Investment Fund Details Fiscal Year 2011

 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 for spending dollars from the Investment Fund for Fiscal Year 2011.  FY2010 ended June 30, 2011.  

 

ECONOMIC DEVELOPMENT 

Spent for FY2011

  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 

EntrePaducah:  EntrePaducah is an entrepreneurial support program that helps entrepreneurs establish networks with successful mentors and provides business counseling.  EntrePaducah is supported by the City of Paducah, McCracken County, the Chamber of Commerce, the Greater Paducah Economic Development Council, and Murray State University.  Visit EntrePaducah for more information.

 $100,000

  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 adopted by the City Commission in 2004 for the economic development incentive for the construction of the facility currently housing Infiniti Media.  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.   

 $7915

  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.   

 

 $353,667

  KACo Series 2009 (Julian Carroll Convention Center):  These funds are payments for a 2009 KACo loan with McCracken County.  This is the City's share of a $5 million loan for the renovations to the Julian Carroll Convention Center.   

 

 $230,883

BBQ on the River:  Management of the annual BBQ on the River festival is with an independent organization.  These funds will be used to help the organization put on a successful festival. $20,000
Greyhound Incentive Subsidy:  This $12,000 economic incentive helps Greyhound move its customer service operation and bus station from 301 North 4th Street to 2719 Irvin Cobb Drive across from Jackson Purchase Energy.  As part of the agreement, Greyhound will operate a bus station in Paducah for a minimum of five years.  

 $12,000

  Airport Operating Subsidy:  Paducah and McCracken County are splitting a $24,405 per month operating subsidy for Barkley Regional Airport. 

 $146,430

Convention Center Corporation Subsidy:  These funds are provided to the Convention Center Corporation to assist in the operating expenses for the Julian Carroll Convention Center and the Expo Center. 

 $175,000

Paducah Renaissance Alliance:  In 2008, the Paducah Board of Commissioners approved the creation of the Paducah Renaissance Alliance.  Located at 605 Broadway, PRA works to market the LowerTown and Downtown areas.  Funding is used for marketing, event support, and downtown redevelopment. 

 

 $165,108

   Survey for Annexation:  The funding is for the surveying of properties adjacent to the City of Paducah for future agreed upon annexation.

 $12,500

  Seasonal Ice Rink:  This funding is for the rental and operation of the season ice rink.  

 $99,100

  Community Scholarship Foundation:  In 2009 the City committed to fund the Community Scholarship Foundation, a program to provide each high school graduate in Paducah and McCracken County a two year scholarship to West Kentucky Community & Technical College provided that the student maintain specified attendance, behavior, and academic standards.

 $125,000

  Quilt Show Subsidy:  This funding is for marketing and promoting events for the American Quilter's Society Quilt Show and Contest held in April in Paducah. 

 $25,000

  Hotel Metropolitan:  The Hotel Metropolitan is a building built in 1909 to house African-American travellers.  After extensive renovations, the hotel is now a museum that pays tribute to African-American heritage and to the well-known people who stayed there including Ike and Tina Turner and Louis Armstrong.  Visit Hotel Metropolitan for more information.

 $5000

  River Discovery Center:  The Paducah Board of Commissioners approved providing support funding for the River Discovery Center located at 117 South Water Street.  The Center has several educational interactive exhibits including a pilothouse simulator.  Visit River Discovery Center for more information.

 $2500

  Yeiser Art Center:  The Paducah Board of Commissioners approved providing support funding for the Yeiser Art Center located at 200 Broadway.  Yeiser's mission is to further the appreciation and development of visual arts in the region.  Visit Yeiser Art Center for more information including exhibition schedules.

 $10,000

  Paducah Symphony:  The Paducah Board of Commissioners approved providing support funding for the Paducah Symphony Orchestra.  The Paducah Symphony encompasses a wide range of ensembles including the PSO Professional Orchestra, the Paducah POPS Orchestra, an adult Symphony Chorus, a multi-county Children's Chorus, and a Music Education Program.  Visit Paducah Symphony for more information.

