Paducah leaders reveal funding problems for their Capital Improvement Plan
Tuesday evening, Paducah city leaders mapped out the budget for their big-ticket plans to improve the city over the next five years.
Floodwall renovations are going to cost an estimated $4,800,000, and they plan to pay for that over the next three years. They also talked about a new city hall. The one they’re in right now is deteriorating. They predict the cost to design and build a new structure will be about $13.4 million. That’s to be paid over the next two years.
They also talked about a new public safety headquarters. There is $20 million in the budget for that. Riverfront development is a project that’s been in the works since 2008. The project is designed to enhance the area around Schultz Park. That’s going to cost $9.5 million over the next three years.
These are four of 54 items on the city’s capital improvement plan. The total cost for everything in that budget over five years is more than $70 million. The city does not have enough money coming in to pay for all of the projects. The investment fund will pay for a small amount, but 19 projects are completely unfunded totaling $57 million.
City Manager Jeff Pederson said the next steps are to prioritize the list of unfunded projects and then brainstorm ways to bring in the money needed to pay for them.