The City of Paducah is making progress on their plan to redevelop a portion of the city’s downtown.
The City Commission approved a preliminary development agreement with Louisville-based design firm Weyland Ventures in April. The purpose of the agreement is to “undertake planning, design, and development for a 3-acre mixed use development on the existing municipal parking lot in downtown bounded by Second Street, Broadway, North Water Street, and Jefferson Street,” according to a release from the city.
The City Block Project would take the block and redevelop the area with features that “could include a 4-story, 120-room hotel along Jefferson Street between Water and 2nd Street, public parking spaces, open space for public gatherings and mixed-use buildings along Broadway between Water and 2nd Street.”
The commission approved on Monday a municipal order to pay $85,185 to the Kentucky Economic Development Finance Authority for consulting related to their application for Tax Increment Financing (TIF) for the project. The city received preliminary approval in August for their TIF district.
The commission also introduced a new ordinance that would appropriate $72,000 for geotechnical analysis and environmental review for the City Block project. The commission will vote on that ordinance on October 22.
The preliminary development agreement with Weyland Ventures will expire in April 2020.