HomeMy WebLinkAbout86-12-2954ME.
ORDINANCE NO. 86-12-2954
AN ORDINANCE ESTABLISHING AN ENTERPRISE ZONE WITHIN THE CITY OF PADUCAH, KENTUCKY
WHEREAS, Municipal Order No. 363, adopted by the City of Paducah on August 12, 1986,
a portion of the City of Paducah an economically depressed area; and
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WHEREAS, Municipal Order No. 363 authorized the Director of the Community Development D�part-
ment and the Mayor to file an application with the Enterprise Authority of Kentucky to have a portion of
the City of Paducah declared to be an Enterprise Zone and receive benefits and designations as set forth
in KRS 154.650 through 154.705; and
WHEREAS, the Kentucky :Commerce Cabinet, Department of Economic Development, has designated a
portion of the City as available for designations as an Enterprise Zone by the City of Paducah;
WHEREAS, the City of Paducah has previously designated an area of the City as an Opportunity
Zone, giving certain tax benefits to Qualified Businesses located in said Opportunity Zone; and
WHEREAS, said Opportunity Zone is entirely within the designated Enterprise Zone; and
WHEREAS, the City of Paducah intends to extend the same incentives to Qualified Businesses in
the Enterprise Zone 'as it did in the Opportunity Zone.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the following described area is hereby designated to be an Enterprise Lone as
under the provisions of KRS 154.650 through 154.705, which is more particularly described as folllows:
Beginning at a point at Terrell Street and the Ohio River; thence in an easterly
direction along the Ohio and Tennessee Rivers to a point on the centerline of the
right-of-way of Tully Street; thence in a southerly direction along Tully Street to
the earth levee floodwall; thence in an easterly direction along the earth levee to
the Illinois Central and Gulf Railroad; thence in a northwesterly direction along the
railroad to a point on Island Creek; thence in a southerly and westerly direction
with the Paducah Corporate Limits to the Illinois Central and Gulf Railroad; thence
in a northerly direction along the railroad to a point of intersection with the
right-of-way of Division Street; thence westerly along Division Street to the Old
Mayfield Road; thence northward to the intersection of Guthrie Avenue; thence in a
westerly direction along Guthrie Avenue to the intersection of 19th Street; thence
with 19th Street to Kentucky Avenue; thence in a northeasterly direction along
Kentucky Avenue to 13th Street; thence northwest to Broadway; thence southwest along
Broadway to 14th Street; thence along 14th Street to Park Avenue; thence in a north-
easterly direction along Park Avenue to 10th Street; thence is a westerly direction
along 10th Street to Northview Street; thence in a northerly direction to Terrell
Street and the point of beginning.
SECTION 2. That the Director of the Community Development Department of the City of PE
is hereby designated as the local administrator responsible for processing applications and giving local
approval of Qualified Businesses within the Enterprise Zone.
SECTION 3.
A. Qualified Businesses in the Enterprise Zone shall be entitled to receive the fo
tax or fee relief:
(1) For a period of five (5) years the City shall:
a. Personal property - not charge ad valorem taxes on personal property
purchased after the application for designation has been filed with
the local administrator.
b. Real property - grant a fifty percent (50%) reduction in the tax
assessed value of real estate used in direct operation of the
Qualified Business within the Enterprise Zone.
(2) For a period of five (5) years business licenses shall be issued at no
cost.
(3) A reduction of one-half (1/2) for refuse fees for the duration of the
Enterprise Zone.
(4) Building and electrical plan review and building permit fees shal be
waived for the duration of the Enterprise Zone.
(5) Issue at no cost special auto stickers for employees of the Qualified
Businesses for the duration of the Enterprise Zone.
(6) Reduce the employee earnings tax by fifty percent (507) for all employees
of the Qualified Business for a period of two (2) years.
B. The waiver of any tax or fee shall not waive the filing of applications or
obtaining any permit or license.
C. All of the tax and/or fee relief referred to above shall start upon certifi-
cation of the Qualified Business and shall remain in effect as long as its respective certi-
fication is valid, or said incentive shall have expired. These benefits set forth herewith
shall be available upon certification, regardless at what period of time during the duration
of the Enterprise Zone said certification shall occur.
SECTION 4. A Qualified Business shall be any business that meets the criteria of a
qualified business in KRS 154.650 through 154.705 and the regulations adopted thereunder by
the Enterprise Zone Authority of Kentucky.
SECTION 5. The sections of this ordinance establishing an Enterprise Zone shall be
retroactive to November 11, 1986.
SECTION 6. This ordinance shall be read on two separate days and will become
effective upon publication of title and a certified summary thereof.
JOE VITERISI
Mayor
Introduced by the Board of Commissioners December 9, 1986
Adopted by the Board of Commissioners December 23, 1986
Recorded by Lenita Smith, City Clerk, December 23, 1986
Published by The Paducah Sun December 30, 1986.
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