Downtown hotel development conditions not met
It looks like the hotel deal in downtown Paducah won’t happen right away.
Paducah Mayor Gayle Kaler said in a statement that the development team failed to close on a bank loan. The loan was required as part of the conditions set up by the City Commission.
In an earlier story, we reported that Paducah Convention Center, LLC was given until January 31st to secure a loan. The loan was needed before construction on the hotel could begin.
In her statement, Mayor Gayle Kaler said, “The project has taken more time than anticipated due to such complexities as well as other factors including hotel design. The City’s incentive package for the project remains intact, and no monies have been advanced to any developer to date.”
The City Commission is going to meet on Tuesday to decide whether it’s time to start looking for a new developer.
To read the Mayor’s full statement, click here.