Paducah Approves Bonds for Riverfront Hotel
As the Paducah riverfront hotel project picks up steam again, the city commissioners have approved two ordinances to advance the project. The board approved up to $12 million in Industrial Building Revenue Bonds and the lease of city-owned property at the rate of $1 per year for a 100-space hotel parking lot.
The city is not responsible for repaying the bonds. The debt is private between Independence Bank, which purchased the bonds, and the hotel developers. The state must also approve the bonds. A meeting with the state local debt officer is set for September 15th.
The board approved a development agreement with LinGate Hospitality’s Paducah Riverfront Hotel in July, after previous developers missed a financing deadline in January.