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, click 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 2015 which ended June 30, 2015.
Spent or Committed for FY2015
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 is an entrepreneurial support program through GPEDC 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.
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.
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).
2004 Bond Series (Infiniti Media Incentives): Note: Infiniti has since left Paducah. Genova Products is now in the facility.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.
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.
2013 Economic Development (Macco, TeleTech): In September 2013, the City borrowed $3.6 million with $1.1 million for the Noble Park Pool project (the tax-exempt portion) and $2.5 million (the taxable portion) to fund two economic development projects: Macco and TeleTech.
TeleTech Construction: These funds go toward the construction of the TeleTech facility in Information Age Park (also known as Paducah Commerce Park).
MSU, A Celebration of Music: These funds were used to support A Celebration of Music which was a FREE pops concert featuring a wide variety of student ensembles from the Murray State University's music department. The event was September 25, 2014 at the Carson Center in Paducah.
FLW Tournament Incentive: These funds are in support of the FLW Rayovac Tournament held October 29-31 at the Ohio River Boat Launch in downtown Paducah.
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.
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. The facility called the Crisp Center opened in January 2014.
Roof Stabilization Program: In August 2013, the City established a Roof Stabilization Assistance Program to assist property owners within a defined area of historic downtown. Property owners are eligible to apply for financial assistance in replacing or repairing the roof of their buildings.
Airport Operating Subsidy: Paducah and McCracken County are splitting an operating subsidy for Barkley Regional Airport.
Downtown Incentives: Through Paducah Main Street, a division of the Planning Department, various programs are in place to assist downtown businesses and property owners.
Downtown Operating Fund: These funds through Paducah Main Street are used to market the LowerTown and Downtown areas, for event support, 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 QuiltWeekTM held in April in Paducah.
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. 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 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.
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
Midtown Alliance of Neighbors:
Midtown Alliance of Neighbors is a neighborhood 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
Lien Recovery/Foreclosures: These funds are used by the Fire Prevention Division toward structures moving through the demolition process.
Demolition Funding: These funds are used by the Fire Prevention Division in the demolition of structures that are deemed unsafe.
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.
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 QuiltWeekTM. Arizon assists City crews in the annual installation and deflation of the pavilion.
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.
2014A Bond Series: This is the refinancing of the 2010 general obligation bond to take advantage of lower interest rates. 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.
Noble Park Pool Renovation Series 2013: In September 2013, the City borrowed $3.6 million with $1.1 million for the Noble Park Pool project (the tax-exempt portion) and $2.5 million (the taxable portion) to fund two economic development projects: Macco and TeleTech.
Noble Park Lake Bank Stabilization: In June 2014, the Mayor and Commissioners approved a contract for the Noble Park Lake Bank Stabilization Project to stabilize the bank erosion. The project consists of using metal sheet piling to create a retaining wall to stabilize the erosion on 665 linear feet of the southern and eastern side of the lake. The project also includes earthwork, drainage, seeding and the construction of new sidewalks.
Riverfront Development Phase I-A:
These funds were used on a variety of expenses related to Phase I-A of the Riverfront Redevelopment Project
which included the mass fill of rock to create the base of the park and the installation of the 12 pilings for the gangway.
Riverfront Development Phase I-B: These funds were used on a variety of engineering expenses related to Phase I-B of the Riverfront Redevelopment Project. This phase will include the finishing of the park surface and the installation of a gangway and transient dock.
Floodwall Rehabilitation: These funds are for the pre-construction engineering and design for the rehabilitation of the floodwall. In February 2013, the City approved a design agreement with the U.S. Army Corps of Engineers (USACE) for projects to rehabilitate the floodwall. In the 2010 feasibility report, USACE outlined projects including the rehabilitation of the City's 12 pump stations to improve the reliability and restore the system performance of the City’s floodwall. The USACE is moving forward with the design phase which is expected to cost $600,000 with the City obligated to pay a portion. Rehabilitating the floodwall is an approximately $20 million endeavor which will involve several project phases.
General Facilities Maintenance: These funds were set aside for general maintenance on City-owned facilities.
Locomotive Restoration: In 2015, locomotive No. 1518 and its associated cars received cleaning and a new coat of paint. The Iron Horse Memorial is located on Water Street near the intersection with Kentucky Avenue.
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