Investment Fund Details Fiscal Year 2008

Investment Fund

The Investment Fund is funded by 1/2 percent of the Payroll Tax.  The Payroll Tax (wage tax) is 2%.  The first 1 1/2 percent is placed in the General Fund.  The remaining 1/2 percent is placed in the Investment Fund.  The Investment Fund is used for Economic Development, Community Redevelopment, Capital & Infrastructure, and Property Tax relief.  For more information about the investment fund, visit Track Your Tax Dollars.  For a list of quarterly and annual reports from the Finance Department, visit Investment Fund Scorecard.

Below you will find a list of projects the Paducah City Commission approved spending dollars from the Investment Fund for Fiscal Year 2008.  FY2008 ended June 30, 2008. 

 

ECONOMIC DEVELOPMENT 

Spent for FY2008

 

  GPEDC Operating Payment:  As a subsidy for operational and marketing costs, the City pays Greater Paducah Economic Development Council (GPEDC) $300,000 for its recruiting efforts to lure businesses to the Paducah area.  McCracken County also provides $300,000 per year.  The balance of GPEDC's $1.1 million budget comes from private fundraising. 

$300,000 

  Coca-Cola Incentive:  In 2003, Coca-Cola bought a spec building and 10 acres in Industrial Park West off Olivet Church Road from the Paducah-McCracken County Industrial Development Authority.  The City and County contributed money to pay the difference to the Authority on what it owed on the property.  The payments are for 20 years.  Click Coca-Cola News Release for the news release from the Greater Paducah Economic Development Council.  Coca-Cola moved into the building in the spring of 2005.   

 $6250

  2004 Bond Series (Infiniti Media Incentives):  This is the bond payment for the economic development incentive for Infiniti that the City Commission adopted in 2004.  Infiniti is located in Industrial Park West off Olivet Church Road.  Infiniti is a supplier of media packaging products for the recording industry.  Click Infiniti News Release for the news release from the Greater Paducah Economic Development Council.   

 $43,721

  Marquette Incentives:  In September 2005, the City, County, and GPEDC signed an agreement with Marquette Transportation Corporation for the company to locate its corporate headquarters and warehouse operations to Information Age Park.  Marquette's previous facility at 2308 South 4th Street was sold to GPEDC.  This $10,000 payment is a cash grant for three years from the City to Marquette for the brick facing on its new headquarters.  Marquette officially moved into Information Age Park in March 2007.  Click Marquette News Release for the December 2005 release from the Greater Paducah Economic Development Council.

 $10,000

  Art School Building:  In January 2007, the City optioned the Kitchens, Inc. building across from Paducah Area Transit at 9th and Harrison.  The building will be the home of the Paducah School for the Arts.  Total purchase price plus other costs such as the environmental assessment was $375,000 which the City is paying over a three-year period.  The property was transferred to Paducah Junior College, Inc. in November 2007.  Click Paducah School for the Arts for more information about the school and classes.

 $147,000

  Western Rivers Incentives:  The Riverport Authority sold the former Marquette Building along the Tennessee River to Western Rivers Boat Management, Inc.  The incentive agreement calls for a single cash payment of $300,000 to Western Rivers.  In 2007 Western Rivers moved its headquarters from Arkansas to Paducah at 2308 South 4th Street.  Click Western Rivers News Release for the May 2007 release from the Greater Paducah Economic Development Council.

 $300,000

  Southland Renewable Fuels Incentives:  Southland, a bio-diesel manufacturing company, would be the first project in Riverport West on the west side of McCracken County.  Southland has not started construction.  The $5000 is from the Economic Development Incentives Reserve described below.  Click Southland News Release for the October 2007 release from the Greater Paducah Economic Development Council. 

 $5000

  Argentine Grill (Martin Fierro) Incentives:  On January 8, 2008, the City Commission approved providing $25,000 in economic incentives for the development of the restaurant, Martin Fierro, located at 314 Broadway.  The restaurant opened in November 2008.

 $25,000

  Hooper's Outdoor Store Incentives:  On February 5, 2008, the City Commission approved a Memorandum of Understanding between the City and the owners of Hooper's Outdoor Center.  The City is providing economic incentives to help Hooper's move from its location at 3790 Hinkleville Road to a much larger space downtown at 219 Broadway.  The new location is 12,000 square feet with two floors of retail space.  Hooper's held a grand opening celebration in November 2008.

 $235,400

  Crounse Incentives:  On May 22, 2007, the City Commission approved a Memorandum of Understanding between the City, Greater Paducah Economic Development Council, and Crounse Corporation.  In the MOU Crounse would locate its corporate headquarters at the intersection of Adams and Second Streets (now called Marine Way) and construct a building to cost at least $4.5 million.  In the MOU, the City would pay $55,000 to offset infrastructure related costs.  Using a different fund, the City also would improve Adams and Second Streets. A ribbon cutting and grand opening celebration was held in November 2008.  Click Crounse News Release for more information from GPEDC.

