Developers have broken ground on the long-awaited Paducah riverfront hotel. The city contracted with LinGate Hospitality for the $18 million project in July after previous developers missed a financing deadline.
LinGate is in a 30 day waiting period to receive the state’s full approval for $12 million in Industrial Building Revenue Bonds, but LinGate’s Claude Bacon says all other funding is in place.
“This 30 day industrial revenue bond is a very minor detail of the overall financing package. So there’s no question in our mind that this deal and this project is moving forward,” Bacon said.
LinGate can close on the loan when the waiting period ends at the beginning of November. Bacon says his company aims to finish construction of the 123-room Holiday Inn in January of 2017.
