True to Our Growth goals in our Strategic Plan, the City Block Project will bring a new, 3-acre multi-use development to Downtown Paducah. It creates a new Downtown destination that catalyzes economic growth, supports our creative industries and tourism sector, provides more housing options for our changing population, connects Downtown to nearby landmarks, and facilitates the completion of Paducah’s Riverfront Park.
To advance transformative projects that improve Paducah’s quality of life and move our city, county, and region forward.
To create places and spaces that attract people of all ages and strengthen our local and state economy.
To unlock the untapped potential of Paducah’s riverfront for recreation, hospitality, and commerce.
To honor our history and heritage through the ongoing restoration and preservation of our beautiful historic Downtown.
To ensure that future growth complements and reinforces that which came before.
To connect people and places together for a stronger, more resilient Paducah.
The City-owned site is a 3-acre parcel located in Downtown Paducah that is bounded by Broadway, 2nd Street, Jefferson, and Water Streets. City Block, also known as the gazebo lot, is at the heart of Paducah. It's where people meet. It's our foundation. As such, high standards are demanded by our Development Program Goals and Design Features.
In April 2019, the City of Paducah entered into a 12-month preliminary development agreement with Weyland Ventures to undertake planning, design, and development for a 3-acre mixed use development on an existing municipal parking lot in Downtown Paducah at the corner of 2nd and Broadway (City Block). As part of this agreement, Weyland Ventures is obligated to create to Development Program that prioritizes a hotel, off-street public parking, public open space, and one or more mixed-use buildings on the City Block site. The City is responsible for undertaking site due diligence work, including environmental review, geotechnical analysis, utility assessment, and a parking assessment.
The current effort has been at least three years in the making. Change, particularly monumental changes, takes a lot of preparation.
Paducah needs a special partner - one that truly embraces the word partner and has proven integrity. That partner must bring fresh, cutting-edge ideas that have become our tradition. But that partner must listen to the community and respect the historical context of our home.
Weyland Ventures is a multi-disciplinary real estate development firm known for creating unique mixed-use properties in urban areas across the nation. Considered experts in the use of historic tax credits, new market credits, and other layered financing methods, the company is able to tackle tough projects that typically wouldn’t be considered viable to other firms. Weyland Ventures’ projects incorporate residential, commercial, retail, and entertainment venues that often create new and vibrant neighborhoods while preserving the community’s unique heritage. Notable projects include Whiskey Row Lofts and the Slugger Museum and Factory in Louisville and Owensboro Downtown and Riverfront Revitalization.
In March 2019, the City of Paducah and McCracken County passed a resolution and executed an agreement to establish the area’s first Tax Increment Finance District (TIF). In August, Paducah received Preliminary Approval by the Kentucky Economic Development Finance Authority (KEDFA) for Paducah’s Downtown Riverfront TIF District.
Tax increment finance is a financing and development tool that permits local governments to capture future increases in property and other taxes generated by new development within a specified development area. In Kentucky, taxes collected by the State also are eligible to be directed back to the city, which is a completely new revenue source for the city. The captured value of the increase in tax revenues is used to finance public improvements and to attract private development projects. Eligible public expenditures include parks and open space, public parking, transportation and pedestrian improvements, and environmental remediation on historic properties. To learn more about TIF Districts in Kentucky, read the Kentucky League of Cities TIF Explanation.
The City Block Development Project is Paducah’s first proposed private development project within the Downtown Riverfront TIF District.
Please watch the 2-minute video below to learn the structure of Paducah's TIF and the benefits.
Over the past several weeks the community has been asking a variety of great questions. This Frequently Asked Questions document summarizes several of the top questions and answers. We will update it frequently to address questions and topics as they come up.
To stay informed about project process and to provide feedback, email Principal Planner Katie Axt at the following address: CityBlock@paducahky.gov.