 $55,000

  Atlas Metals Incentives:  On June 24, 2008, the City Commission approved providing a cash grant of $10,000 in addition to license fees to Atlas Metals, LLC.  Atlas is expanding its existing company (Atlas Roofing) to include a new metal manufacting operation (Atlas Metals) at the location at 801 Jones Street. 

 $11,046

  Riverport Loan:  This payment was approved by the Commission in December 2007.  It goes along with the Western Rivers incentive described above.  The Riverport Authority sold the building to Western Rivers for approximately $100,000 less than its investment in the property.  The $100,000 is divided between the City, County, and Riverport Authority.  For more information click, Paducah Riverport Authority.

 $33,333

  Industrial Park West Spec Building:  This spec building was built jointly by the City and County in Industrial Park West off Olivet Church Road.  The 60,000 square foot facility was complete June 2005.  This is the second spec building for the Industrial Park built with the help of the City.  Coca-Cola moved into the first building.  At this time, this second spec building is unoccupied.  Contact GPEDC for more information. 

 $118,024

  Innovation and Small Business Development Center:  Kentucky's Economic Development Cabinet and Murray State University operate the Innovation and Small Business Development Center located in the Commerce Center at 401 Kentucky Avenue.  The State requires a local match to keep the office open.  The City, County, and GPEDC each are providing $20,000 for FY 2008. ; Click Innovation Center News Release for more information released May 2007 from the Greater Paducah Economic Development Council.

 $20,000

 
Total Economic Development

 $1,309,774

     
     
 

COMMUNITY REDEVELOPMENT

 
  LowerTown Property Acquisition:  Commissioners approved setting aside $100,000 for the acquisition of property in LowerTown.  The money could also be used to demolish, stabilize, or maintain acquired property.  LowerTown is the home of dozens of artists and their galleries.  

 $100,000

  LowerTown 2008 Arts & Music Festival:  Festival is scheduled for May 23-25, 2008.  Visitors get to meet the artists, visit galleries, and enjoy food and music.  Click Lowertown Arts & Music Festival for more information. 

 $21,000

  Fountain Avenue Neighborhood Property Acquisition:  Commissioners approved the Fountain Avenue Neighborhood Redevelopment Plan in April 2007 with the official groundbreaking in December 2007.  Money is available from the Investment Fund for incentives to developers and homeowners.   Plus, the money will be used to purchase property to give or resell to new residents, to demolish or stabilize, and to maintain acquired property.  For more information, visit fountainave.com.

 $350,000

  City Property Acquisition:  Building upon the success of the LowerTown Artist Relocation Project, the Fountain Avenue Neighborhood Revitalization Project, and the renovations of the Hotel Metropolitan (pictured) in Uppertown, money is available to purchase property around the City of Paducah for redevelopment potential.

 $75,000

  Mainstreet Regional Marketing:  This funding is for Paducah Mainstreet's regional marketing and advertising efforts to support current businesses.  The focus is on a seven-county area.  Click Paducah Mainstreet for more information.

 $30,000

  National and Regional Marketing Program:  Funds are provided to market Paducah nationally and regionally for economic development, retail, and commercial and housing infill, to increase tourism, and to promote City projects.  Funds are used for radio ads, advertisements in arts magazines, billboards, posters, maps, and brochures.  The main focus on the marketing will be the downtown and LowerTown areas.   

 $160,656

 
Total Community Redevelopment

 $736,656

     
     
 

CAPITAL & INFRASTRUCTURE

 
  Street Resurfacing Program:  Commission approved spending $500,000 on resurfacing streets.  City also receives approximately $400,000 each year from Kentucky Municipal Aid Program which provides funding from gasoline taxes.  Depending upon traffic use, an asphalt street will last 10 to 12 years.  Paducah has more than 223 miles of streets.

 $500,000 

  Technology Boulevard Extension Engineering:  A portion of the engineering design costs for the extension of Coleman Road across U.S. Highway 60 and up the hill to the CSI office park in Technology Center.  Currently Technology Center is accessed only by Friedman Lane.  Construction is anticipated to start in 2009 or 2010.

 $21,000

  2nd Street Improvements (Tenn/Adams):  Improvements were promised as a part of the Crounse headquarters incentives.  This amount covers the construction costs for improvements to Clark Street ($20,000), Adams Street ($80,000) and 2nd Street ($80,000).  The new Crounse building is under construction.  Click Crounse News Release for the April 2007 release from the Greater Paducah Economic Development Council.

 $180,000

  Floodwall Slipline Engineering:  The corrugated metal pipes (CMPs) through the floodwall are more than 50 years old and at the end of their lifespan.  Florence & Hutcheson, Inc. is providing the engineering services for the rehabilitation of the pipes (sliplining) including a video assessment.  The total engineering cost will be $163,800.  $50,000 was appropriated in 2007; $47,600 will be for inspection during slipline process.  $66,200 is the remainder of the cost.

