A new incentive package is set to entice businesses to move into Paducah's Fountain Avenue area. City officials have been working to develop the area by giving residents financial incentive packages to build or renovate homes.
Last night city commissioners approved an ordinance offering commercial enterprises incentive packages similar to the one for residents. Under the plan approved property owners that spend a minimum of $100,000 constructing commercial buildings could be eligible for five-year forgivable loans up to 10 percent of building costs less than $20,000. Commissioner Richard Abraham says he grew up in the Fountain Avenue neighborhood and said efforts like these have transformed it.
“It was terrible. It was terrible. It looks totally different now. The Planning Department has done a great job with that, so this is just another component that we’re adding in that neighborhood so that we can continue to increase property value.”
Last night, the Mayor and Commissioners also introduced an ordinance approving the transfer of seven pieces of property from Friends of Main Street, Inc., to the City of Paducah.