HomeMy WebLinkAbout2019-02-8560ORDINANCE NO. 2019-2-8560
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PLANNING COMMISSION RESPECTING THE PROPOSED FINAL SUBDIVISION OF LABARRI
FARMS LOCATED AT 1720 AND 1740 NEW HOLT ROAD AND ACCEPTING THE DEDICATION
OF RIGHT OF WAY AND EASEMENTS
WHEREAS, by Resolution dated September 17, 2018, the Paducah Planning
Commission recommends to the Board of Commissioners the adoption of an ordinance approving the
final plat of subdivision of property of LaBarri Farms for property located at 1720 and 1740 New Holt
Road, and accepting the dedication of streets and public easements shown thereon; and
WHEREAS, the City Engineer has recommended an Escrow Agreement in the amount of
$250,000.00, for completion of public roadways, storm drainage systems, and other designated public
improvements, in accordance with the proposed subdivision plan and the City's specifications.
KENTUCKY:
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH,
SECTION 1. That a resolution adopted by the Paducah Planning Commission on
September 17, 2018, entitled, "A RESOLUTION CONSTITUTING THE FINAL REPORT OF THE
PADUCAH PLANNING COMMISSION ON THE PROPOSED FINAL SUBDIVISION FOR
PROPERTY LOCATED AT 1720 AND 1740 NEW HOLT ROAD", be approved as the final report of
said Commission respecting the matters set forth therein.
SECTION 2. That the subdivision of said property shall be, and it is hereby, approved as
shown on the plat referred to in said subdivision, which plat is entitled, "LaBarri 1720 & 1740 Holt Road,
Paducah, Kentucky 42001", and said property is hereby declared to be subdivided as shown on said plat.
SECTION 3. That the dedication of the public right-of-way and public utility easements
shown on said plat shall be, and they are hereby, accepted and shall be maintained by the City of Paducah,
but such acceptance shall not constitute an undertaking on the part of this Board or the City of Paducah,
Kentucky, for the construction or improvements of said right-of-way. The Mayor is hereby authorized to
subscribe a certificate of approval on the plat.
SECTION 4. That the Board of Commissioners approves the recommendation of the
City Engineer to accept an escrow agreement in an amount of $250,000 for completion of subdivision
improvements and authorizes the Mayor to execute said escrow agreement in substantially the same form
as attached hereto and made part hereof (Exhibit A).
SECTION 5. That if any section, paragraph or provision of this ordinance shall be
found to be inoperative, ineffective or invalid for any cause, the deficiency or invalidity of such
section, paragraph or provision shall not effect any other section, paragraph or provision hereof,
it being the purpose and intent of this Ordinance to make each and every section, paragraph, and
provision, hereof separable from all other sections, paragraphs and provisions.
SECTION 6. This ordinance shall have two separate readings and will become effective
upon summary publication pursuant to KRS Chapter 424.
Brandi Harless, Mayor
ATTF ST:
Lindsay Parish, City Clerk
Introduced by the Board of Commissioners, January 22, 2019
Adopted by the Board of Commissioners, February 12, 2019
Recorded by Lindsay Parish, City Clerk, February 12, 2019
Published by The Paducah Sun, February 14, 2019
\ord\plan\subd-LaBerri farms EMD Properties Final Plat and Escrow
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ESCROW AGREEMENT
THIS ESCROW AGREEMENT made and entered into this day of
20, by and between EMD PROPERTIES LLC., a Kentucky
Corporation with its principal office and place of business at 3936 Alameda Crescent,
Paducah, Kentucky 42001, hereinafter referred to as "Developer'; and CFSB BANK, a
Kentucky Corporation with its principal office and place of business at 221 W. 6' Street,
Benton, Kentucky 42025, hereinafter referred to as "Bank'; and the CITY OF
PADUCAH, a Municipal Corporation, whose address is P.O. Box 2267, Paducah
Kentucky, hereinafter referred to as "City".
WITNESSETH:
WHEREAS, Developer acquired certain real property located in the City of
Paducah, McCracken County, Kentucky, of record in Deed Book 1355, Page 40 and
Deed Book 1347, Page 608, McCracken County Clerk's Office; and
WHEREAS, Developer has tendered a Subdivision Plat affecting said property
for approval by the City of Paducah; and
WHEREAS, acceptance of the proposed Subdivision Plat by the City of Paducah
is subject to adequate assurance that all required subdivision improvements are
completed in accordance to the City of Paducah's Subdivision Ordinance and the
subdivision plans as approved by the City Engineer; and
WHEREAS, Bank has agreed to establish an escrow account to provide the
necessary monetary assurance which will guarantee the completion of the above-
mentioned required subdivision improvements.
