this Fountain Avenue Project

Incentives

The City of Paducah realizes that there is still some risk involved with investing in the Fountain Avenue Neighborhood in its current state.  That is why the city has created incentives for prospective homebuyers contemplating the rehabilitation of an existing City owned structure or building a new home on City owned lots in the Fountain Avenue Neighborhood. 

Current Fountain Avenue Homeowners & Prospective Home Buyers:

Current Fountain Avenue residents undertaking a project costing $50,000 or more will be eligible for the City's new forgivable-deferred payment loan for up to 15% of the permitted cost of the project.   These funds are limited at this time.  The loan will be awarded after project completion, placed as a second position morgage and forgiven 20% a year.  This loan is capped at $20,000.   

For those currently living outside of the Fountain Avenue area who want to move to the neighborhood, a forgivable-deferred payment loan for 10% of the permitted cost of rehabs or new construction is available.  These funds are limited at this time.  This loan is currently capped at $20,000.

Further Incentives to Invest in Fountain Avenue:

The following additional incentives are being offered to prospective home owners willing to rehabilitate an existing City owned home or build a new home on a City lot within the Fountain Avenue neighborhood.

  • An existing City owned house in need of rehabilitation or a City owned vacant lot suitable for new infill will be offered at drastically reduced prices, often for as little as a dollar.  The Urban Renewal Board has sole authority to set the terms of property that is transferred from the City to the prospective home owner.  Interested parties should carefully review the proposal process and follow these specific guidelines when preparing a proposal for presentation to the Board.
  • Planning application fees will be waived.
  • Inspection/building permit fees will be waived for approved projects.
  • Free sidewalk replacement for new infill and major rehabilitation projects.  Call the city Public Works Department for more information at 444-8682.
  • 24-hour on-site inspection turn around.
  • Within the project area, the Paducah McCracken Joint Sewer Agency (JSA) is waiving tap-on fees.  Call JSA at 575-0056 for more information.

If this program interests you, please contact the Planning Department for more information at (270) 444-8690. 

 

Three key partners working with the city on this project are Paducah Bank, BB&T and the Community Financial Services Bank (formerly The Bank of Benton).  Loans are being offered for either new construction or rehab of an existing structure with much better than average terms.  In doing this community service, these three banks are assuming some of the risk involved with investing in the neighborhood.  Bank incentives are set at the sole discretion of the bank and may or may not be given to any person investing in the project area.

 

Major Development Opportunity

At the corner of Martin Luther King Jr. Drive and North 13th Street, the City owns 6.24 acres of prime vacant land ready for redevelopment.  The City is willing to turn the property over to the right development/developer!  Click on 1330 Martin Luther King Jr. Drive under "Available Properties" for more information.

Also, the City owns 1.09 acres of vacant property at 1400 Martin Luther King Jr. Drive.  This piece of property can be turned over to the right development/developer as well.  Please click on 1400 Martin Luther King Jr. Drive under "Available Properties" for more information.