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Commissioners Look to Rename New 5-Lane Street

Commissioners Look to Rename New 5-Lane Street
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By West Kentucky Star Staff
Dec. 07, 2016 | PADUCAH, KY
By West Kentucky Star Staff Dec. 07, 2016 | 09:00 AM | PADUCAH, KY
The Paducah Commission Commissioners introduced an ordinance to designate the official street name of the newly constructed five-lane roadway in the Olivet Church Road improvement project.  The roadway will be called New Holt Road from Hinckleville Road to the intersection of Olivet Church Road.  

This change will affect the addresses of the businesses directly adjacent to the new roadway including Pier One, Sears, and the Kentucky Oaks Mall Pavilion which includes David’s Bridal, Old Navy, Shoe Carnival, and Ulta.    

The commission also introduced an ordinance to approve an interlocal agreement with McCracken County authorizing the issuance of a $3 million financing lease.  These funds will be used to repay the City of Paducah approximately $1.4 for the costs associated with the relocation of the dome facility and a related storage building. 

The remaining approximately $1.6 million will fund capital needs for the Julian Carroll Convention Center outlined by the Paducah-McCracken County Convention Center Corporation.  The City will borrow the funds from Community Financial Services Bank over a 15-year term with the county dedicating a portion of the transient room tax to pay the loan obligation. 

Finance Director Jonathan Perkins said, “The really good news is that neither the county nor the city will be paying for this loan.  It will be paid by the people who are staying in our hotels.” 

Financial Analyst Mark Rawlings with Hilliard Lyons said the city was able to receive a very good interest rate for this loan rather than going through the typical bond process.  Rawlings said, “Since the election, interest rates in the bond market have basically skyrocketed.  They have gone in just two to three weeks up about a whole percent.  Whereas a month ago you could have borrowed for 2 percent, now they are 3 percent.  That’s a big deal.” 

The city locked in a 1.98 percent rate through CFSB for the loan, which is anticipated to close in January. 

The Commission also introduced an ordinance to accept the $400,000 grant from the Delta Regional Authority Community Infrastructure Fund to be used on the floodwall pump station #2 rehabilitation project.  

Commissioners additionally approved an ordinance amending the termination date for the non-exclusive franchise agreement between the City of Paducah and Comcast Cable.  This ordinance would extend the franchise agreement, which expired earlier this month, through April 11, 2017.  The city has entered into negotiations with Comcast for a new franchise agreement.

 

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