Welcome

Thank you for visiting Paducahsun.com, 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 e5983e4e6b0b4d7c8e8e0f6f91b957a6
Top Classifieds
  • Use Happy Jack Tonekote torestore nut ... Details
  • WANTED - outfits for female Shih-Tzu ... Details
  • Leather couch & 2 leather recline ... Details
  • SEEING is believing! Don't buy p ... Details
  • Details
  • FAIRHURST BUILDING Professional Offic ... Details
  • Open House Sun. March 26, 2-4pm 310 ... Details
  • ARIES 18' w/ trailer, 85 hp Merc ... Details
  • SAWMILLS from only $4397 - MAKE & ... Details

Most Popular
  1. Here’s a closer look at our Monday online transition plan
  2. Retirement dreams fizzle amid insurance uncertainty
  3. People and Business
  1. What to look for when you're booking a photo safari
  2. Local NAACP will honor Lowery at Rosa Parks event
  3. Supreme Court nominee helped win big award here
  1. Here’s a closer look at our Monday online transition plan
  2. Retirement dreams fizzle amid insurance uncertainty
  3. People and Business
Discussion

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