HomeMy WebLinkAboutHighlights2020-05-20
Pam Spencer, Public Information Officer
City of Paducah • P.O. Box 2267 • Paducah, Kentucky 42002
270/444-8669 • Office 270/443-5058 • Fax
Website: http://paducahky.gov Email: pspencer@paducahky.gov
Called Meeting Between Paducah City Commission
and McCracken County Fiscal Court - Highlights
Monday, May 20, 2020 at 5 p.m. by Video Conferencing
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Note: Due to the COVID-19 situation and the need to maintain social distancing, all members of the Paducah Board of Commissioners and
McCracken County Fiscal Court participated by video conferencing.
Authorization for the Execution of Loan and Lease Agreements with a Purchase Option for 5400 Commerce Drive
After first meeting in Executive Session with the McCracken County Fiscal Court for more than an hour and a half, the
Paducah Board of Commissioners approved an emergency ordinance authorizing the execution of loan and lease agreements
with an option for purchase for the building at 5400 Commerce Drive. This ordinance was approved by a 4-0 vote.
Commissioner Gerald Watkins was not on the vi deo conference at the time of the vote. This building, which is jointly owned
by the City of Paducah and McCracken County, was formerly occupied by Genova Products, Inc. Genova leased the building
starting in 2014 and then in 2016 entered into a loan agreement for the purchase of additional equipment with currently
approximately $646,000 remaining on the loan. Genova ceased operations several month ago. This emergency ordinance
transfers the loan and lease agreements to KSR Legacy Investment Corporation. This month, Greater Paducah Economic
Development announced that Utah-based Plastic Services and Products, LLC is planning to re-establishing production at the
former Genova facility with the intent to hire 80 employees in the near future.
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