HomeMy WebLinkAboutMO #3073MUNICIPAL ORDER NO. 3073
A MUNICIPAL ORDER FORMALIZING THE CITY'S INTENT TO PROVIDE GRANT
MATCH FUNDING FOR THE CONSTRUCTION OF A SPECULATIVE BUILDING IN
PADUCAH
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, the grant has been awarded in an amount of $2 million; and
WHEREAS, approximately $6 million in additional funding will be needed to complete
the project; and
WHEREAS, the City of Paducah desires to support the project by contributing 100% of
the remaining necessary funding up to $6 million; and
WHEREAS, this investment aims to enhance economic development opportunities in
Paducah by attracting new businesses and job growth.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The City of Paducah hereby formalizes its intent to provide grant match
funding for the construction of a speculative building in Paducah. City of Paducah intends to
contribute 100% of the required additional funding up to $6 million. Further, the Mayor is
hereby authorized to execute all agreements and documents necessary to carry out the intent of
this Municipal Order. Upon the sale of the spec building, it is anticipated that the City will be
reimbursed for its investment from the sale proceeds.
SECTION 2. All orders or parts thereof in conflict with the provisions of this Order are,
to the extent of such conflict, hereby repealed, and the provisions of this Order shall prevail and
be given effect.
SECTION 3. This order shall be in full force and effect from and after the date of its
adoption.
George Bray, ayor
ATTE
,a
Lindsay Parish, Cit Clerk
Adopted by the Board of Commissioners, July 8, 2025
Recorded by Lindsay Parish, City Clerk, July 8, 2025
MO/GPED Spec Building Funding Intent 2025