NOW THEREFORE, for and in consideration of the mutual covenants, conditions
and agreements as hereinafter contained, the parties hereto agree as follows:
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1. Developer shall, within one year complete the subdivision improvements as
depicted on the subdivision plans entitled as LaBarri, as prepared by Siteworx
(Engineer), project number 17101 consisting of 17 sheets, which was approved
by the City Engineer on and is attached as Exhibit "A".
2. Developer shall deposit with Bank, as escrow agent, the sum of $250,000.00.
Said sum shall be held by Bank and thereafter disbursed no more than once per
month, for partial completion of the subdivision improvements upon certification
of by a licensed Kentucky Professional Engineer and approved by the City
Engineer. Bank shall release that portion of the escrowed funds equal to the
percentage of completion as certified by the aforesaid licensed Kentucky
Professional Engineer and with the approval of the City Engineer, with exception
that Bank shall hold 10% of the escrowed funds until such time as the City of
Paducah issues a certificate of completion in compliance with the specifications
above referenced. At that time, Bank may. require a receipt of mechanics' or
materialmen's lien waiver to be executed by any and all contractors,
subcontractors, materialmen, and/or their employees or agents, certifying that all
fees, costs and payments due have been fully paid to the date of the request or
voucher for escrow disbursement.
3. Developer agrees to use the escrowed funds released by Bank to Developer for
the purpose of payment for construction of subject improvements. Developer
further agrees to pay and satisfy all costs and expenses of construction.
4. Upon default hereunder by Developer, as a result of their failure to complete the
improvements in accordance with the approved plans and specifications above
referenced within one year, City may cause said improvements to be completed
and shall be reimbursed by Bank, utilizing the Developer's escrow funds, for all
costs and expenses therefore, including reasonable attorney's fees. Upon
default by Developer, Bank shall disburse the remaining escrowed funds to the
City upon satisfactory proof to Bank that said improvements have been
completed and proof of the cost and expenses of City for completion of such
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improvements. Nothing herein shall be construed to limit the liability of
Developer to that amount represented by escrowed funds. Developer shall
indemnify the City, or its assigns, from any and all losses and expense incurred
by the City, or its assigns, as a result of Developer's default hereunder,
including reasonable attorney fees and court costs, which shall be payable to the
City out of the escrowed funds held by the Bank upon proper proof of the loss
and expenses.
5. Developer does hereby agree to hold harmless and indemnify Bank from all
cost expended in performing duties hereunder including reasonable attorney
fees and court costs should same be incurred for the enforcement of this
agreement, including an action by Bank for declaratory judgments as to the right
of the parties. Bank may rely on the certification of completion by a licensed
Kentucky Professional Engineer and the City Engineer and shall, upon the
occasion of disbursement to the Developer of a percentage of the escrowed
funds, forward to City a copy of the notice of the amount disbursed from the
escrowed funds. Upon default by Developer, certification of completion of the
improvements by City shall be by the City Engineer and Bank may require
whatever proof it, in its sole discretion, deems necessary as to the costs and
expenses incurred by City for the completion of such improvements.
6. By execution below, Bank acknowledges receipt of the escrow funds in the
amount of $250,000.00. This agreement shall be binding and inure to the
benefit of the parties, their successors and assigns.
7. This Agreement represents the full and entire understanding by and between the
parties. The covenants, terms, and conditions and obligations set forth and
contained in this Agreement shall be binding upon and inure to the benefit of the
City and Property Owner and their respective heirs, successors, and assigns.
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ENTERED into by the parties hereto on the date first above written.
„CITY„
CITY OF PADUCAH, KENTUCKY
BY:
Brandi Harless, Mayor
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STATE OF KENTUCKY )
COUNTY OF MCCRACKEN )
Subscribed, sworn to and acknowledged before , me this the day of
20, by Brandi Harless, as Mayor of and on behalf of the City of
Paducah, Kentucky, "City'.
My commission expires:
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NOTARY PUBLIC, STATE AT LARGE
NOTARY ID:
STATE OF KENTUCKY )
COUNTY OF MCCRACKEN )
Subscribed, sworn to and acknowledged before me this the day of
U6ernkel 20 I R , by Elizabeth M. Dome, as Member of and on behalf of EMD
Properties, LLC, "Developer".
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Stale At Large, Kentucky
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ID: 564661
STATE OF KENTUCKY )
COUNTY OF MCCRACKEN )
Subscribed, sworn to and acknowledged before me this he' day ofbep
20�, by ��Pu �. 1flC (title on behalf
of CFSB Bank, "Bank".
My commission expires:
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