Investment Fund Details Fiscal Year 2009

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 2009.  FY2009 ends June 30, 2009.

 

 

ECONOMIC DEVELOPMENT 

Spent for FY2009

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. 

$330,250 

  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.   

 $8900

  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.   

 $38,000

  Interest Payment for FY2009 Debt Issue:  In January 2009, Commissioners approved the borrowing of funds from the Kentucky League of Cities.  The bond issue is expected to have a 20 year life with the estimated bond size of no more than $2.8 million.  The majority of the funds are 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 and need repair or replacement.  A contractor is working to slip-line the pipes.  A small percentage of the bond is for the purchase of land for the McCracken County Jail.   

 $24,680

  Debt Service Fund Transfer:

 $39,890

  AEP Incentives:  In October 2008 AEP River Operations announced plans to build a 20,000-plus square foot facility on Marine Way in downtown Paducah.  Incentives to be provided by the City include infrastructure improvements to the neighboring streets.  

 $215,000

  Arcade Property Improvements:  Improvements to turn Arcade theater into office complex.

 $4895

  Space Coast Hospitality Incentive:  Space Coast Hospitality is the Florida company led by Bill Parsons.  Parson and Tom Green are working to purchase the Executive Inn in downtown Paducah.  This funding was used to help complete the necessary feasibility study and appraisal for the loan application. 

 $75,000

  Airport Operating Subsidy:  Paducah and McCracken County are splitting a $38,000 per month operating subsidy for Barkley Regional Airport. 

 $228,000

  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 third of the four payments.  

 $25,000

  Renaissance Operating Subsidy:  In 2008, the Commission approved the creation of the Paducah Renaissance Alliance.  Located at 605 Broadway, Renaissance links the coordinators for LowerTown and Downtown Development.    

 $270,700

  Downtown Redevelopment:  This funding is for several purposes for downtown redevelopment.  It will help in the preparation of the offices for the Renaissance Alliance.  The money will also be used for the legal and consultant fees for the Executive Inn/Convention Center negotiations and the Tax Increment Financing District application. 

 $50,000

  Seasonal Ice Rink:  In 2008, the City Commission agreed to the rental of a portable ice rink from Magic Ice, USA.  The rink was open from November 2008 through February 1, 2009.  The funding is for the rental and operation of the rink.

 $108,020

  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.

 $135,000

  EntrePaducah:  EntrePaducah is supported by the City of Paducah, McCracken County, the Chamber of Commerce, and the Greater Paducah Economic Development Council.  EntrePaducah is an entrepreneurial support program.  Part of the funding is for the hiring of "concierge", Terry Reeves.

 $100,000

  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.  All advertising will be coordinated with the Convention and Visitors Bureau marketing program.  

 $176,915

  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.  The 2009 show is set for April 22-25.  The City provided $25,000 for the 2008 show as well.

 $25,000

  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 Center provides consulting services and support to entrepreneurs, small business owners, and start-up businesses.  The City and Chamber provide office space with no rental charge.  The State requires a local match to keep the office open.  The City, County, and GPEDC each are providing $20,000 for FY 2009.  Click Innovation Center News Release for more information released May 2007 from the Greater Paducah Economic Development Council.

 $20,000

 
Total Economic Development

 $1,881,500

     
     

 

COMMUNITY REDEVELOPMENT

 

  Fountain Avenue Neighborhood Property Acquisition:  Commissioners approved the Fountain Avenue Neighborhood Redevelopment Plan in April 2007 with the official groundbreaking in December 2007.  The City has spent more than a million dollars acquiring property for redevelopment in the neighborhood.  This money is to purchase, secure, and pay taxes on property.    For more information, visit fountainave.com.

 $100,000

  Fountain Avenue Incentives:  Money is available from the Investment Fund for incentives to developers, contractors, and homeowners to purchase, build, or rehabilitate property and structures in the Fountain Avenue Neighborhood.   The Urban Renewal & Community Development Agency owns many pieces of property in Fountain Avenue.  For more information about available property and the neighborhood, visit fountainave.com.

