal action, were in meetings open to the public in full
compliance with applicable legal requirements.
SECTION 4. Effective Date. This Order shall bein full fo and effect from and after the
date of its adoption.
George Bray, Mayor
ATTEST:_
Lindsay Parish, City Jerk
Adopted by the Board of Commissioners, May 14, 2024
Recorded by Lindsay Parish, City Clerk, May 14, 2024
MO\Residential Infill Termination — EMD Properties
Exhibit A
TERMINATION OF RESIDENTIAL INFILL
DEVELOPMENT AGREEMENT
THIS TERMINATION OF RESIDENTIAL INFILL DEVELOPMENT
AGREEMENT is made and executed on this day of 2024, by and between the
CITY OF PADUCAH, KENTUCKY, P.O. Box 7265, Paducah, Kentucky 42002-7265, hereinafter
referred to as "City," and EMD Properties, LLC, 3936 Alameda Crescent, Paducah, KY, hereinafter
referred to as "EMD".
WITNESSETH:
WHEREAS, the City and EMD entered into a certain Residential Infill Development
Agreement dated November 30, 2023 ("Agreement"), whereby the City agreed to provide certain
incentives related to EMD's development of La Barri Subdivision located in Paducah, McCracken
County, Kentucky (the "Development");
WHEREAS, since execution of said Agreement, EMD has entered into an agreement dated
, 2024 (the "Purchase Agreement) pursuant to which EMD agreed to sell the
Development to a third party, Willett Enterprises, Inc. (the "Purchaser); and
WHEREAS, under the terms of the Purchase Agreement entered into between EMD and the
Purchaser, EMD agreed to assign its rights under the Agreement to the Purchaser; and
WHEREAS, rather than assign the Agreement, the parties wish to terminate the Agreement,
so that the City may enter into a separate agreement with the Purchaser in regard to the
Development;
NOW, THEREFORE, in consideration of the foregoing premises, the City and EMD
hereby agree as follows:
1. Termination. the Residential Infill Development Agreement dated November 30,
2023 shall be terminated and shall be of no legal force and effect upon the Effective Date, as
defined below.
2. Effective Date. This Termination shall take effect only upon closing of the
transaction between EMD and the Purchaser as contemplated under the Purchase Agreement
("Effective Date.) In the event that the Purchase Agreement is terminated prior to closing, this
Termination shall be of no force and effect, and Residential Infill Development Agreement entered
into between EMD and the City shall remain in effect.
WITNESS our signatures as of the date first above written.
CITY OF PADUCAH, KENTUCKY EMD PROPERTIES, LLC
in
George Bray, Mayor
Title:
State of KENTUCKY
County of MCCRACKEN
Subscribed, sworn, and acknowledged before me on this day of
2024 by George Bray, Mayor of the City of Paducah, Kentucky, on behalf of said entity.
My commission expires
Notary Public, State at Large
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