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Paducah approves interlocal agreement and $6 million notes to build speculative industrial facility
Summary
The commission approved an interlocal agreement with the Paducah‑McCracken County Industrial Development Authority to develop a 100,000-square-foot speculative industrial building and authorized issuance of up to $6 million in taxable general obligation notes to finance it; one commissioner opposed the measures over distribution of potential future profits.
The board voted to approve an interlocal cooperative agreement with the Paducah‑McCracken County Industrial Development Authority to construct a 100,000‑square‑foot speculative industrial building at 5800 Commerce Drive and to issue up to $6,000,000 in taxable general obligation notes (Series 2026A) to finance the project. The ordinance authorizes the mayor to execute the interlocal agreement and sets terms for procurement, construction and repayment of the city's project costs.
Commission discussion focused on whether the city should capture any upside if the building sells for more than cost. One commissioner called for language that would credit the city if a sale generated profit; another cautioned that the Industrial Development Authority (IDA) — a joint city‑county entity — may not accept such terms. Commissioner Smith recorded a ‘no’ vote on both measures; the ordinances passed with the remaining commissioners and the mayor voting aye. The notes are contingent on satisfaction of the city's project requirements and would mature on Sept. 1, 2029, with the tax pledged to pay principal and interest as required by the ordinance.
