Over $21 million approved by KEDFA for Paducah's TIF project

Second St. at the foot of Broadway

Downtown Paducah by future TIF project

This morning at the monthly Kentucky Economic Development Finance Authority (KEDFA) meeting in Frankfort, a TIF of $21.4 million was authorized for Paducah. The project is designed to help revitalize downtown Paducah with state and local dollars, as well as helping developers with public infrastructure. 

City leaders Mayor George Bray, Mayor Pro Tem Sandra Wilson, and City Manager Jim Arndt were all very excited about the approval. “As a city government, we look for opportunities to spark development and set the right foundation for growth, job creation, and business expansion. Paducah’s downtown is the heart of this city, and we want to keep it healthy by reinvesting in long-term economic success. I’m thrilled that KEDFA has provided a generous final approval for Paducah’s TIF,” said Mayor Bray. 

The TIF project revitalizes the block bound by 2nd Street, N. Water St., Broadway, and Jefferson St. Weyland Ventures is a private investor with plans to develop a hotel, parking, open space, and mixed-use buildings. 
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Developer Bill Weyland said, “Weyland Ventures is very excited about KEDFA’s approval of the TIF for Paducah. It has been a long process, but it is a significant accomplishment for the entire Paducah community. Our company has valued its relationship with the City of Paducah, and we are looking forward to the next steps in implementing the TIF, breaking ground on City block, and looking ahead to more redevelopment projects in the city.” 

Paducah Mayor George Bray

Downtown Paducah 

What is TIF financing?

Tax increment financing is an economic development tool that permits local governments to capture future increases in property and other taxes generated by new development within a geographic area. It’s not a new tax; it’s reinvestment in the district based on growth.  In Kentucky, taxes collected by the State also are eligible to be directed back to the city which produces a new revenue source for the city.

“This is an exciting day for Paducah and the entire team who worked tirelessly to make this a reality. I want to thank the Kentucky Cabinet for Economic Development for their support of Paducah’s TIF as we work to grow our historic downtown.” Commissioner Sandra Wilson

 “I appreciate the vision and commitment of the current and previous Board of Commissioners as we worked to launch the tax increment financing district. We are being fiscally responsible and creative by implementing a TIF since it creates a new revenue stream for the city by capturing state dollars with the goal of accelerating the revitalization of Paducah’s lovely downtown.” City Manager Jim Arndt
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