HomeMy WebLinkAboutMO # 1724MUNICIPAL ORDER NO. 1724
A MUNICIPAL ORDER AUTHORIZING THE DIRECTOR OF
PLANNING TO UTILIZE THE $900,000.00 CONSTRUCTION LINE OF CREDIT
FOR THE CONSTRUCTION OF RESIDENTIAL STRUCTURES FOR ARTISTS OR
RESIDENTS IN THE LOWER TOWN ARTS DISTRICT.
WHEREAS, the City Commission, at a public meeting on November 13,
2012, adopted ordinance # 2012-11-7987 authorizing the mayor to execute a contract for
a construction line of credit not to exceed $900,000.00; and
WHEREAS, the City of Paducah executed a contract with Banterra Bank
for a $900,000.00 construction line of credit with an interest rate of 2.95% fixed; and
WHEREAS, the $900,000.00 construction line of credit was to be utilized
to construct houses within the Fountain Avenue Neighborhood; and
WHEREAS, in order to fulfill the public purpose of redevelopment of the
Lower Town Artist District, the City of Paducah now desires to finance the construction
of residential structures for artists or residents using the $900,000.00 construction line of
credit.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The City Commission hereby approves the utilization of the
$900,000.00 construction line of credit approved by ordinance # 2012-11-7987 for the
construction of residential structures for artists in Lower Town Arts District.
SECTION 2. This order shall be in full force and effect from and after the
date of its adoption.
ATTEST: -
c7.
Tammara S. Sanderson, City Clerk
Adopted by the Board of Commissioners, June 11, 2013
Recorded by Tammara S. Sanderson, City Clerk, June 11, 2013
\no\line of credit — lower town arts district 2013