PUBLIC HEARING NOTICE
The Downtown Riverfront Development Area - Tax Increment Financing Development Plan
Notice is hereby given that the City of Paducah and McCracken County (“City” and “County”) will conduct a public hearing on the 19th day of February, 2019 at 5:00 pm in the Commission Chambers, 2nd Floor, City Hall, 300 South 5th St, Paducah, Ky, to receive public comment on The Downtown Riverfront Tax Increment Financing Development Plan (the “Development Plan”).
The City and County have authorized the public hearing as an initial step in consideration and possible adoption of the Downtown Riverfront Development Area (the “Development Area”) which the City and County have the power to establish under tax increment financing (“TIF”) provisions of KRS 65.7041 to KRS 65.7083 and KRS 154.30-010 to KRS 154.30-090 (the “Act”).
If established, the Development Area would be developed in accordance with the Development Plan.
Exhibit A in Development Plan
The Development Area is a contiguous area of less than three square miles and described below. The City and County are considering creating the Development Area in order to assist in the development of the Development Area, and to provide redevelopment assistance and certain qualifying public infrastructure by pledging new incremental revenues from real estate taxes and occupational taxes from anticipated new development within the Development Area, which is anticipated to include a variety of hospitality, residential, retail, and restaurant uses, along with various public infrastructure components, with estimated capital costs totaling approximately $156.3 million.
The Development Plan provides for a pledge of City and County incremental tax revenues from occupational taxes and real property taxes along with State incremental sales, property and other tax revenues for up to a 30-year period, more specifically delineated in the Development Plan, to be used to fund certain public infrastructure improvements within the Development Area including land preparation and demolition, parking, improvements to sanitary sewers and storm sewers, expansion of sidewalks and additional streetscape improvements, roadway and pedestrian connectivity improvements, utility improvements, public spaces improvements, public landings, and public infrastructure-related soft costs. The estimated capital cost of the proposed public infrastructure improvements totals approximately $56.5 million.
The development assistance provided by the City and County would not increase any taxes and would not impact any current revenues from any taxing district in the Development Area. The pledge of revenues would not impact any future revenues from any local taxing district, except for the new incremental revenues from the City and County with respect to the Development Area. The Development Plan provides that when the Development Area has been established in accordance with the Commonwealth of Kentucky’s Tax Increment Financing Act, an application would be filed with the Ky. Economic Development Cabinet requesting a pledge of new incremental State revenues, to assist with funding of the planned approved public infrastructure projects within the Development Area, under the provisions of the Act relating to the Commonwealth’s Tax Increment Financing Program.
The following map provides a general description of the TIF Boundary of the proposed Development Area.
