HomeMy WebLinkAbout2014-05-81411
ORDINANCE NO. 2014-5-8141
AN ORDINANCE AMENDING ORDINANCE NO. 2002-10-6589
ENTITLED, "AN ORDINANCE APPROVING THE CONCEPT OF GROWTH
THROUGH ANNEXATION AGREEMENTS"
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY, AS
FOLLOWS:
SECTION 1. The purpose of this ordinance is to encourage developers to
develop residential, commercial, and industrial property within the city limits of Paducah
by providing the developer reimbursement monies to offset the infrastructure costs born
by the developer based upon certain terms and conditions. The reimbursement of monies
shall be defined in an Annexation Memorandum of Agreement to be executed between
the Developer and the City Commission, which Memorandum of Agreement shall contain
such terms and conditions as agreed between the parties. The amount being reimbursed
will not exceed the total cost of the municipal services or the total sum of all ad valorem
real property taxes collected by the City of Paducah from the developed property,
whichever is less, over a 10 year period. Each Memorandum of Agreement shall become
effective upon City Commission's approval by ordinance. This ordinance shall not be
construed to mean the City Commission is obligated to enter into such Memorandum of
Agreement with any Developer.
SECTION 2. This ordinance shall be read on two separate days and will
become effective upon summary publication pursuant to KRS Chapter 424.
ATTEST:
Tammara S. Sanderson, City Clerk
Introduced by the Board of Commissioners April 22, 2014
Adopted by the Board of Commissioners, May 13, 2014
Recorded by Tammara S. Sanderson, City Clerk, May 13, 2014
Published by The Paducah Sun May 22, 2014
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