HomeMy WebLinkAboutMO #3029MUNICIPAL ORDER NO. 3029
A MUNICIPAL ORDER AUTHORIZING THE MAYOR TO ISSUE A JOINT LETTER WITH
THE MCCRACKEN COUNTY JUDGE EXECUTIVE IN SUPPORT OF A GRANT
APPLICATION FOR THE CONSTRUCTION OF A SPECULATIVE BUILDING BY
GREATER PADUCAH ECONOMIC DEVELOPMENT AND EXPRESSING THE CITY'S
INTENT TO PROVIDE FUNDING FOR THE PROJECT, SUBJECT TO FUTURE
COMMISSION APPROVAL
WHEREAS, the Kentucky Legislature, through the Kentucky Cabinet for Economic
Development, has allocated funding to support local economic growth by assisting communities
with product development, including speculative buildings, site work, utilities, and
infrastructure; and
WHEREAS, Greater Paducah Economic Development (GPED) has applied for a $2
million grant—the maximum eligible award—to construct a speculative building within the City
of Paducah; and
WHEREAS, a professional real estate developer has estimated the total project cost to be
between $6.2 million and $7.6 million, with GPED projecting a final cost not to exceed $8
million; and
WHEREAS, if the full $2 million grant is awarded, approximately $6 million in
additional funding will be needed to complete the project; and
WHEREAS, the City of Paducah and McCracken County intend to support the project,
with the City contributing 75% of the necessary additional funding up to $4.5 million and the
County contributing 25% up to $1.5 million, subject to future Commission and Fiscal Court
approval; and
WHEREAS, this investment aims to enhance economic development opportunities in
Paducah and McCracken County by attracting new businesses and job growth.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Mayor is hereby authorized to issue a joint letter with the McCracken
County Judge Executive in support of the GPED grant application for the construction of a
speculative building within the City of Paducah.
SECTION 2. If the grant is awarded, the City of Paducah intends to contribute 75% of the
required additional funding up to $4.5 million, with McCracken County contributing the
remaining 25% up to $1.5 million, subject to approval by the City Commission and Fiscal Court.
SECTION 3. Future action by the City Commission shall be required to formally approve
any allocation of City funds for this project. Upon the sale of the spec building it is anticipated
that the City and County would be reimbursed for their investment out of the sale proceeds.
SECTION 4. This order shall be in full force and effect from and aft the date of its
adoption. ///
George Bray,
ATTEST:
Lindsay Parish, C'#Clerk
Adopted by the Board of Commissioners, March 25, 2025
Recorded by Lindsay Parish, City Clerk, March 25, 2025
MO/GPED Spec Building Grant Support Letter