A meeting of the Paducah City Commission and McCracken County Fiscal Court on Wednesday brought the group one step closer to filling the former Genova Products facility.
The officials passed an emergency ordinance transferring the lease and loan documents, including a purchase option, pertaining to the jointly owned Commerce Drive facility. Plastic Services and Products (PSP) is expected to become the holder of these in the coming days.
PSP anticipates hiring 80 workers initially and ramping up to 125, the same as Genova had when it closed shop.
Getting a new tenant — and possibly owner — for the facility, where Genova closed its doors in January, is an exciting prospect for local officials.
“Economic development is finally working as it should in Paducah/McCracken County,” Mayor Brandi Harless told the Sun on Thursday. “We are seeing jobs return to Paducah and new jobs being added, even during a public health pandemic. We need this now more than ever.”
Judge-Executive Craig Clymer echoed her sentiments.
“It’s a substantial number of jobs coming in quickly after Genova shut down, and it’s establishing an ongoing viable business. It’s a positive in a time of a lot of negatives, which makes it stand out even more … and it’s nice to have something positive, isn’t it?”
In addition to assuming the $650,000 in loans Genova had taken out jointly with the governments, PSP will be paying rent until it decides to acquire the property.
Greater Paducah Economic Development President Bruce Wilcox is excited about PSP coming to Paducah and has been in communication with the company since December.
“It’s a tremendous blessing to not only our community but especially those workers who were displaced last fall,” Wilcox said. “From the city and the county’s perspective, they are walking away from Genova being made whole (by this transaction). Where Genova’s left off, PSP has stepped in.
“To my knowledge, the city and the county are not losing a dime on this. In fact, when it’s all said and done financially this will be a very good transaction for them.”
Wilcox thinks what’s left of the negotiations will move swiftly, as he said PSP expects production to begin as soon as next Tuesday.
The GPED leader participated in a call with Harless and Clymer and one of PSP’s owners Wednesday, a call he thinks went “extremely well.”
“There should be some good news coming forth in the coming weeks,” Wilcox added. “We’re looking to them starting up operations here with the anticipation that at some point in the future they’ll own the facility, which will tie them even more closely to our community.
“It’s a win-win all the way around.”