PADUCAH, KY (KFVS) - In the Paducah, Kentucky City Commission meeting on Tuesday, July 1, the Paducah Riverfront Development Authority Executive Director Steve Doolittle updated them on the downtown hotel project.
On Thursday, June 26 the Kentucky Tourism Development Finance Authority approved $4.6 million in incentives for the project. The incentives are in the form of sales tax rebates up to 25 percent of the project capital costs.
"The project received the statutory match," Doolittle said. "It was gratifying to be in Frankfort before a citizen board that knew Paducah well."
He added that the board discussed the importance of quilting and Paducah's UNESCO designation.
To review the feasibility of the Paducah hotel project, the state hired a financial analyst who provided positive information on the benefit the hotel will be to Paducah.
The analyst anticipates $116 million in new spending in Paducah over the next 10 years in addition to more than 200 jobs directly and indirectly related to the hotel. The state also believes the hotel will attract significant out-of-state business.
"The hotel will create more demand than it can consume," Doolittle said.
The hotel developers also are beginning to receive drafts of design concepts.
Commissioner Carol Gault thanked Doolittle for his work in coordinating the projects.
It was announced in May 2014 that a 121-room Hilton Garden Inn will be built adjacent to the Julian Carroll Convention Center.