Paducah Commissioners pass ordinances for spec building

Paducah's Board of Commissioners passed two ordinances in regards to the spec building to be constructed at Industrial Park West during Tuesday night's meeting.

The first ordinance approved (by a 4-1 vote (with Commissioner Buz Smith voting no) authorizes an interlocal agreement between the city of Paducah and the Paducah-McCracken County Industrial Development Authority for the speculative 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 approved by a 4-1 vote again with Commissioner Buz Smith voting no authorizes the issuance of general obligation notes in an amount not to exceed $6 million to fund project costs.

The 100,000 square foot building 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.