New deadlines for downtown Paducah hotel
The group behind bringing a hotel to downtown Paducah is facing a new deadline.
Paducah-McCracken County Convention Center Board decided Friday to give Paducah Convention Center, LLC until January 31st to secure a loan. This loan needs to close before construction on the hotel can begin.
If the LLC does not close on the $19 million loan with Independence Bank before the deadline, the CCC board has the option of pulling out its two agreements with the entity. Previous reports show, the loan is expected to close by the end of the year.
CCC Board Vice Chair Brian Katz said he doesn’t foresee the group missing the deadline.
“We just want to make sure that if that doesn’t happen for some reason, if their loan doesn’t close, that we are able to terminate the agreements,” Katz said.
“We needed to change the length of the agreement and the compensation structure,” Katz said.
The LLC is made up of Senate Hospitality and two developers from Louisville, Todd Clark and David Puckett. Senate Hospitality said they’re not dealing with the loan closure and that these closing delays are directly related to its
Local 6 reached out to these developers, but did not hear back.