The 100,000-square-foot spec building will be located at 5700 Commerce Drive in Industrial Park West. The project is intended to strengthen economic development efforts by attracting new businesses and creating jobs in Paducah.
Furthermore, upon the future sale of the building, it is anticipated that the City will be reimbursed for its investment.
The first ordinance introduced authorized an interlocal agreement between the City of Paducah and the Paducah-McCracken County Industrial Development Authority for the spec building’s construction.
Under the agreement, the IDA will serve as the project manager, developer, and owner of the facility.
The City is the funding partner and recipient of a competitive $2 million Kentucky Project Development Initiative grant for the project.
The second ordinance introduced authorizes the issuance of general obligation notes in an amount not to exceed $6 million to fund project costs.
