Program Information
Artist Relocation Incentives:
- Lowertown is dual zoned for commercial and residential use. This enables
residents to have gallery/studio, restaurant/ café, etc. and living space
all under one roof.
- 100% financing for purchase and rehabilitation of an existing structure
or the building of a brand new structure.
- Basic loan package is 7% - 30yr.
fixed rate up 300% of appraised value.
- Free lots for new construction as available.
- City will pay up to $2500 for architectural services or other professional
fees.
- National marketing of Lowertown Arts District and Paducah.
Proposal Requirements (Applies to city-owned lots and buildings. See Available Properties listing)
At a minimum, each proposal should provide the following items in detail following a logical format.
- Purchase price offer for property.
- Intended use of the property.
- Detailed rehab plans & all changers and improvements necessary both to meet code requirements as well as to provide for the intended use must be specified and detailed.
- Detailed illustrations of floor plans and use of space.
- Front, side and rear elevations of exterior facades including any significant architectural details. Drawings/Renderings must be large, clear, and detailed.
- Firm third party professional (engineer, architect, knowledgeable & experienced contractor[s]) estimate of the entire costs for rehab. Estimate should be broken down by cost centers and include a total.
- Estimated firm timeline indicating the duration of the project from start to finish.
- Proof of financial ability to complete the project in an amount matching the estimated costs. Proof must be in the form of a letter of credit, loan commitment, proof of cash on hand, or some other proof of financial ability acceptable to the City. Grants or special financing must be listed, but cannot count toward financial ability unless a copy of the award notice or other acceptable guarantee is provided
- Proof of financial ability to complete the project in an amount matching the estimated costs. Proof must be in the form of a letter of credit, loan commitment, proof of cash on hand, or some other proof of financial ability acceptable to the City. Grants or special financing must be listed, but cannot count toward financial ability unless a copy of the award notice or other acceptable guarantee is provided (make this the first one in this list)
- Priority for start to finish projects, which address the entire structure(s).
- Priority for owner occupied properties
- Priority for uses which serve the highest & best use of the property in the opinion of the board.
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