Tourism, Arts and Heritage Cabinet
Paducah Hotel and Maker’s 46 Tour Experience Approved for Tourism Incentives
FRANKFORT, Ky. – The Kentucky Tourism Development Finance Authority today approved incentives for two projects – a hotel development in downtown Paducah and a distillery tour center in Loretto.
Paducah Riverfront Hotel LP won approval for incentives for a 124-room downtown hotel that will be built next to the Paducah Expo Center and Carroll Convention Center. The $19.38 million project is expected to be a Holiday Inn.
Maker’s Mark Distillery received approval for incentives for a facility to showcase its Maker’s 46 product which includes a building to see how the bourbon is made and a custom barrel program for Maker’s 46. The $4 million facility is scheduled to open next year.
Reports on both applications found that they met the requirements necessary to receive incentives. This includes meeting a minimum expenditure requirement, being open more than 100 days a year, attracting at least 25 percent of visitors from outside the state by its fourth year of operation and having a positive net economic impact on the Kentucky economy.
The Paducah hotel project will be eligible for up to $4.5 million in incentives and the Maker’s 46 project will be eligible for up to $1 million. The incentives are in the form of a rebate based on sales tax generated by the tourism attraction over a 10-year period.
The authority considers applications under the Kentucky Tourism Development Act, which allows eligible tourism attractions a rebate of sales tax up to 25 percent of project capital costs.