Investment Fund Details Fiscal Year 2012

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 2012 which ended June 30, 2012.

 

ECONOMIC DEVELOPMENT 

Spent or Committed for FY2012

Commerce Center Building  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. 

$300,000 

EntrePaducah logo 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.  

 $100,000

 Coca-Cola Building 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

 Expo Center 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. 

 $12,974

 Luther F. Carson Performing Arts Center 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).

 $205,792

 Julian Carroll Convention Center 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.   $197,622
EntrePaducah logo

EntrePaducah Small Business Incentive:  In October 2011, the Mayor and Commissioners approved a plan for EntrePaducah to provide incentives to encourage start-up businesses in targeted markets.  In the incentive plan, the City provides $60,000 annually.  For a business to be eligible for the Small Business Incentive Plan through EntrePaducah, among other things, it must open a locally-owned business headquartered in Paducah, complete a business plan and submit a development proposal to EntrePaducah, and create four full-time jobs within 12 months of operation.  The maximum incentive that a qualified business client could receive would be $10,000.  The incentive funds would be allocated as matches to what the entrepreneur contributes. 

 $60,000
 P&L Locomotive P&L Railroad Cash Incentive/Street Improvements:  In 2010, the City entered into a Memorandum of Understanding with Paducah & Louisville Railway (P&L).  The MOU outlined cash incentives, parking lot construction, and street and utility improvements that the City would undertake as an incentive for P&L's decision to construct a new headquarters downtown on Clark Street.    $413,000
 H.T. Hackney

HT Hackney Cash Incentive:  In 2010, the City entered into a Memorandum of Understanding with H.T. Hackney, a wholesale U.S. distributor with more than 100 Paducah employees.  H.T. Hackney expanded its operations and number of employees by building a new office and warehouse facility on 23.42 acres in Industrial Park West.  In the MOU, the City would provide funds to offset the cost of utility extensions and permits and a rebate in property taxes for five years after a certificate of occupancy has been issued. 

 $50,000
County Park Road Intersection Higdon Project-County Park Road Access Phase I:  In 2011, the City entered into a Memorandum of Understanding with Higdon Development, Inc. and its development company Greenway Village, LLC.  The development by Higdon includes the construction of apartments and condominiums on vacant land owned by Higdon adjacent to Stuart Nelson Park and the Greenway Trail.  Since this infill development helps maintain growth within the city limits, the City has agreed to incentives including improving the intersection where Greenway Drive, within the apartment complex, intersects County Park Road.   $200,000
Executive Inn Complete Executive Inn Demolition:  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.  $8395
 Proposed totel graphic Hotelier Recruitment Program:  The Paducah Riverfront Development Authority (PRDA) has been working to recruit a hotel to downtown Paducah next to the Julian Carroll Convention Center.  These funds are set aside for the recruitment process.  $50,000
 Paducah School of Art 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 first of three years for the subsidy payment. $75,000
 NSU Groundbreaking May 2012 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.  The amount for this fiscal year was less than $175,000 due to the bond issue being later in the fiscal year.  A groundbreaking ceremony was held May 31, 2012. $34,095
 pavilion 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 Quilt Show and Contest.  Arizon assists City crews in the annual installation and deflation of the pavilion. $12,680
 Aerial photo of Barkley Regional Airport Airport Operating Subsidy:  Paducah and McCracken County are splitting a $24,405 per month operating subsidy for Barkley Regional Airport. 

 $146,430

Julian Carroll Convention Center 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. 

 $175,000

Paducah Renaissance Alliance Logo 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. 

 

 $200,000

WKCTC Top 5 Community College logo 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.  McCracken County and private donations also fund the program.

 $125,000

 Entrance to Quilt Show 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 funds are a match for a grant through the State. 

 $25,000

 Hotel Metropolitan 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.

 $2500

 River Discovery Center Pilot Simulator 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.

 $4985

 Yeiser Art Center 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.

 $2500

 Paducah Symphony Logo 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.

 $16,535

 Maiden Alley Cinema 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.

 $2955

 Luther F. Carson Performing Arts Center 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. 

$68,875

 School tour at Quilt Museum

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.

$22,255 

 Market House Theatre 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. 

$9,395 

 
Total Economic Development

 $2,527,238

     
     
 

COMMUNITY REDEVELOPMENT

 
 Fountain Avenue Neighborhood Logo 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.

 $144,000

 Fountain Avenue Neighborhood Logo GAP Pool Financing:  The Kentucky Housing Corporation's GAP pool provides grant funding for the construction of low to moderate homes in the Fountain Avenue Neighborhood.  This is the City's contribution to the grant. 

 $11,200

 Fountain Avenue Neighborhood Logo

Affordable Housing Trust Grant:  This is the local match for the Kentucky Housing Corporation’s HouseWorks Repair Program for funding to assist low income homeowners to buy down the cost of the rehabilitation of their home in the Fountain Avenue neighborhood.

 $25,000

Repair Affair working on house 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.

 $20,000

 
Total Community Redevelopment

 $200,200

     
     
 

CAPITAL & INFRASTRUCTURE

 

 South 9th Street

Annual Street Resurfacing Program:  The Board of Commissioners approved spending $670,000 on resurfacing streets.  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.

 $670,000

 South 9th Street

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.

 $220,000

 floodwall pipe 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.

 $165,062

installation of pavilion

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.

 $446,582

 Sports Park Concept Plan

Sports Park Design & Permits:  The funds are set aside for the permits and design for Phase I of the Sports Park location off Sheehan Bridge Road.  Phase I would include the development of the soccer fields and the necessary infrastructure.  Phase I is estimated to cost $2.5 million. 

 $75,000

 Noble Park Swimming pool Noble Park Pool Renovation:  The Noble Park swimming pool has not seen significant renovations in approximately 20 years.  The pool currently leaks and the pool liner, piping, filtration, and disinfection systems are in need of major upgrades.  Also, the pool features such as the slide and diving boards need to be replaced.  Funds are set aside for the preliminary assessment report, design, and permitting for the project.  The pool will be rehabilitated in the spring of 2013 and open in time for the summer swimming season in 2013.

 $98,700

 Armory across from Noble Park Armory Renovation:  As part of the federal government's Base Closure Community Redeveloment Act, Paducah received the former U.S. Army Reserve Training Center located at 2956 Park Avenue for use as a recreational facility.  The City of Paducah has been working with the Oscar Cross Boys & Girls Club on an agreement for the Club to use the facility to expand its programming.  The facility will require renovations to make it appropriate for use as a recreational facility.

 $25,000

 City Hall General Facilities Maintenance:  These funds were set aside for general maintenance on City-owned facilities.

 $100,000

 floodwall mural of ambassadors greeting three queens 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. 

 $22,050

 
Total Capital & Infrastructure

 $1,822,394

     
 

GRAND TOTAL  $4,549,832