Paducah Approves Bonds for Riverfront Hotel

WKMS | By Allison Crawford

Published August 26, 2015 at 2:10 PM CDT

As the Paducah riverfront hotel project picks up steam again, the city commissioners have approved two ordinances to advance the project. The board approved up to $12 million in Industrial Building Revenue Bonds and the lease of city-owned property at the rate of $1 per year for a 100-space hotel parking lot.

The city is not responsible for repaying the bonds. The debt is private between Independence Bank, which purchased the bonds, and the hotel developers. The state must also approve the bonds. A meeting with the state local debt officer is set for September 15^th.

The board approved a development agreement with LinGate Hospitality’s Paducah Riverfront Hotel in July, after previous developers missed a financing deadline in January.

Tags

Allison Crawford

A proud native of Murray, Kentucky, Allison grew up roaming the forests of western Kentucky and visiting national parks across the country. She graduated in 2014 from Murray State University where she studied Environmental Sustainability, Television Production, and Spanish. She loves meeting new people, questioning everything, and dancing through the sun and the rain. She hopes to make a positive impact in this world several endeavors at a time.

See stories by Allison Crawford