HomeMy WebLinkAboutMO #2944MUNICIPAL ORDER NO. 2944
A MUNICIPAL ORDER APPROVING A TERMINATION OF $365,000
SUBDIVISION PERFORMANCE AND WARRANTY SURETY BOND WITH
WALKER PROPERTIES OF WESTERN KENTUCKY LLC FOR TRAILS END
SUBDIVISION, AND AUTHORIZING THE MAYOR TO EXECUTE SAID
TERMINATION AND ALL DOCUMENTS RELATED TO SAME
WHEREAS, the Paducah Planning Commission recommended by Resolution dated
September 7, 2023, the adoption of an Ordinance approving the revised final plat of subdivision of
property located at 125 Ridgeview Street; and
WHERAS, On October 24, 2023, the Paducah City Commission adopted Ordinance
2023-10-8793, approving the final report of the Paducah Planning Commission on the proposed
final subdivision of property of Walker Properties of Western Kentucky, LLC., located at 125
Ridgeview Street, accepting the dedication of right of way of Ridgeview Street, Joey Way, and
Petter Avenue, accepting public utility easements, authorizing the Mayor to subscribe a Certificate
of Approval on the plat, and authorizing the Mayor to execute the Subdivision Performance and
Warranty Surety Bond for $365,000.00; and
WHEREAS, The City and Walker Properties of Western Kentucky, LLC entered into
a Subdivision Performance and Warranty Bond Agreement on August 24, 2024. The City accepted
a $365,000.00 Subdivision Performance and Warranty Surety Bond based on the subdivision's
public infrastructure costs; and
WHEREAS, since executing the said agreement, Walker Properties of Western
Kentucky, LLC has sold the development to Trails End Development, LLC., as evidenced by the
deed filed in Deed Book 503, Page 704. The City proposes terminating the existing Subdivision
Performance and Warranty Surety Bond with Walker Properties of Western Kentucky, LLC., and
entering into a new one for $365,000.00 with Trails End Development, LLC.
NOW, THEREFORE, BE IT ORDERED BY THE CITY OF PADUCAH,
KENTUCKY:
SECTION 1. Recitals. That the City of Paducah hereby approves a Termination of a
$365,000 Subdivision Performance and Warranty Surety Bond with Walker Properties of Western
Kentucky, LLC, for Trails End Subdivision. 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 the Subdivision
Performance and Warranty Surety Bond.
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 in full force and effect from and after the
date of its adoption.
—C�ki,
George Bray, Mayo
ATTEST:
UQAA1 O S,`M-0Q ij
Claudia S. Meeks, Assistant City Clerk
Adopted by the Board of Commissioners, August 13, 2024
Recorded by Claudia S. Meeks, Assistant City Clerk, August 13, 2024
MOTerformance and Surety Bond Termination — Trails End Subdivision