HomeMy WebLinkAbout92-9-4839ORDINANCE #92--- yF,3
AN ORDINANCE APPROVING THE ACCEPTANCE BY THE
PADUCAH PLANNING COMMISSION OF THE
PERFORMANCE BOND OF G.P.E.D.C., INC.
WHEREAS, the G.P.E.D.C., Inc. has submitted to the
Paducah Planning�Commission an application for the development
and subdivision of a tract of land generally known as the
"Information Age Park"; and
WHEREAS, the aforesaid application and the final waiver
of subdivision plat have been approved by the Paducah Planning
Commission, however, approval shall not be deemed effective until
such time as all improvements, requirements and installations to
the subdivision as required by S-5 of the Paducah Subdivision
Regulations have been constructed in a manner deemed satisfactory
to the City Engineer; and
WHEREAS, in lieu of the aforesaid construction, the
final waiver of subdivision plat shall be deemed effective upon
the acceptance by the Paducah Planning Commission of the
performance bond of G.P.E.D.C., Inc. which guarantees that the
improvements to the subdivision will be performed in accordance
with S-5 of the Paducah Subdivision Regulations and that the
improvements will be completed within one year after the approval
of the final waiver of subdivision plat; and
WHEREAS, pursuant to Section 12(2)(b) the City Engineer
has recommended a performance bond in the amount of $3,486,633.00
to be posted by G.P.E.D.C., Inc. for the construction of the
aforementioned improvements to the subdivision.
KENTUCKY:
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH,
SECTION 1.
That the City of Paducah hereby accept,
pursuant to Section 12(2)(b) of the Paducah Subdivision
Ordinance, a performance bond from G.P.E.D.C., Inc. in the amount
of $3,486,633.00.
SECTION 2. In lieu of the requirement of surety on the
bond by a company entered and licensed to do business within the
Commonwealth of Kentucky, and as security for the payment of the
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aforesaid performance bond, G.P.E.D.C., Inc. shall grant to and
in favor of the City of Paducah a lien upon all real properties
owned and held in the name of G.P.E.D.C., Inc. which are located
in Paducah, McCracken County, Kentucky, and assigned all of
G.P.E.D.C., Inc.'s rights and interests in and to the performance
bonds of all contractors and subcontractors of G.P.E.D.C., Inc.
which will be performing all improvements, requirements, and
installations to the Subdivision as required by the Paducah
Subdivision Regulations.
SECTION 3. 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 hereof, it being the purpose and
intent of this ordinance to make each and every section,
paragraph and provision hereof severable from all other sections,
paragraphs and provisions.
SECTION 4. This ordinance shall be read on two
separate days and will become effective upon publication of the
title and certified summary therIYONERRY
B. ON MERY
Introduced by the Board of Commissioners ez 1,5-
411
Adopted by the Board of Commissioners tea, l�I9a
Recorded by Lenita Smith, City Clerk_
Published by The Paducah SunAPPDK - 30)11572