A hotel project in Paducah could earn up to $4.5 million dollars in tourism cash incentives. The Kentucky Tourism Development Finance Authority approved the offer today.
Paducah Riverfront Hotel LP currently plans to build a $20 million, 124-room downtown facility that’s expected to be a Holiday Inn.
Those cash incentives come in the form of a rebate based on sales tax over a ten-year period.
To be eligible, the project has to meet a minimum expenditure requirement while staying open more than 100 days a year. It also must bring at least a quarter of its visitors from outside the state by its fourth year of operation.
The KTDFA also approved up to $1 million in incentives for a Maker's Mark Distillery facility in Loretto, Kentucky. That project must meet the same requirements as the Paducah hotel.
