Investment Fund Details Fiscal Year 2016

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 2016 which ended June 30, 2016.

 

ECONOMIC DEVELOPMENT

Spent or Committed for FY2016

Paducah Economic Development logo
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.

$250,000

EntrePaducah logo
EntrePaducah: 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.

$50,000

 

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).

$196,438

 

Infiniti building
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.  

$52,387

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.

$202,228

 TeleTech Ribbon Cutting
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.  

$214,457

Paducah Chiefs logo

Paducah Chiefs Baseball Club Sponsorship:  The Paducah Chiefs Baseball Club has returned to Brooks Stadium after a long hiatus.  The club was started and disbanded several times between 1903 and 1955.  For more information about the club including schedules, visit Paducah Chiefs.

$10,000

 

fishing tournament

Rayovac FLW Series Sponsorship:  The City provided a sponsorship for the 2015 Rayovac FLW Series tournament which was held October 29-31, 2015 at the Ohio River Boat Launch.  Hundreds of anglers participated.

$11,250

 

 TeleTech Ribbon Cutting
TeleTech Property Tax Bills:  These funds go toward the property tax bills for the TeleTech facility in Information Age Park (also known as Paducah Commerce Park).

$16,630

 

Crisp Center
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.

$175,000

 Broadway
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.

$50,000

Aerial photo of Barkley Regional Airport
Airport Operating Subsidy: Paducah and McCracken County are splitting an operating subsidy for Barkley Regional Airport.

$136,429

downtown paducah
Downtown Incentives:   Through Paducah Main Street, a division of the Planning Department, various programs are in place to assist downtown businesses and property owners including the Upper Story Living Initiative ($75,000), Downtown Business Grant ($50,000), and the Facade Grant program ($20,000).

$145,000

Market Square Art Park

Downtown Pocket Park (Market Square Art Park):  The Market Square Art Park is small city-owned park located at 117 ½ South 2nd Street adjacent to JP’s Bar & Grill.  It previously was a vacant lot located between two downtown buildings.  The ribbon cutting ceremony for the park was held June 20, 2016.  In addition to seating areas and landscaping, the park features metal art panels designed by Char Downs, fiber art banners created by Freda Fairchild, glazed ceramic art tiles by John Hasegawa, and the sculpture, Fluid Progress, by Paducah School of Art & Design sculpture students Michael Copeland and Lu Colby.

$35,000

 

Paducah Main Street logo
Downtown Operating Fund: These funds through Paducah Main Street are used for the marketing of the LowerTown and Downtown areas, for event support, and for downtown redevelopment.

$72,000

WKCTC logo
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.

 

$125,000

Entrance to Quilt Show
Quilt Show Subsidy: This funding is for marketing and promoting events for the American Quilter's Society QuiltWeekTM held in April in Paducah.

$25,000

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.

$5,579

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.

$4,000

Hotel Metropolitan
Hotel Metropolitan: 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.

$2,500

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.

$17,675

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.

$4,374

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.

$64,336

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.

$16,395

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.

$12,640

 

Total Economic Development

$1,894,318

 
 
 
 
 
 
 

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.

$160,000

Repair Affair working on house
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.

$20,000

1244 Park Avenue
Lien Recovery/Foreclosures: These funds are used by the Fire Prevention Division toward structures moving through the demolition process.  

$70,000

 1244 Park Avenue
Demolition Funding: These funds are used by the Fire Prevention Division in the demolition of structures that are deemed unsafe.

$107,500

 

Total Community Redevelopment

$357,500

 
 
 
 
 
 

 

CAPITAL & INFRASTRUCTURE

 
South 9th Street
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.

$650,000

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.

$175,000

 

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 portion of the bond is for the purchase of land for the McCracken County Jail.

$159,795

installation of pavilion

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.

$449,998

 Paducah Recreation Center

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.

$25,000

 New pool slides

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. 

$92,128

Greenway Village
County Park Road-Higdon Development Access:  These funds were set aside for the access to the apartment development off County Park Road near Stuart Nelson Park.

$31,000

Civic Center

Robert Cherry Civic Center Roof:  These funds are set aside to replace the roof on the Robert Cherry Civic Center.

$78,000

Paxton Park golf course

Paxton Park Golf Course:  These funds are to assist Paxton Park Golf Course in its programming for youth.

$19,500

 

Transient Dock and 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 includes the finishing of the park surface, the construction of the revetment (stone steps to the water), and the installation of a gangway and transient dock with amenities for boaters.

$430,000

floodwall pipe

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.

$150,000

Fire Station #3
General Facilities Maintenance:  These funds were set aside for general maintenance on City-owned facilities.

$75,000

Tyler logo
City-wide Software Upgrade:  In June 2016, the Paducah Board of Commissioners approved an ordinance for a contract with Tyler Technologies, Inc. for Enterprise Resource Planning (ERP) software.  This new ERP system is expected to enhance operational efficiencies and accuracy by improving information-sharing among departments, streamlining business processes, and reducing duplicate data entry.  This new system will improve customer service as well.  The software implementation timeline will be divided into six phases that will occur over approximately 45 months.  The first phase will update the accounting, budgeting, purchasing, and general ledger software with additional phases to cover accounts receivable, business licenses, permits, code enforcement, property tax billing, payroll, human resources, work orders, fleet management, and facilities management.  The costs are broken into three categories: one time initial fees ($785,740), travel expenses ($155,540), and the annual fee for the seven year contract term ($1,744,798 for all the seven years combined).  

$350,000

Olivet Church Road Project

Olivet Church Road Improvement Project Construction:  The construction phase of the Olivet Church Road Improvement Project began June 1, 2015. It is a 400 calendar-day project with an expected completion date in November 2016. Work that would have disrupted traffic did not occur between November 1, 2015 and February 29, 2016 to avoid construction during the peak shopping time in the Kentucky Oaks Mall area.  On May 19, 2015 the Paducah Board of Commissioners approved a $6,380,137.40 contract with Jim Smith Contracting Company, LLC for this project. The Kentucky Transportation Cabinet has allocated $6.2 million toward the construction. 

$50,000

  

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.

$15,000

 

 

Total Capital & Infrastructure

$2,750,421

 
 
 
 

GRAND TOTAL $5,002,239