HomeMy WebLinkAboutMO #3088MUNICIPAL ORDER NO. 3088
A MUNICIPAL ORDER OF THE CITY OF PADUCAH, KENTUCKY, AUTHORIZING
THE CITY TO PROVIDE LOCAL MATCH FUNDING AND SERVE AS THE
GRANTEE WITH THE KENTUCKY PRODUCT DEVELOPMENT INITIATIVE
(KPDI) GRANT AS AWARDED FOR THE INDUSTRIAL PARK WEST SPECULATIVE
BUILDING LOCATED AT 5700 COMMERCE DRIVE, PADUCAH, KENTUCKY
WHEREAS, the Kentucky Product Development Initiative (KPDI) Program is a
program to help communities to be better positioned to attract jobs and business investment; and
WHEREAS, the Industrial Development Authority (IDA) submitted an application
to the KPDI program for funding in 2024. The project involves $2 million in KPDI funding. The
project at the site will consist of approximately 15 acres of land grading, site readiness
preparations, and construction of a 100,000 square foot speculative building; and
WHEREAS, in order for the project site to qualify for eligibility through the KPDI
Program, local match funding was required to be identified at the time of application submission.
The City has authorized local match funding for the project in the amount of $6 million. To
participate in the KPDI program, certain particulars are set forth below; and
WHEREAS, the Board of Commissioners for the City deems it to be in the public
interest that the City cooperate in the KPDI Program as an inducement to locate Industries in the
Industrial Park and to create jobs within the community.
NOW THEREFORE, BE IT ORDERED BY THE CITY OF PADUCAH,
KENTUCKY:
SECTION 1. That the City will provide $6 million in local match funding for the
project. The City will serve as the "Grantee" and the IDA will serve as the `Beneficiary" during
the administration of the grant funds at the local level. The Mayor is hereby authorized to sign all
documents related to this matter.
SECTION 2. This participation agreement on behalf of the City is pending the IDA
and the City's intention to complete all necessary administrative steps to participate in the KPDI
Program. The City's obligation to provide local match funding shall be conditioned upon the
approval for funding consideration of the Economic Development Fund (EDF) application by the
Kentucky Economic Development Finance Authority (KEDFA).
SECTION 3. This Order shall be in full force and effect from and after the date of
its adoption.
George Bray, Mayor Zfi
Attest:
q�iddsay- Parish, City lerk
Adopted by the Board of Commissioners on July 22, 2025
Recorded by Lindsay Parish, City Clerk, July 22, 2025
MO/Local Match Funding KPDI Spec Building 2025