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 the recent 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 2013 which ended June 30, 2013.
Spent or Committed for FY2013
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 funding. The balance of GPEDC's more than $1 million budget comes from private fundraising.
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.
Chamber of Commerce Lobbyist:
These funds are provided to the Paducah Area Chamber of Commerce
. The Chamber is one of only three Chambers in the Commonwealth of Kentucky that employs a lobbyist on both the state and federal levels to assist the community.
In 2003, Coca-Cola
bought a spec building and 10 acres in Industrial Park West (I-24 Park) 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.
2001 Bond Series: In 2001, the City issued $9.29 million in 25-year general obligation bonds to provide $6 million for the construction of the Paducah Expo Center and $3 million for the construction of the Carson Center. This bond was refinanced in 2010. The payments for the bond are covered by the revenue from the 2% hotel/motel bed tax and contributions by the Convention & Visitors Bureau, McCracken County, and the City of Paducah.
2003 Bond Series: In 2003, the City approved a 20-year bond issue for $3.5 million through the Kentucky League of Cities bond pool to finance utility relocation, streetscape improvements, and parking lot construction for the Luther F. Carson Four Rivers Performing Arts Center ($1.5 million); improvements to several Paducah parks ($1 million); and improvements to the Paducah Police Department and City Hall ($1 million).
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. The County issued the bond with the City paying half of the interest and principal payments.
Columbia Theatre Concept Study: In June 2013, the Mayor and Commissioners approved engaging Westlake, Reed, and Leskosky of Cleveland, Ohio for $33,000 to complete the concept study for the Columbia Theatre on Broadway. The City has owned the theatre built in 1927 for about 10 years. The concept study would include drawings of the existing facility, workshops with potential users and stakeholders to determine the intended uses for the theatre, the development of programs and planning concepts for the potential future uses of the facility along with cost estimates.
Hotel Site Development: The City of Paducah has been working with developers on a downtown hotel that would be adjacent to the Julian Carroll Convention Center. These funds are set aside for the site development which will include a walkway from the hotel over the floodwall to the Convention Center.
WKCTC Paducah School of Art Rent Subsidy: As the Paducah School of Art works to expand the school into LowerTown, the City of Paducah has agreed to help fund the operational expenses for the school's two locations, 409 Broadway and 919 Madison Street. This is the second of three years for the subsidy payment.
Murray State University Paducah Campus: In 2011, an interlocal cooperation agreement was approved to finance the bond for the construction of the Murray State University Paducah Campus off Audubon Drive next to interstate-24. The County issued the $10 million in bonds to finance the construction. As part of the interlocal agreement, the City will contribute an amount not to exceed $175,000 per year toward the debt service. The anticipated annual appropriation toward the debt service includes the $175,000 from the City, $325,000 from the County, and $290,000 from Murray State University. A groundbreaking ceremony was held May 31, 2012.
Pavilion Installation/Tear Down: In December 2009, the City approved the purchase of a 37,800 square foot air dome pavilion from Arizon Structures of St. Louis, Missouri. The pavilion structure is used, among other things, to house vendors for the AQS QuiltWeek. Arizon assists City crews in the annual installation and deflation of the pavilion.
Airport Operating Subsidy: Paducah and McCracken County are splitting an operating subsidy for Barkley Regional Airport.
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 Paducah Expo Center.
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, artist recruiting, and downtown redevelopment.
Community Scholarship Foundation: In 2009 the City committed to partner in the funding of 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 maintains specified attendance, behavior, and academic standards. McCracken County and private donations also fund the program.
Quilt Show Subsidy: This funding is for marketing and promoting events for the American Quilter's Society QuiltWeek held in April in Paducah. The funds are a match for a grant through the State.
LowerTown Arts & Music Festival: This funding is to support the LowerTown Arts & Music Festival which was held May 19-21, 2013. Approximately 200 people volunteered at the festival that had an attendance of about 16,000.
The Hotel Metropolitan is a hotel 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.
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.
Yeiser Art Center:
The Paducah Board of Commissioners approved providing support funding for the Yeiser Art Center located at 200 Broadway in addition to funds to be used to update Yeiser's website and kitchen area so that the facility can be rented for parties and other functions. 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.
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.
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.
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.
National Quilt Museum: The Paducah Board of Commissioners approved providing support funding for the National Quilt Museum of the United States, a non-profit institution established to educate, promote, and honor today's quiltmaker, quilts, and fiber art. The museum also hosts educational programs on a diverse number of topics for quilters of all skill sets.
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.
Total Economic Development
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 the Fountain Avenue website
HOME Grant Match: This is the City's match to accept the Kentucky Housing Corporation's 2012 HOME grant which provided more than $300,000 as a homeowner assistance grant to build seven new single-family homes in the Fountain Avenue Neighborhood for low to moderate-income families. Before construction begins on each home, the City is required to have a pre-qualified buyer. Each home will cost an average of $120,000; however, with the City’s match and the HOME grant, the average cost per homeowner will be $68,000 plus interest. This is the second HOME grant within the Fountain Avenue Neighborhood. A 2010 grant provided for the construction of seven new homes and the rehabilitation of two existing ones.
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. For more information, visit the Midtown Alliance of Neighbors website
Total Community Redevelopment
Annual Street Resurfacing Program: Each year the Board of Commissioners approves spending approximately a half million dollars or more on resurfacing streets. The City also receives approximately $550,000 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 approximately 220 miles of streets.
Sidewalk Program: Funds are set aside each year to replace and/or add sidewalks. This work is completed in association with the annual street resurfacing program.
Traffic Signal Upgrades: The funds were used on numerous intersections in which a signal loop was upgraded to a wireless detection system. These funds also were used to provide the new signals for the 4th leg of the intersection of James Sanders Boulevard at Pecan Drive.
The Kentucky Transportation Cabinet Transportation Enhancement (TE) grants used on two segments of the Greenway Trail
require some matching funds from the City. The funds allocated here cover a portion of the required match. The segments of trail are the section between the Paducah Expo Center and U.S. 45 near the Brookport Bridge and the section from the Brookport Bridge to Noble Park next to the Skatepark.
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 portion of the bond is for the purchase of land for the McCracken County Jail.
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.
Paducah Recreation Center-Debt Service: In 2011, the City of Paducah purchased the Life Center Building at Margaret Hank Cumberland Memorial Cumberland Presbyterian Church located at 1527 Martin Luther King Jr. Drive. The building, now called the Paducah Recreation Center, is used by the Parks Services Department to offer open gym time, leagues, and classes. The building includes a gymnasium, meeting rooms, kitchen, stage, and restrooms. The City is paying the Church for the building over an eight-year period, interest-free.
These funds were used on a variety of expenses related to the Riverfront Redevelopment Project
including design, mussel relocation, and Phase I-A construction.
Leased Facility Maintenance: In December 2012, the City contracted with Ray Black & Son, Inc. for a project to preserve and renovate the Market House and River Discovery Center which are historic city-owned facilities. The work was completed in the Spring 2013. The work included the repairing and cleaning of masonry, sealing joints, gutter repairs, repair of wood trim, painting, and the replacement of existing bird control devices.
City Hall Building Engineering/Design: These funds are set aside for engineering and design fees and a capacity study that will be involved in the rehabilitation of City Hall. City Hall was built beginning in 1963 and dedicated on February 28, 1965.
Demolition Funding: These funds are used by the Fire Prevention Division in the demolition of structures that are deemed unsafe.
General Facilities Maintenance: These funds were set aside for general maintenance on City-owned facilities including fire stations #1 and 3 and floodwall pump station #2.
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.
Total Capital & Infrastructure