 $300,000

  2009 LowerTown Arts & Music Festival:  Festival is scheduled for May 23-24, 2009.  Visitors get to meet the artists, visit galleries, and enjoy food and music.  Click Lowertown Arts & Music Festival for more information. 

 $25,000

  U.S. 60 Linear Park Property Acquisition:  This is a multi-year project of acquiring parcels as they become available between Martin Luther King, Jr. Drive and Park Avenue to be used as open, green space.  The parcels would be from the MLK monument toward downtown at the PATS parking lot. 

$50,000

  Downtown/Renaissance Area Master Plan:  In September 2008, the City received a Preserve America grant in the amount of $75,000 for a downtown and Renaissance area master plan.  The grant requires the City to match the funding.  The master plan will address streetscape, signage, and parking.    

 $75,000

 
Total Community Redevelopment

 $550,000

     
     

 

CAPITAL & INFRASTRUCTURE

 

  Street Resurfacing Program:  Commission approved spending $650,000 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.

 $650,000 

  Sidewalk Program:  City Commission has approved setting aside money to be used to add sidewalks to areas in the City of Paducah that lack sidewalks.  Planning Department is developing a sidewalk plan that notes the location of existing sidewalks and develops a plan with the costs of adding sidewalks throughout the City.   

 $200,000

  Pecan/James Sanders Traffic Signals:  The addition of new shopping centers and traffic led to the need for a traffic signal at a busy intersection located behind Home Depot near the Kentucky Oaks Mall.  In April 2009, traffic signals at the intersection of James Sanders Boulevard and Pecan Drive/Village Square Drive became fully functional.  The signals have new technology that uses a camera detection system to trigger the signals. 

 $60,000

  City Hall Structural Issues:  Over the years, City Hall has had problems with deterioration of the cantilevered section of the roof structure.  There is visible cracking and settlement.  This funding is for assessment by an engineer.

 $26,500

  Floodwall Survey-Phase II:  This funding is for comprehensive property surveys for the floowall.  The survey is needed for FEMA Flood Insurance Rate Map modifications.  Click Floodwall for more information. 

 $140,700

 

Floodwall Conceptual Study:  This is funding for the engineering study and preliminary design services for extending the greenway trail into downtown Paducah.  Click Floodwall for more information. 

 $46,000

  Design Consultant-Police Headquarters:  This funding would be used to hire a consultant to assess the current and future design needs at the Paducah Police Department located on Broadway.  The consultant would look at space, efficiency, and would determine if the headquarters needs to have an addition.

 $50,000

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

 $20,000

  Jail Property Acquisition:  The McCracken County Jail is looking to expand.  The City is helping the County by acquiring nearby property for the jail.  Property purchased in 2008 includes two lots on South 6th Street. 

 $54,405

  Design to Replace Fire Headquarters:  This amount is a preliminary cost estimate to prepare the design to rebuild Fire Station #5 at 17th and Broadway as the headquarters to replace the current headquarters at Station #1 at 301 Washington Street.

 $25,700

  Noble Park Playground Resurfacing:  The "boundless" playground at Noble Park has received a bonded rubber surface.  This surface is a match to the civic group who raised funds for the accessible playground.  Kolb Park is set to be resurfaced in 2010.  The playground on the east side of Noble Park Lake that adjoins the boundless playground, Blackburn Park (Robert Coleman Park), and Keiler Park already have new rubber playground surfaces. 

 $110,000

  Blackburn Park (Robert Coleman Park) Improvements:  This funding is to improve the lighting, expand the basketball court, and replace the old picnic shelter with two new shelters.  The project is also funded with grant dollars.  Click Coleman Park for more information.

 $38,000

  Cameras and Equipment for the Commission Chambers:  The TV staff at WKCTC has requested City assistance in providing upgrades to the equipment and cameras used to televise the Commission Meetings from the Chambers. 

 $47,000

 
Total Capital & Infrastructure

 $1,468,305

     
 

GRAND TOTAL  $3,899,805

 

 

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