City and county officials met jointly Tuesday night approving an agreement both sides say will improve economic development efforts in Paducah and McCracken County for years to come.
Both the McCracken County Fiscal Court and Paducah City Commission unanimously passed an ordinance which repositions the Industrial Development Authority with regard to property ownership and related functions, on land to be used to attract new business or industry to the area.
The interlocal cooperative agreement makes IDA the owner of certain publicly-owned development sites within Paducah-McCracken County, including the Ohio River Triple Megasite.
The agreement also forgives the repayment by Greater Paducah Economic Development of notes totaling $911,375 for the megasite, from loans approved by the city designed to assist GPED in 2007 and 2008 for acquisition, development and construction of that property.