 $66,200

  Riverfront Boat Launch:  A 5-6 lane boat launch area will be constructed at the end of Burnett Street at 6th Street.  The City of Paducah owns the property.  Burnett street will be widened and extended to cross the floodwall.  Parking spaces will be built for 100 vehicles and boat trailers.  Construction in 2008.  Total project cost estimated at $1.5 million.  Mainly funded from grants and state awards.  The $55,500 is for a required comprehensive environmental assessment. 

 $55,500

  Riverfront Phase I:  Phase I includes renovations to Schultz Park and the construction of a boat dock for transient boats.  Project includes extending the land mass in Schultz Park, landscaping, roadway, parking, fuel system, gangway, and marina building.  Marina will be built at later date.  Project is currently under design with a total estimated cost at $15 million.  Click Riverfront Master Plan for more information. 

 $266,680

   Riverwalk Preliminary Design:  This funding was used for surveying for a preliminary alignment for a riverwalk near the Executive Inn and Schultz Park.

 $6900

   Greenway Trails Grant Match and Amenities:  This funding was used to finish Phase I of the Greenway Trail.  Money used for the new bridge near Stuart Nelson Park and amenities such as signs and benches.  The ribbon cutting for Phase I was held July 1, 2008.  

 $192,719

  Noble Park Playground Resurfacing:  The southern playground at Noble Park has received a bonded rubber surface that makes it softer and safer.  Kolb Park is set to be resurfaced in 2010.  2008 is the 4th year for the playground resurfacing project.  The playground on the east side of Noble Park Lake, Blackburn Park, and Keiler Park already have new rubber playground surfaces. 

 $90,000

  Noble Park Restrooms:  A modular restroom building was installed in the summer of 2008 near the skatepark and ballfields.  The photo on the left is from June 17, 2008 when the restroom was being installed.

 $90,000

  Athletic Field Renovation:  This is the first year of a two-year project to improve drainage and the surfaces at the City athletic fields.  Projects include Stuart Nelson ballfields, Brooks/Sheppard soccer fields, and 14th Street fields.  Projects will add soil, till, laser grade, and seed fields for better drainage and playing surfaces.

 $28,750

  Parks Master Plan Update:  The previous Master Plan was completed in 2002.  The $16,000 is for consultant, Bradstetter Carroll, Inc. to update the plan.  Commission discussed the plan at its November 6, 2007 workshop.  

 $16,000

  Blackburn Park Improvements (now Robert Coleman Park):  In FY2007 the Commission approved a Land & Water Conservation Fund grant application for the Blackburn Park Project.  The $69,000 is the City's local match for the grant.  The City must provide 50% of the project cost.  The grant has not been awarded.  However, the project would include the addition of a basketball court, sun shelters, and two picnic pavilions.

 $69,000

  Parks Security Camera System:  Due to questions about security in various City parks, trails, and parking lots, Commissioners approved setting aside funds for a camera system for the City's parks

 $30,000

  Oak Grove Mausoleum Restoration:  Ohio Valley Monument Company was awarded the contract in October 2007 to restore the mausoleum.  The interior marble walls and crypt doors were loose.  The mausoleum has been closed to the public for years due to safety concerns.  It should reopen in 2008.  There are 142 open crypts available.  A rededication ceremony was held November 12, 2008.  Click News Release details about the ceremony.  For more information about the mausoleum and burial records, click Oak Grove Cemetery.

 $116,000

  Civic Beautification, City Entrance Signs:  Civic Beautification Board is working to erect 6 entrance signs 4' x 8' that stand 6' tall.  Signs will be lighted, and the area around them will be landscaped.  Commissioners approved providing $20,000 to the Civic Beautification Board. 

 $20,000

  Four Rivers Behavioral Parking Lot:  The Four Rivers Behavioral Parking Lot is located along Jefferson and 5th Street.  To assure that the parking lot remains available for public use during the evenings and weekends, the City purchased an easement for $100,000 that will be paid over four years.  This is the second of the four payments.

 $25,000

  River Heritage Museum Grant Match:  This $25,000 amount provides part of the matching funds for a $878,850 grant awarded to the museum through the City.  This is a one year contract that expires June 30, 2008.  

 $25,000

  Downtown Hotel: Options, Consultant, Staffing: On July 24, 2007, Commissioners approved spending $25,000 for information that would be placed in a RFP (request for proposals).  Consulting firm, JJR, analyzed potential hotel sites, conducted market analysis, and created materials for the RFP.  Money also was used for land options for potential hotel sites and for staffing.

 $152,066

 
Total Capital & Infrastructure

 $1,950,815

     
 

GRAND TOTAL  $3,997,245