HomeMy WebLinkAboutMO #3274MUNICIPAL ORDER NO. 3274
A MUNICIPAL ORDER AUTHORIZING THE MAYOR TO EXECUTE A
SECOND ADDENDUM TO THE DEVELOPMENT AGREEMENT BETWEEN
THE CITY OF PADUCAH, KENTUCKY, C.I.R.CO PROPERTIES, LLC, AND
314 CONDOMINIUMS ASSOCIATION CORP. FOR THE PROPERTY
LOCATED AT 318 BROADWAY STREET
WHEREAS, on June 11, 2024, the Board of Commissioners approved a
Development Agreement with C.LR.CO Properties, LLC, by Municipal Order No. 2907,
declaring the property located at 324 Broadway (formerly known as 318 Broadway), Paducah,
Kentucky, to be surplus property and authorizing the transfer of said property, contingent upon
the Developer receiving the necessary permits from the City of Paducah; and
WHEREAS, the City, C.I.R.CO Properties, LLC, and 314 Condominiums
Association Corp. subsequently entered into an Addendum to Development Agreement dated
April 10, 2025; and
WHEREAS, the Developer requires additional time to complete construction of
the development; and
WHEREAS, the parties desire to amend the Development Agreement and First
Addendum to extend the deadline for substantial completion and opening of the development to
the public to June 1, 2027; and
WHEREAS, the City Commission has determined that it is in the best interest of
the City to approve the Second Addendum to Development Agreement.
KENTUCKY:
NOW, THEREFORE, BE IT ORDERED BY THE CITY OF PADUCAH,
SECTION 1. Recitals. That the City of Paducah authorizes and directs the Mayor
to execute a Second Addendum to the Development Agreement with C.I.R.CO Properties, LLC,
and 314 Condominiums Association Corp., in substantially the form attached hereto and made a
part hereof as Exhibit "A" together with such other agreements, instruments or certifications
which may be necessary to accomplish the transaction contemplated by the Second Addendum
not inconsistent with this Municipal Order and not substantially adverse to the City as may be
approved by the Mayor.
SECTION 2. Effective Date.
after the date of its adoption.
ATTE T:
indsay Parish, City Clerk
This Order shall be in f 1 force and effect from and
- - A --�
George Bray, Mayor
Adopted by the Board of Commissioners, June 23, 2026
Recorded by Lindsay Parish, City Clerk, June 23, 2026
MO\Second Addendum to Development Agreement — C.LR.CO 318 Broadway — Kresge Site
EXHIBIT A
SECOND ADDENDUM TO DEVELOPMENT AGREEMENT
This Second Addendum to Development Agreement ("Second Addendum") is made and entered
into on the day of 2026, by and between the CITY OF PADUCAH,
KENTUCKY (the "City" or "City of Paducah"), C.I.R.CO PROPERTIES, LLC, a Kentucky
limited liability company (the "Developer"), and 314 CONDOMINIUMS ASSOCIATION
CORP., a Kentucky corporation (the "Association").
WHEREAS, the City and the Developer entered into a Development Agreement dated April 12,
2024, regarding development of a certain tract of vacant real estate located at 318 Broadway
Street, Paducah, Kentucky (the "Property"); and
WHEREAS, the City, the Developer, and the Association entered into an Addendum to
Development Agreement dated April 10, 2025 (the "First Addendum"); and
WHEREAS, the Developer requires additional time to complete construction of the
Development, and the parties desire to extend the timeline for completion and opening of the
Development; and
WHEREAS, the parties desire to formalize those modifications herein;
NOW, THEREFORE, in consideration of the foregoing premises, and for other valuable
consideration, the legal adequacy and sufficiency of which is hereby acknowledged, the parties
covenant and agree as follows:
1. Amendment to Development Timeline. Notwithstanding any provision of the
Development Agreement or First Addendum to the contrary, Developer shall
substantially complete construction of the Development and shall cause the Development
to be open and operational to the public on or before June 1, 2027.
2. Extension of Completion Deadline. The City hereby grants an extension of the
completion deadline contained in Section A(5) of the Development Agreement and
Term/Termination Section of the First Addendum. Compliance with the deadline set forth
in Paragraph 1 of this Second Addendum shall constitute compliance with the
Developer's obligations regarding completion of the Development.
3. No Waiver of Other Obligations. Except as expressly modified herein, all terms,
conditions, covenants, obligations, rights, and remedies contained in the Development
Agreement and First Addendum shall remain unchanged and in full force and effect.
4. Binding Agreement/Authority. The Developer and the Association agree to remain
bound by the terms of the Development Agreement, the First Addendum, and this Second
Addendum, and represent that they have all necessary authority to enter into this Second
Addendum.
5. Ratification. The parties acknowledge that, except as stated herein, all other terms of the
Development Agreement and First Addendum shall remain in full force and effect and
are hereby ratified and reaffirmed.
WITNESS the signatures of the parties on the date first above written.
DEVELOPER:
C.I.R.CO PROPERTIES, LLC
By:
Andrew Hardin, Member
BY:
Blake Calhoun, Member
CITY:
CITY OF PADUCAH, KENTUCKY
By:
George P. Bray, Mayor
Date:
Date:
314 CONDOMINIUMS ASSOCIATION CORP.
By:
Blake Calhoun, President
By:
Jared Morgan, Vice President
Date: