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Council and residents debate measurement, timing of $850,000 promissory note to downtown project
Summary
Residents and council members questioned how the city will measure returns on an $850,000 promissory note tied to a downtown project, citing KRS 66.480 and calling for quarterly benchmarks and clearer reporting from the finance director or CPA firm.
At the June 1 meeting, several residents and council members returned to questions about an $850,000 promissory note the city holds as part of a downtown economic incentive.
A resident who raised the issue asked whether the funds and related promissory arrangement are governed by Kentucky statute KRS 66.480 and whether the same public‑fund investment limits and reporting expectations apply. Council members and other commenters agreed the instrument should be treated like public funds and that measurement—safety, liquidity and return on investment—should be explicit.
Participants cited early repayments under the note (examples given in the meeting: payments of about $10,000 and $15,000–$19,000) and questioned whether the city’s current reporting cadence provides the data the council needs to judge whether the incentive produced the expected payroll, occupational tax or property‑value returns. Several speakers recommended that the city institute quarterly performance measurements and that the new CPA/finance contractor be tasked with creating a benchmarked metric set to evaluate the promissory note and similar incentives.
Council members acknowledged the program’s potential to catalyze private investment but said they want clearer, periodic measurement before expanding similar incentives. No formal policy change or vote on the promissory note occurred at the meeting; councilors asked staff to bring back a measurement framework and to clarify which department will be responsible for quarterly reporting.
