HomeMy WebLinkAboutMO #2959MUNICIPAL ORDER NO. 2959
A MUNICIPAL ORDER APPROVING REIMBURSEMENT TO THE PADUCAH-
MCCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY IN AN AMOUNT
NOT TO EXCEED $958,404, AND AUTHORIZING THE MAYOR TO EXECUTE ANY
DOCUMENTS RELATED TO SAME.
WHEREAS, the Paducah -McCracken County Industrial Development Authority
(IDA) has requested that the City of Paducah and the McCracken County Fiscal Court assist in
payment of expenses for site preparation including clearing, grubbing, earthwork, and
engineering inspections at the Triple Rail Site in West Paducah. The City's not to exceed amount
represents 25% of the balance of the projected cost of the project, $4,698,616, after the IDA's
contribution of $865,000. The McCracken County Fiscal Court is allocating the other 75% of the
balance.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. the Mayor is hereby authorized to execute any documents necessary
to appropriate funds, not to exceed $958,404, to the Paducah -McCracken County Industrial
Development Authority (IDA) for site preparation including clearing, grubbing, earthwork, and
engineering inspections at the Triple Rail Site in West Paducah.
SECTION 2. The Finance Director is hereby authorized to make payment to the
Paducah -McCracken County Industrial Development Authority (IDA) not to exceed $958,404,
to reimburse said IDA for any amounts expended for site preparation including clearing,
grubbing, earthwork, and engineering inspections at the Triple Rail Site in West Paducah.
Reimbursement shall be made upon submission of invoices from the IDA.
SECTION 3. This expenditure shall be charged to the Investment Fund Fund
Balance.
SECTION 4. This order shall be in full force and effe om and after the date of
its adoption.
George Bray, Mayor
/ATTEST:
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Claudia S. Meeks, Assistant City Clerk
Adopted by the Board of Commissioners, September 17, 2024
Recorded by Claudia S. Meeks, Assistant City Clerk, September 17, 2024
M0/1DA reimbursement — Triple Rail Site