PADUCAH, Ky. (AP) – Paducah officials are preparing to ask state officials for permission to use a special financing tool to pay for infrastructure in the city’s downtown area.
The Paducah Sun reports (http://bit.ly/2hehvcv ) Paducah Riverfront Authority Executive Director Steve Doolittle plans to apply for tax increment financing next summer. The plan would allow the city to borrow against future property tax revenue to pay for public projects. Doolittle said the city would use the money for infrastructure projects, including streets, sidewalks, parking, utilities and green space.
Tax increment financing is common in many states but are not used as much in Kentucky. Local officials say that’s because Kentucky has more restrictive requirements for using the program.
State officials approved a similar financing plan for Owensboro in October.