Paducah city officials say the developers of a multi-million downtown hotel project missed the city’s deadline for securing their bank loan.
The planned $19 million project would have added lodging downtown for large events including the annual quilt show. After months of planning and negotiation, the city commission gave the developers the Jan 29 deadline to secure their end of the bank loan.
As of 2pm today, the developers did not meet those requirements.
The equivalent of ninety new jobs and 9.3 million dollars annually are expected to come to downtown Paducah after the proposed upscale hotel opens in 2015 according to Paducah Riverfront Development Authority Executive Director Steve Doolittle.
Details about a new hotel coming to downtown Paducah will be announced Tuesday at at 4:45 at City Hall. The hotel, which is expected to be open by June 1, 2015, will have at least 120 rooms, a restaurant and bar and will be connected to the Julian M. Carroll Convention Center.
A new Paducah hotel that would connect to the Julian Carroll Convention Center downtown is one small step closer to coming to fruition.
The City Commission met with City Attorney David Denton in closed session this morning to review a loan offer for the project. A local bank gave the developer that offer this week. City spokesperson Pam Spencer says the plans are not final yet.
Paducah city officials join a property developer this afternoon to announce a proposal to construct a downtown hotel adjacent to the Julian Carroll Convention Center. Paducah public information officer Pam Spencer says convention center and city officials are still negotiating many of the details of the project.