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Home My WebLink AboutMO #2907MUNICIPAL ORDER NO. 2907 A MUNICIPAL ORDER DECLARING THE PROPERTY AT 318 BROADWAY TO BE SURPLUS, TRANSFERRING THE PROPERTY TO C.I.R.CO, LLC FOR COMPENSATION IN THE AMOUNT OF $10,000, AND AUTHORIZING THE MAYOR TO EXECUTE A DEVELOPMENT AGREEMENT BETWEEN THE CITY OF PADUCAH, KENTUCKY, AND C.I.R.CO, LLC AND ALL DOCUMENTS RELATED TO SAME WHEREAS, pursuant to KRS 82.083, a written determination has been made that the City does not have any use at this time or in the future for property located at 318 Broadway, Paducah, Kentucky, which constitutes surplus real estate; and WHEREAS, pursuant to KRS 82.083(4)(b), surplus property may be transferred, with or without compensation, for economic development purposes, which shall include but not be limited to real property transfers for the elimination of blight; and WHEREAS, the City now desires to enter into a Development Agreement with C.LR.CO, LLC, for the sale of the property at a cost of $10,000. BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. Recitals. The Board of Commissioners hereby declares the property located at 318 Broadway, Paducah, Kentucky to be surplus property as it relates to the operations of the City. Further, the Board of Commissioners hereby authorizes the transfer of the property to C.I.R.CO, LLC, (hereinafter "Developer") for the price of $10,000, contingent upon the Developer receiving the necessary permits from the City of Paducah . Further, the City of Paducah hereby approves a Development Agreement by and between the City of Paducah and the Developer, as attached hereto and made part hereof (Exhibit A), together with such changes to the Agreement as may be approved by the City Manager on behalf of the City, and as are not inconsistent with this Municipal Order or substantially adverse to the City of Paducah. 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 be infyll-f 'be nd effecAfrom and after the date of its adoption. ATT ST: mdsay Parish ity Clerk Adopted by the Board of Commissioners, June 11, 2024 Recorded by Lindsay Parish, City Clerk, June 11, 2024 MO\Development Agreement — C.LR.CO 318 Broadway — Kresge Site DEVELOPMENT AGREEMENT This Development Agreement (Agreement) is made and entered into on the day of April, 2024 (the "Effective Date"), by and between the CITY OF PADUCAH, KENTUCKY (the "City" or "City of Paducah") and C.I.R.CO PROPERTIES, LLC a Kentucky limited liability company (the "Developer"). WHEREAS, the City is the present owner of a certain tract of vacant real estate located at 318 Broadway Street, Paducah, KY 42001, (the "Property"), as shown on the plat attached hereto as Exhibit A; and WHEREAS, the City of Paducah is charged with the responsibility of overseeing the proper and orderly development of vacant properties located within its corporate boundaries; and WHEREAS, Developer desires to develop, construct, and maintain a multi-purpose green space on the Property (the "Development"); and WHEREAS, the Development will result in infill development of property that may have been undetutilized or blighted, helping to catalyze revitalization; and WHEREAS, in order to ensure that the Development will have a positive impact on the community, the City and the Developer have reached certain agreements regarding the construction and improvement of the Development and wish to reduce the sante to writing. NOW, THEREFORE, in consideration of the foregoing premises, and for other valuable consideration, the legal adequacy and sufficiency of which is hereby acknowledged by all parties hereto, the parties do covenant and agree as follows: A. Developer agrees to the following: 1. Developer agrees to purchase the Property for the purchase price of Ten Thousand and 00/100 Dollars ($10,000.00) under the terns and conditions as stated in Section C below. 2. Developer agrees to develop the Property as a multi -use green space. The Development shall have gated access on the Broadway side as well as at the back of the space adjacent to the parking lot. Developer agrees to construct a four-sided bar in the center of the space, to be owned and operated by Hardin Calhoun LLC dba Over/Under. Developer will also construct bathrooms and a playground area adjacent to 314 Broadway. There will be a concrete pad constructed adjacent to the building located at 100 S. 4a' Street, Paducah, KY, spanning the length of said building, which will serve as a space for vendors and pop-up shops. At the back of the Property, Developer will build a permanent stage and tiered levels of seating using landscape and hardscape. Throughout the space, Developer will plant mature trees and construct walking paths, benches, tables and chairs. This space will be open to the community daily from sunrise to sunset. 3. Developer shall submit a set of design plans for the project to the Planning Director of the City of Paducah ("Planning Director") for review and approval within thirty (30) days of the Effective Date 4. Developer shall initiate construction of the Development within thirty (30) days of transfer of the property pursuant to Section C, below. 