Updated: 2/11/15 9:42 a.m.
A settlement with Macco Organiques is nearly complete after pulling out of a deal to open a production line in Paducah.
A press release from City Spokeswoman Pam Spencer says the settlement totals more than $121,000 with the city receiving nearly $65,000. McCracken County Judge Executive Bob Leeper says the county's share of the settlement amounts to around $28,000. The remaining money would go to Paducah Economic Development.
In March, the City of Paducah and McCracken County agreed to commit $1.25 million toward renovations and construction at the spec building while retaining ownership of the building with Macco responsible for any costs exceeding the $2.5 million total.
The city and county jumped in too early to get bonds for the project at the spec building, attorney Lisa Emmons said.
“I think that this was a very reasonable settlement and that our cost would exceed anything else that we would get,” Emmons said.
The bond money may be able to be used for another economic development project but the fiscal court needs to talk to the bond council she said.
The agreement also outlined Macco’s commitment to hire 40 full-time employees with an average minimum salary of $16 per hour and health insurance benefits. Macco also planned to invest a minimum of $9 million in the project. Renovations were not started.
Macco president Robert Briscoe told the city and county that the company decided not to expand in Paducah because a competitor is halted production of the same pharmaceutical.
“You should be proud of Paducah and environment you offer. I will be pleased to endorse Paducah as a business friendly location for any business,” Briscoe said in a press release from the city.
