Welcome

Thank you for visiting paducahsun.com, the online home of The Paducah Sun.

Calendar
June 2012
S M T W T F S
27 28 29 30 31 01 02

Click here to submit an event.

City, county to lease buildingto Michigan-based plastics firm

BY CARRIE DILLARD and LAUREN DUNCAN news@paducahsun.com

Genova Products, a plastics manufacturing company, will find a new home at 5400 Commerce Drive in the I-24 Park.

On Monday, Paducah and McCracken County took the next step toward an agreement with the Michigan-based business to locate here, bringing 75 jobs by the end of 2014.

At a called meeting of the Paducah City Commission, the city introduced an ordinance for a 10-year lease agreement with Genova Products. The McCracken Fiscal Court also held a special meeting Monday, when it approved the lease agreement.

The 100,000-square-foot plant is co-owned by Paducah and McCracken County. The building was constructed in 2004 for approximately $5 million.

Genova, which makes PVC plumbing pipes, vinyl fencing and vinyl decking, will lease the facility at a base rent of $289,000 per year. As a part of the agreement, the Greater Paducah Economic Development Council will pay the first 14 months of the lease, said Chad Chancellor, Paducah Economic Development president.

The building was formerly occupied by California-based Infiniti Plastics Technology, whose lease was terminated after the company failed to produce the 100-plus jobs it had promised as part of the agreement that brought it to Paducah.

According to the lease agreement with the city and the county, Genova must hire and maintain 125 full-time employees. Chancellor told the Fiscal Court that the agreement stipulates lease violations, equipment terms and full-time employee definitions.

"One thing I pushed for, given what happened with Infiniti, was a much stronger agreement," he said. "I don't want that to happen again."

Genova plans to begin operations this month, Chancellor said.

"They'll start with 10 to 15 jobs by mid-July," he said.

Genova will be responsible for insuring and maintaining the facility, and paying utility charges.

According to City Manager Jeff Pederson, negotiations continue to provide Genova a $1.1 million revolving line of credit for purchasing equipment and other fixtures to enhance its operations on the property.

Genova also received approval for $1 million in state tax incentives on Thursday.

The lease would take effect July 1 following a vote by City Commission at its Tuesday meeting.

Comments made about this article - 0 Total

Comment on this article

Your comment has been submitted for approval
captcha 6ad4d4e166da4c49b59bd879c9209b29
Top Classifieds
  • AKC Shih-Tzu Vet checked, $600 731-3 ... Details
  • PILLOW TOPmattress sets NEW in plasti ... Details
  • Bedroom Suites New in Boxes. 6pc. che ... Details
  • CHARLES SMITH CONCRETE REPAIR &RE ... Details
  • Court-OrderedAUCTION2BR/1BA Single Fa ... Details
  • Museum Quality Ornate Antique Furnitu ... Details
  • ONLINE Real Estate Auction Nomin ... Details
  • Cash for Farms (270)339-8680 Details
  • Seasoned Firewood. 270-243-5815 Details
  • SEEING is believing! Don't b ... Details
  • 375 Acre Farm in Ballard County D ... Details
  • Owner Financing, new 3000sq ft,in Mar ... Details
  • 1900 Broadway1500 - 6600 sq. ft. offi ... Details
  • FHA, USDA, VA & Conventional Loan ... Details
  • 127 Acres Lyon CountyLake Barkley- De ... Details
  • Hyundai Accent '02 $1,800 97 ... Details
  • 05 CHEVY MALIBU $2500(270) 388-5983 Details
  • Nissan Altima '07270-994-580 ... Details
  • 2010 Nissan Maxima, loaded, 87,400 mi ... Details

Most Popular
  1. WHO reports rise of neurological disorder during Zika outbreak
  2. Tibetan monk to speak at WKCTC
  3. Sports facilities upgrade overdue
  1. 'Kynectors' hope to keep helping with health care
  2. McCracken District Court
  3. 1 to 2 inches of snow/sleet to drop Sunday
  1. 'Kynectors' hope to keep helping with health care
  2. WHO reports rise of neurological disorder during Zika outbreak
  3. Tibetan monk to speak at WKCTC
Discussion

Check out these recently discussed stories and voice your opinion...