Investment Fund Details Fiscal Year 2010

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 2010.  FY2010 ended June 30, 2010.

 

 

ECONOMIC DEVELOPMENT 

Spent for FY2010

  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.   

 $6926

  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.   

 

 $9,000

  Debt Issue:  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.   

 

 $216,724

 

Credit Bureau Systems Incentive:  In December 2009 the Commission approved a memorandum of understanding with Credit Bureau Systems for economic incentives.  As part of the agreement Credit Bureau, located in Information Age Park, is constructing a 10,000 square foot expansion and hiring an additional 30 employees by the end of 2011.

 $120,000

  Airport Operating Subsidy:  Paducah and McCracken County are splitting a $24,405 per month operating subsidy for Barkley Regional Airport.  For fiscal year 2010 the Airport Board worked to make the airport as efficient as possible reducing the need for the subsidy.  As a comparison, the City/County were splitting a subsidy of $38,000 per month

 $146,430

  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 final payment.

 $25,000

  Seasonal Ice Rink:  The rink in downtown Paducah was open from November 2009 through January 3, 2010.  The funding is for the rental and operation of the rink.  In 2008, the City Commission agreed to the rental with renewal options of a portable ice rink from Magic Ice, USA.   

 $92,000

 

Mindspring Development:  The City of Paducah and Mindspring Development, Inc. entered into a memorandum of understanding to develop historic property at 133 South 2nd Street (corner of Kentucky Avenue and Market Square).  The first floor was completed before Christmas 2009, and Civil Design Group has relocated their offices from Information Age Park.  The upstairs of the building has two residential condominiums under construction.  One condo is approximately 1,800 square feet and will be on the market in May (asking price of around $350,000).  Construction is underway on the second condominium.

 $50,000

  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

  Demolition-Derelict Motel:  Several motel properties in the city have deteriorated to the point that it may not be economical for an owner to invest in renovations.  These funds will be used to demolish the Economy Inn at 1379 Irvin Cobb Drive.

 $100,000

  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 and event support.      

 $205,000

  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.  The 2010 show (26th anniversary for the show) is set for April 21-24. 

 $25,000

  Mid-Town Alliance of Neighbors:  Mid-town Alliance is a neighborhood volunteer group that is 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.

 $12,500

  BBQ on the River:  Management of the annual BBQ on the River festival has moved from Paducah Renaissance Alliance to an independent agency.  City will provide some start-up funds to the agency.  In subsequent years, the independent agency will receives funds from selling drinks.  City will also provide funding to PRA to replace the loss of funds since PRA will no longer provide drink sales at the festival.

 $30,000

  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.

 $30,000

  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.

 $30,000

  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. 

 $30,000

  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. 

$30,000 

 
Total Economic Development

 $1,564,830

     
     

 

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.

 $385,000

  Scholar's House:  Scholar's House is a project of Paducah Housing Services, an agency created by the Housing Authority of Paducah.  Scholar's House is a proposed apartment complex for single parents pursuing an education.  The facility will be constructed next to the WKCTC campus.  The City is purchasing property for the project. 

 $36,000

  City-Wide Property Purchase and U.S. 60 Linear Park Property Acquisition:  These funds would be used to purchase auctioned property around the City.  The city would purchase parcels that are strategically located such as next to a public facility.  Also, there 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.  The U.S. 60 business loop is a major entrance to the City. 

$50,000

 
Total Community Redevelopment

 $471,000

     
     

 

CAPITAL & INFRASTRUCTURE

 

 

Bond for Executive Inn Purchase and Capital and Infrastructure Projects:  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 amphitheatre 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.

 $1,619,981

  Environmental Studies-Boat Launch/Transient Dock:  These funds are for the environment studies for the proposed boat launch area off North 6th and Burnett Streets and the region near Schultz Park.  Click Environmental Assessment to view the document.  Visit Riverfront Paducah to view the plans for the redevelopment of the riverfront.

 $110,000

 

Boat Launch and Burnett Street Design:  These funds are for the engineering designs for the proposed boat launch and parking area off North 6th and Burnett Streets.  The intersection will also be modified to accommodate the boat traffic as it crosses the floodwall.  Visit Riverfront Paducah to view the plans for the redevelopment of the riverfront.

 $28,575

  Bond Payment (Floodwall-Jail):  This payment is for the $2.8 million KLC loan 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 use slip-line the pipes.  A small percentage of the bond is for the purchase of land for the McCracken County Jail.

 $151,063

  Olivet Church Road:  City portion of the funds needed for the Olivet Church Road project which will extend the three lane section of the roadway to U.S. 60. 

 $33,184

  Civic Beautification, City Entrance Signs:  Civic Beautification Board has been working on a project to erect 6 entrance signs 4' x 8' that stand 6' tall.  Signs are lighted, and the area around them is landscaped.  This additional funding should complete the project.  Visit Civic Beautification Board for more information about the CBB. 

 $2,000

  Brooks Park Softball Field:  The Paducah Board of Education and the City of Paducah are partnering on the construction of a softball field across from Brooks Stadium.  Visit Brooks Park for more information about the stadium and park amenities.   

 $45,000

  Kolb Park Drainage/Resurfacing:  Kolb Park at 1650 South 6th Street is in need of drainage improvements and the resurfacing of the playground.  These funds will be used to correct the drainage problems.  A rubberized safety surface for the playground will be installed in the future.

 $30,000

 
Total Capital & Infrastructure

 $2,019,803

     
 

GRAND TOTAL  $4,055,633