 $25,000

  Maiden Alley Cinema:  The Paducah Board of Commissioners approved providing support funding to Maiden Alley Cinema.  The Paducah Film Society Programming at Maiden Alley Cinema includes independent films, foreign films, classic films, and Academy Award winners.  Visit Maiden Alley Cinema for more information.

 $5000

  Luther F. Carson Four Rivers Performing Arts Center:  The Paducah Board of Commissioners approved providing support funding for the Carson Center.  Approximately 160,000 guests attend 480 activities/events at the Carson Center each year.  The main hall of the Carson Center seats 1806 people.  Visit The Carson Center for more information. 

 $50,000

  Market House Theatre:  The Paducah Board of Commissioners approved providing support funding for Market House Theatre.  Visit Market House Theatre for more information about classes, auditions, and upcoming performances. 

$25,000 

 
Total Economic Development

 $1,901,353

     
     
 

COMMUNITY REDEVELOPMENT

 
  Fountain Avenue Neighborhood Revitalization Project:  Commissioners approved the Fountain Avenue Neighborhood Redevelopment Plan in April 2007 with the official groundbreaking in December 2007.  The City sets aside funds to acquire property for redevelopment in the neighborhood.  This money is to purchase, secure, maintain, and market pieces of property.  Incentive funds are available to developers, contractors, and homeowners to purchase, build, or rehabilitate property and structures in the Neighborhood.   The Urban Renewal & Community Development Agency owns several pieces of property in Fountain Avenue.  For  more information including a list of available property, visit fountainave.com.

 $188,800

Midtown Alliance of Neighbors:  Midtown Alliance of Neighbors is a neighborhood volunteer group working to help the City of Paducah with its Fountain Avenue Neighborhood Revitalization Program.  Through "Repair Affair" events, the group helps property owners maintain and renovate their homes.  The Midtown Alliance also works with the City to educate the homeowners regarding codes, requirements, historical preservation, etc.

 $20,000

 
Total Community Redevelopment

 $208,800

     
     
 

CAPITAL & INFRASTRUCTURE

 

 Executive Inn Purchase:  In December 2009, the City Commission approved the purchase of the Executive Inn from the mortgage holder for $1.8 million.  These funds go toward the expenses related to the purchase and demolition of the hotel not covered in the 2010 Bond Series (see below).

 $1,270,449

 

 

Matching Funds for Boating Infrastructure Grant:  These funds are for the required match for the Boating Infrastructure Grant, a federal grant to provide funding for the development of a marina and docking facilities for boats at least 26 feet in length.  Visit Riverfront Paducah to view the plans for the redevelopment of the riverfront.  

 $320,000

  2003 Bond Series:  This is the payment for the 2003 bond issued to finance the following projects:  Carson Center utility relocation, streetscape improvements, and parking lot construction; park improvements at Kolb Park, Noble Park, and the Perkins Creek Nature Preserve; HVAC and other improvements at the Police Department and City Hall.

 $204,981 

  Bond Payment (Floodwall-Jail):  This payment is for the $2.8 million KLC loan issued in 2009 for the renovations and engineering/design/feasibility study for the floodwall.  The corrugated metal pipes running through the floodwall are more than 50 years old.  The funds were used to slip-line the pipes.  A small percentage of the bond is for the purchase of land for the McCracken County Jail.

 $165,088

  2010 Bond Series:  In February 2010, the Commission approved a $6.465 million bond that the City will repay over a 20-year period.  The bond covers a portion of the cost of purchasing the Executive Inn, the pavilion and site preparation costs, the sports park property purchase, replacing the existing parking lot and roadway from the amphitheater to the pool at Noble Park, matching funds for the greenway trail extension, generators to provide emergency power to several city buildings, street resurfacing for two years, and the installation of traffic signals.

 $445,970

  Wall to Wall Maintenance:  These funds are to maintain the more than 50 murals currently painted on the floodwall.  Maintenance includes touching up the paint and sealant. 

 $20,000

 
Total Capital & Infrastructure

 $2,426,488

     
 

GRAND TOTAL  $4,536,641