5. Developer shall utilize its best efforts to complete the Development within a period of fifteen (15) months following commencement of the work. The City, in its sole discretion, may elect to grant an extension for completion of the Development. B. City agrees to the following: I. The City agrees to transfer the property to Developer for the purchase price of Ten Thousand and 00/100 Dollars ($10,000.00), upon the terms and conditions stated in Section C below. C. Terms and Conditions for Transfer of Property. 1. Transfer and Timing. The City agrees to convey marketable title to the Property via general warranty deed in proper statutory form (the "Deed"). Transfer of the property shall occur upon Developer's satisfaction of the following requirements: i. Developer has obtained all necessary city permits, licenses, and approvals as required under the codes and ordinances of the City to enable construction to begin; and i. Developer has submitted to the City a final set of design documents which have been approved by the Planning Director. 2. Transfer Taxes and Recording Fees. Any and all deed preparation fees and deed transfer taxes shall be paid by City. Any and all deed recording fees shall be paid by Developer. 3. Reversion. In the event Developer fails to satisfy its obligations under Section A of this Agreement, including failure to initiate construction within thirty (30) days of transfer of the Property, the City shall have the right, in its sole discretion, to resume possession and ownership of the Property. The City may exercise this right by providing notice to Developer and, upon receipt of such notice, Developer agrees that the Deed shall be forfeited and the Property shall revert back to the City at the original purchase price of $10,000.00. In such event, all of the monetary investments and improvements made to the Property shall be forfeited without any compensation or right to compensation whatsoever. If the City elects to exercise its rights under this section, Developer shall promptly take all reasonable steps to cause the transfer and conveyance of the Property back to the City, at no out-of-pocket cost to the City, such that as nearly as practicable the City is restored with marketable fee title to the Property free and clear of any mortgages, liens, encumbrances, and adverse interests D. Use of Property. 1. Property Conveyed As -Is. Developer agrees to accept the Property "AS -IS", with all defects and deficiencies, and subject to all easements and encroachments of record. This shall include a ten (10) foot wide access, maintenance, and encroachment easement as shown by Exhibit A. 2. Access. The parties agree that no curb cut or vehicular access will be granted off of Broadway Street. Vehicular access to the Property shall be limited to alleyway access at the rear of the property. 3. TIF District. The parties acknowledge that the Property is located within Paducah's Downtown Riverfront Tax Increment Financing District (TIF District). Developer agrees to comply with all statutes, ordinances, and applicable agreements relating to developments within the TIF District in its development and use of the Property. E. Miscellaneous Provisions. The following miscellaneous provisions shall apply: 1. Assignment. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective legal representatives, heirs, successors and permitted assigns. The Developer shall not assign its rights and obligations hereunder, in whole or in part, without the prior consent of the City, but in no event, shall any assignment hereunder release or relieve Developer from any obligations of this Agreement for which Developer shall remain fiilly bound to City. 2. Merger Clause. It is agreed and understood between the parties that. this Agreement represents the entire and exclusive agreement between the parties, and that all prior representations, covenants, warranties, understandings and agreements are merged herein. This Agreement may only be modified in a writing executed by all parties hereto. 3. Construction. This Agreement shall be governed and construed under the laws of the Commonwealth of Kentucky. 4. Assurances. The City and the Developer agree to execute such further documents and instruments as shall be necessary to fully carry out the terms of this Agreement. 5. Amendments. This Agreement may not be modified or amended unless by a writing signed by both parties hereto. 6. Execution and Delivery. This Agreement shall be of no force or effect unless and until it shall have been executed by both the City and the Developer and approved by the governing body of the City of Paducah. 7. Time is of the Essence. All times referred herein shall be strictly construed, as all of such times shall be deemed of the essence. WITNESS signatures of the parties as of the year and date first above written. 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