Developer to Analyze Downtown Property for Growth
By West Kentucky Star Staff
PADUCAH - A new development project could be the first one within the city of Paducah's new Tax Increment Financing District.

At Tuesday's meeting, Paducah City Commissioners approved a municipal order for a 12-month development agreement with Weyland Ventures Development. Under this agreement, Weyland will conduct a market analysis, financial analysis, and project design for the development of the city-owned property between Jefferson Street and Broadway and 2nd and North Water Streets. The block of property is currently a parking lot.

Depending upon the findings, the development project could include a hotel, open space, and a mixed-use residential building. Weyland has promised they will keep public parking and an open space available for functions.

Mayor Brandi Harless and Weyland Ventures have met with various stakeholders in the downtown area over the past few weeks to hear their thoughts and concerns. 

 Harless said, “I’m really proud that we have found a development partner that listened and will be responsive to the concerns of the community and, I think, will be able to develop something that will have a lot of impact.”

The city’s goals with this project within the TIF District are to continue the revitalization of Paducah’s downtown, increase the vibrancy of the area, add public space, improve connectivity, and diversify housing options.

The city and Weyland Ventures will work to engage and seek input from stakeholders throughout the process. Based upon the outcomes of these due diligence activities, the next step would be to negotiate a development agreement for a specific project. 

Mayor Harless said, “At the end of this, we will have some proposals put on the table.”

Published 08:28 PM, Wednesday Apr. 24, 2019
Updated 10:54 AM, Tuesday Apr. 30, 2019

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