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HomeMy WebLinkAbout2006-11-7200127 ORDINANCE NO. 2006-11-7200 AN ORDINANCE AUTHORIZING THE MAYOR TO EXECUTE AN ANNEXATION AGREEMENT WITH FALCONITE & HIPP, LLC WHEREAS, Falconite & Hipp, LLC (hereinafter the "Developer") is the owner of a b tract of real property consisting of 26.10 acres located in an unincorporated area of McCracken County, Kentucky, which is contiguous to the corporate boundaries of the City, which real property is presently being developed by Developer as a subdivision for residential/commercial purposes (hereinafter referred to as "Developer's Development"); and WHEREAS, it would be beneficial to the Developer and Developer's Development, and the successor owners of property located in Developer's Development, to obtain municipal services from the City; and WHEREAS, it would be beneficial to the City to annex Developer's Development into the. City, which annexation would promote the growth of the City and its tax base; and WHEREAS, the Developer is desirous of entering into an annexation agreement with the City, which annexation agreement would provide for the annexation of Developer's Development into the City of Paducah, Kentucky, and would further provide to Developer a defined reimbursement of Developer's costs with regard to Developer's construction of public infrastructure and improvements which are necessary for the provision of municipal services. NOW, BE IT ORDAINED, by the City of Paducah, Kentucky, as follows: Section 1. The City Commission does hereby approve the annexation agreement for the Olivet Village Subdivision to be executed by and between the City of Paducah and Falconite & Hipp, LLC. The Mayor of the City of Paducah, Kentucky, is hereby authorized to execute the annexation agreement for and in behalf of the City of Paducah, Kentucky. Section 2. This Ordinance shall be read on two separate dates and will become effective upon summary publication pursuant to KRS 424. ATTEST: Tammara S. Brock, City Clerk Introduced by the Board of Commissioners, October 24, 2006 Adopted by the Board of Commissioners, November 14, 2006 Recorded by Tammara S. Brock, City Clerk, November 14, 2006 Published by The Paducah Sun, November 22, 2006 \ord\plan\agreement-annexation (Hipp-Falconite)-Olivet Village