HomeMy WebLinkAboutMO #2961MUNICIPAL ORDER NO 2961
A MUNICIPAL ORDER ACKNOWLEDING THE INTENT OF THE PADUCAH BOARD OF
COMMISSIONERS TO AUTHORIZE THE MAYOR AND CITY MANAGER TO
NEGOTIATE IN GOOD FAITH A DEVELOPMENT AGREEMENT WITH NATIONAL
HOSPITALITY, LLC, FOR THE CONSTRUCTION OF A HOTEL ON CERTAIN REAL
PROPERTY CURRENTLY OWNED BY THE CITY OF PADUCAH, KENTUCKY, WITH
SAID DEVELOPMENT AGREEMENT TO BE PRESENTED AT A FUTURE DATE TO THE
BOARD OF COMMISSIONERS FOR DETERMINATION OF FINAL ACTION
WHEREAS, the City holds fee title to a tract of property identified, by the McCracken
County, KY PVA, as 519 North 3`d Street, Paducah, KY 42001; and
WHEREAS, the City and the Developer intend to finalize a plan for the transfer of said
property to National Hospitality, LLC for the construction of a hotel operating under a national
brand to be mutually agreed upon; and
WHEREAS, the City recognizes that the construction of the Hotel aligns with the
City's goals of enhancing tourism, job creation, and local business growth and also involves
significant capital investment and risk by National Hospitality, LLC; therefore,
NOW, THEREFORE, BE IT ORDERED BY THE BOARD OF COMMISSIONERS OF
THE CITY OF PADUCAH, KENTUCKY:
SECTION 1: The Board of Commissioners of the City of Paducah, Kentucky,
hereby authorizes the Mayor and City Manager to negotiate in good faith, a development
agreement with National Hospitality, LLC for the construction of a hotel at the location
identified by the McCracken County, KY PVA as 519 North 3`d Street, Paducah, KY 42001.
Said development agreement will be presented to the Board of Commissioners at a future date
for determination of final action.
SECTION 2. This Order shall be in full force a fect from and after the date
of its adoption.
George Bray, Mayor
ATTEST:
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
mo\National Hospitality — 519 N. 3`d Street