paducah city commission blue1 300PADUCAH, Ky. (8/19/13) – Mayor Gayle Kaler says the Paducah City Commission met in closed session this morning with City Manager Jeff Pederson and David Denton, the City’s attorney, to look over a financing commitment received by the hotel developers and shared with the city.
 
This week, the city was notified that the Louisville, Kentucky and Nashville, Tennessee-based hoteliers have received a firm offer to finance the project by a local bank. Mayor Kaler says, “While this is certainly very encouraging, it does not represent the final piece of this puzzle. Much remains to be done. The city needed this opportunity today to understand the financing offer along with the city’s obligations to better understand the total project.”
 
For two years, the City of Paducah with the assistance of its downtown development agency, Paducah Riverfront Development Authority (PRDA), has been recruiting and negotiating with Louisville-based developers David Puckett and Todd Clark, as well as Nashville-based Senate Hospitality, to bring a new hotel adjacent to the Julian Carroll Convention Center in downtown Paducah.
 
Mayor Kaler adds, “All things considered, it’s a great day. The financing offer the developers received is substantially consistent with the expectations of the city. But it’s premature to say we have reached an agreement.”
 
The hotel planned for the site next to the Julian Carroll Convention Center is a six-story, 121-room nationally-branded hotel. The hotel will be attached to the Julian Carroll Convention Center via a pedestrian bridge over the floodwall with parking available adjacent to the hotel and on a portion of the former Executive Inn site. The hotel will be located on the site where the dome pavilion currently is located. The City is working with the pavilion’s manufacturer, Arizon, to market and sell the structure.
 
The former convention center hotel, the Executive Inn, closed in 2008 after utilities were disconnected for non-payment. The financially troubled hotel reopened briefly in April 2009. The City purchased the hotel in 2009 with demolition completed in 2011.
 
SurfKY News
Information provided by Pam Spencer

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story on social media.

In Other News...

MCCH May 2015 Support Group Dates

MURRAY, Ky. (4/25/15) — Murray-Calloway County Hospital will be offering several support group meetings during the… Read More

38th Annual Special Populations Fishing Tournament to be Held at Honker Lake

KENTUCKY (4/26/15) — Kentucky Lake Bass Club and the Knights of Columbus of Aurora will sponsor the 38th Annual Special… Read More

Most Read This Week

April 23, 2015 7778

Man Charged with Sodomy, Incest/Victim under 12

by SurfKY News
April 20, 2015 5013

Nortonville Woman Charged with Meth Possession at…

by Madisonville Police Department
April 24, 2015 4349

UPDATE: Police Can't Substantiate Injured Man…

by Doreen Dennis, SurfKY News
April 22, 2015 4059

Crime Stoppers Fugitive of the Week – April 22,…

by Hopkinsville – Christian County Crime Stoppers
April 22, 2015 3984

Madisonville Man Accused of Domestic Violence/Rape

by SurfKY News

Most Read This Month

April 17, 2015 12910

An Open Letter from an Addict

by Olivia Kirks
April 02, 2015 8886

UPDATE: Madisonville Man Injured in Head-on…

by Doreen Dennis, SurfKY News

Stories Trending Now

April 26, 2015 1071

New Drug Helps Farmer with Parkinson's Return to…

by Laura Dawahare
April 26, 2015 659

White Plains Civil War Festival Provides Learning…

by Tammy Holloway, SurfKY News
April 26, 2015 566

College of Education Alum's Studies, Experience…

by Amanda Nelson
April 26, 2015 558

Spring Lawn, Garden Fair Participants Learn from…

by Tammy Holloway, SurfKY News
April 26, 2015 543

Dave Says - April 26, 2015

by Dave Ramsey
April 26, 2015 534

Legislator's Log - Week of April 26, 2015

by Brent Yonts
April 26, 2015 524

Mother's Day Buffet Planned at State Parks May 10

by Gil Lawson
April 27, 2015 504

Mustangs Lose to Ohio County via Shutout

by Steve LeMaster
April 27, 2015 492

Hopkins County Sheriff's Reports Released -…

by SurfKY News
April 26, 2015 492

Outdoor Truths - April 26, 2015

by Gary Miller