HomeMy WebLinkAbout2014-05-8142;. 1 A
ORDINANCE NO. 2014-5-8142
AN ORDINANCE AMENDING ORDINANCE NO. 2005 -1-692 1,
ENTITLED, "APPROVING THE CONCEPT OF EXPEDITED GROWTH THROUGH
DEVELOPER AGREEMENTS, WHICH PROMOTE RESIDENTIAL INFILL
DEVELOPMENT"
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The purpose of this ordinance is to encourage residential
development 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 a Residential
Development 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 to between the parties. A Memorandum of Agreement shall only be
possible when the developer proposes constructing municipal services to be dedicated to
the City of Paducah, which shall be streets, sidewalks, gutters, storm sewers, and a storm
water conveyance system. 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.
A Memorandum of Agreement shall only be possible when these municipal services
constructed by the developer will exceed one hundred thousand dollars ($100,000). 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.
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Gayle Ka ,Mayor
ATTEST:
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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
\ord\plan\ agree -amend -residential development -infill 5-2014