Revealing Q&A Paducah’s Destiny as a Destination PADUCAH

N THIS EDITION OF PADUCAH LIFE MAGAZINE WE HAVE PROVIDED perspective on several new developments in downtown Paducah, including the TIF district, the federal BUILD grant, and a history of the first block of Broadway, which now serves as a parking lot.

The proposed development project by Louisville’s Weyland Ventures on the current riverfront parking lot has triggered a variety of opinions. This public discussion is a healthy way for city government, local businesses, residents, and visitors to assess the proposal and provide valued input. Given the many misconceptions about the proposed development, we have included in this issue a Q&A with regard to the current specifics relevant to the project. We hope this information will aid in our collective reviews of the proposal in a fair and factual way.

What is the town square project?

Paducah’s “town square,” also known as the 100 block of Broadway and Water Street, has been chosen by Weyland Ventures as a site for a prospective three-acre multi-use development for Paducah’s historic district. The project includes a boutique hotel, two mixed-use residential/retail buildings, a public town square, and off-street parking.

Who is Weyland Ventures?

Weyland Ventures is a multi-disciplinary real estate development firm known for creating unique 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 would not be considered viable to other firms. “Our projects incorporate residential, commercial, retail, and entertainment venues that often create new and vibrant neighborhoods, while preserving the community’s unique heritage,” said Bill Weyland. Some of the firm’s notable projects include Whiskey Row in Louisville, the Slugger Museum, and Owensboro’s downtown and riverfront revitalization.

What is the current agreement between the Paducah and Weyland Ventures?

In April 2019, the City of Paducah entered into a 12-month preliminary development agreement with Weyland to undertake planning, design, and development activities for the site. As part of this agreement, the City agreed to undertake due diligence work, including environmental review, geotechnical analysis, a utility assessment, and a parking assessment. Weyland agreed to create a development and site plan that includes a hotel, public space, public parking, and one or more mixed use residential/retail buildings.

How was the site selected for the project?

In January 2019, the City completed a hotel market study to assess opportunities to attract new overnight stays in Paducah with the development of a downtown hotel. The study evaluated eight sites: the old Executive Inn property, the former nursing home lot on Park Avenue, the Farmers’ Market lot, Whaler’s Catch, Carson Center lot, the former Kresge building site, the Kentucky Avenue public parking lot, and the 100 block on Broadway at the riverfront. Each potential site was evaluated on seven criteria: site ownership (public vs. private land); existing use (occupied vs. vacant); site size; potential for development and parking; the marketability/visibility/accessibility; and nearby amenities to attract visitors.

The 100 block on Broadway was the most advantageous site of the eight locations for generating new visitors downtown and for driving new business to entertainment, shopping, and hospitality businesses. At three acres, the city-owned block has the space to create a new downtown destination to draw people and spur commercial activity. The hotel, in turn, becomes one component of a larger, more integrative development plan that utilizes downtown’s most central location to connect and unify Paducah’s riverfront, historic corridor, and cultural anchors like the Carson Center and Convention Center.

The preliminary development agreement includes an exclusivity clause. What is this and why was it included?

The development agreement stipulates that during the term of the agreement, the City shall enter into no other agreements that provide new incentives for a similar development project within the Tax Increment Finance district. A short-term exclusivity clause is one way for municipalities to provide some certainty to the developer as they advance a project he Paducah-McCracken County community moves forward, not purely through technological innovation, but by standing together and creating a place where we all want to live. Let’s be honest— we already have the tools today to build anything we want, but what it all really boils down to is: marrying the tools with the talents of our people to produce the best version of our community that we can. Creating and building upon an economy that will continue to sustain for generations is key. We are seeing that on the horizon, now more than ever in our region. We have the technology and innovation, the skill sets needed, the infrastructure, and the overall vision to be a real player in the Kentucky economic engine. The next decade in Paducah will be about utilizing our talents and our tools to make those strategic moves toward continued growth and sustainable progress.” —MARK WORKMAN,

BACON FARMER WORKMAN

through the process. Under the City’s agreement with Weyland, previously executed agreements with other developers remain in place. The Downtown Development Grants (e.g. roof stabilization, upper story living, new business, and façade grants) for projects located in the historic district also remain in place. The City welcomes proposals from private developers for projects located on city-owned land, with the exception at this time of new proposals located in the TIF district that include a hotel and/or mixed-use residential projects.

What is the city’s role in redeveloping vacant historic buildings downtown?

The vacant buildings in downtown Paducah are privately owned. Redevelopment of privately held sites is the responsibility of private property owners. The City supports the preservation and redevelopment of downtown’s historic buildings through the Paducah Main Street. The mission of Main Street is to revitalize our historic district through preservation, economic development, and creative place making. This work is carried out through promoting downtown Paducah’s unique character and heritage, building the organizational capacity to host and support special events that draw people to downtown, providing design expertise and technical assistance on redeveloping historic buildings, and funding redevelopment projects through four downtown development grant programs: roof stabilization, upper story living, new business development, and façade improvements.

To date, the City has awarded more than $1 million in grants for redevelopment of historic properties, which in turn has unlocked nearly $5 million in private investment.

Additionally, the City has taken significant steps to improve the public’s experience and to create more predictable outcomes with navigating the land use review, permitting, and inspections process.

The current “town square” project leverages this work and strengthens the downtown commercial district by bringing new investment in infrastructure, greater flexibility in available commercial space, and opportunities for more people to live and spend time downtown!