PADUCAH, KY (KFVS) - A ceremonial signing for a hotel development agreement was held at the Paducah city commission meeting on Tuesday, July 14.
In June, the Paducah Board of Commissioners approved an ordinance for the development agreement between the city of Paducah and Paducah Riverfront Hotel, a development team commonly known as LinGate Hospitality.
At the meeting on Tuesday, the city and Mary Higdon of LinGate conducted the signing.
Mayor Gayle Kaler stressed the importance of this hotel for the local economy, tourism and business growth.
The development team will bring a 128-room Holiday Inn to Paducah, located adjacent to the Julian Carroll Convention Center on North 4th Street. The five-story hotel will also include meeting spaces, a pool and fitness center in addition to the restaurant, Another Broken Egg.
This will be an $18 million project.
Regarding the city's commitment to the project, the city of Paducah will lease the hotel property to the developer for a term of 20 years with the property to revert to the developer at the end of the term. The city will also provide a one-time allowance of $900,000 for site upgrades and construction.
The developers are applying for sales tax credits through the Kentucky Tourism Development Commission and plan to break ground on the hotel later in 2015.